tax credits

skintsteve_2

Me and OH are going BR next week, i am filling out Employment and present income setion. It asks about Tax credits. We have just set up our joint Co-op account, where it will be paid into. Previously it was paid to my wife's. Do i still list it?
And what about the other contributions?? They are from my wife, but do i put her whole py in. They should really do a joint form

fiveyearplan

Why don't you post your SOA on here so we can make sure you don't miss anything out.
You put your wife's contribution, so not her total income. She puts her total income and your contribution on her forms.

peachyprice

Hi Steve,
Yes you still put it, it's still part of your income.
You only put your wife's contribution on your form, whatever is left from her pay once she's paid her own personal expenses, and vice versa on yours.

skintsteve_2

Shall i do a joint SOA???

Thanks fiveyearplan. I will do an SOA, but i am still massively confused?! What will be my wife's contribution, when 75% of the debt is in her name. It will look like i have massive surplus, but my wife's is in negative?? So in theory, she wont have any contribution on mine, but when the OH fills her in, she will have a contribution from me, and thats it.

skintsteve_2

Here i have done a joint SOA. This is me and OH added together. Is this right?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1572.62
Partners monthly income after tax....... 750
Benefits................................ 125.4
Other income............................ 140.4
Total monthly income.................... 2588.42
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 580
Management charge (leasehold property).. 0
Council tax............................. 124
Electricity............................. 55
Gas..................................... 60
Oil..................................... 0
Water rates............................. 37.61
Telephone (land line)................... 33
Mobile phone............................ 76
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 150
Petrol/diesel........................... 150
Road tax................................ 196
Car Insurance........................... 63
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 580
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 22.6
Life assurance ......................... 10.48
Other insurance......................... 1.99
Presents (birthday, christmas etc)...... 30
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 20
Total monthly expenses.................. 2961.63

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3400
Other assets............................ 0
Total Assets............................ 3400

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Loan...................25257.....529.......0
Barclay Card...................7000......135.......22.9
Mint Credit card...............5100......119.......0
Virgin Credit Card.............580.......0.........0
Egg Credit Card................5000......0.........0
Royal bank Overdraft...........515.......0.........0
Next CC........................77.09.....0.........0
Halifax Overdrafts.............3700......0.........0
Total unsecured debts..........47229.09..783.......-

Monthly Budget Summary
Total monthly income.................... 2,588.42
Expenses (including secured debts)...... 2,961.63
Available for debt repayments........... -373.21
Monthly UNsecured debt repayments....... 783
Amount short for making debt repayments. -1,156.21
Personal Balance Sheet Summary
Total assets (things you own)........... 3,400
Total Secured debt...................... -0
Total Unsecured debt.................... -47,229.09
Net Assets.............................. -43,829.09
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I realise this is in negative, so will have to cut back on more!

spenderblender

Oh my god, even though we are both going bankrupt do I have to do seperate soa for us both with each income and own debts on. I thought it was a joint soa with all income and all debts on one for the two of us.

peachyprice

Steve, you don't need to fill in all the debt details. Just your income and outgoings.

On Yours you put your income, the whole of the household bills and your own personal expenses, you then put your OH's contribution (not her whole salary) which will be approx 25% of the household bills only.

On your OH's SoA again you put the whole of the household bills plus her own personal expenses. You then put your contribution, which will be approx 75% of the household bills.

Hope that makes sense.

tigerfeet2006

No you have to do seperate SOA's as BR is individual.

On your SOA put your joint household expensives ie: mortgage/rent, utilities, council tax etc. Then you put your own personal expenses like mobile, haircuts, clothes etc.

You put your full income and your OH's contribution to the joint expenses.

You do it all again on the other SOA.

tigerfeet2006

skintsteve wrote: »

Here i have done a joint SOA. This is me and OH added together. Is this right? You are going to have to do seperate SOA as per Peachy's and mine instructions but I will make some comments to help you a bit.Post them both up when you have them done.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1572.62
Partners monthly income after tax....... 750
Benefits................................ 125.4
Other income............................ 140.4
Total monthly income.................... 2588.42
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 580
Management charge (leasehold property).. 0
Council tax............................. 124
Electricity............................. 55
Gas..................................... 60
Oil..................................... 0
Water rates............................. 37.61 Round figures up/down to the nearest £
Telephone (land line)................... 33
Mobile phone............................ 76 assuming 2 mobiles here.
TV Licence.............................. 11.95 £12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600 £500
Clothing................................ 150 £100
Petrol/diesel........................... 150
Road tax................................ 196 Is this per year
Car Insurance........................... 63 assuming 2
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 580
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 22.6
Life assurance ......................... 10.48
Other insurance......................... 1.99 what is this?
Presents (birthday, christmas etc)...... 30 some allow some don't so you could leave and see
Haircuts................................ 40 £10 per adult £5 per child
Entertainment........................... 0
Holiday................................. 40 £60
Emergency fund.......................... 20not allowed
Total monthly expenses.................. 2961.63

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3400
Other assets............................ 0
Total Assets............................ 3400

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Loan...................25257.....529.......0
Barclay Card...................7000......135.......22.9
Mint Credit card...............5100......119.......0
Virgin Credit Card.............580.......0.........0
Egg Credit Card................5000......0.........0
Royal bank Overdraft...........515.......0.........0
Next CC........................77.09.....0.........0
Halifax Overdrafts.............3700......0.........0
Total unsecured debts..........47229.09..783.......-

Monthly Budget Summary
Total monthly income.................... 2,588.42
Expenses (including secured debts)...... 2,961.63
Available for debt repayments........... -373.21
Monthly UNsecured debt repayments....... 783
Amount short for making debt repayments. -1,156.21
Personal Balance Sheet Summary
Total assets (things you own)........... 3,400
Total Secured debt...................... -0
Total Unsecured debt.................... -47,229.09
Net Assets.............................. -43,829.09
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I realise this is in negative, so will have to cut back on more!

That should help some. Have a play around with your figures

skintsteve_2

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1572.62
Partners monthly income after tax....... 750
Benefits................................ 125.4
Other income............................ 140.4
Total monthly income.................... 2588.42
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 580
Management charge (leasehold property).. 0
Council tax............................. 124
Electricity............................. 55
Gas..................................... 60
Oil..................................... 0
Water rates............................. 37
Telephone (land line)................... 33
Mobile phone............................ 76 Yes 2 mobiles.
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 100
Petrol/diesel........................... 150
Road tax................................ £16
Car Insurance........................... 63 (2of us)
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 580
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 22.6
Life assurance ......................... 10.48
Other insurance......................... 1.99 Accidental Death
Presents (birthday, christmas etc)...... 30 some allow some don't so you could leave and see
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 2961.63

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3400
Other assets............................ 0
Total Assets............................ 3400

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly.. .APR
Halifax Loan...................25257.....529.......0
Barclay Card...................7000......135.......22.9
Mint Credit card...............5100......119.......0
Virgin Credit Card.............580.......0.........0
Egg Credit Card................5000......0.........0
Royal bank Overdraft...........515.......0.........0
Next CC........................77.09.....0.........0
Halifax Overdrafts.............3700......0.........0
Total unsecured debts..........47229.09..783.......-

Monthly Budget Summary
Total monthly income.................... 2,588.42
Expenses (including secured debts)...... 2,961.63
Available for debt repayments........... -373.21
Monthly UNsecured debt repayments....... 783
Amount short for making debt repayments. -1,156.21
Personal Balance Sheet Summary
Total assets (things you own)........... 3,400
Total Secured debt...................... -0
Total Unsecured debt.................... -47,229.09
Net Assets.............................. -43,829.09

I could really do with what to list? Me and the OH think we put all the bills(elec,gas,rent) on both, but we list our own phone, petrol etc expenses, then what about the 2 kids? Do we say on each SOA, how much per month they cost, or divide by 50%? How do we show the OH contribution? Is it as "other income"?

clanbailey

hiya had same confusion and still confused - going to court tomorrow for br and just done what I thought best - me and hubby both going br soooooooooooo put full house hold expenses on both forms, then just deleted 1 adult off personal expenses like hair cuts etc - when are you gong br then can let you know what we get accepted - we are 2 adults 2 children and both of us going br - pooooooping my pants as we speak god knows how I am going to sleep tonight !!! got to go and take all money outta bank first thing in morn once kids in school - then what I cant take out at atm gonna fill car up and if still some left then plenty of wine for weekend!!!!!!!!! LOL McD's brekkie before court and see what happens from there but gonna keep everyone posted :O)