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Lemma's Secondary Tax Bill Induced LBM - OMG

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Comments

  • babyhead
    babyhead Posts: 731 Forumite
    hi lemma - Sorry to hear about your OH and children. Like others have already said - better that you are aware now and can make appropriate choices than find out when it is too late. Glad to hear you are taking things each day by day!

    I don't understand tax SORRY! so can't advise you on that....looks like you are making good progress with payments though.

    take care xx:D
    DFW Nerd #1152
  • sammy115
    sammy115 Posts: 15,267 Forumite
    just had another thought lemma.....kind of echoeing what maz said. Don't leave yourself short...31st January comes round every year and you do not want to be in the same situation next year.

    You will be paying something towards next years tax bill already but keep an eye on what you are earning this year. Good measure is 30% of what you are bringing in. If your profits look like being lower this year you can always ask the Inland Revenue to lower your payments on account.

    Your family is mucho important as is your health. mentally and physically....
    Quality is doing something right when no one is looking - Henry Ford
  • Seaxwyn
    Seaxwyn Posts: 4,896 Forumite
    Hello again. Sorry to hear your very serious news. I do admire you dealing with your tax debt as well as having such big issues to deal with. Best of luck with it.
    Total debt: 1 January 2007 £[strike]49,387.79[/strike] 1 January 2012 £[STRIKE]19,312.85[/STRIKE] 1 August 2012 £11,517.62



  • lemma1968
    lemma1968 Posts: 1,379 Forumite
    Another £500 off it today.

    I can see it coming down:j

    Total now £2055:j
    2013 TARGET £30k
    2012 £26500 paid off.
    2011 £22750 paid off
    2010 £19800 paid off
    2009 MBNA Cleared 25.09.09 £34391.33 PAID OFF
    DFW Nerd 612 Proud to be dealing with my debts
  • lemma1968
    lemma1968 Posts: 1,379 Forumite
    You see feast and famine with my income...got some money in today:j

    But got to make it last ages. So another £200 to HMRC.

    Making a total of £2255 so far :D
    2013 TARGET £30k
    2012 £26500 paid off.
    2011 £22750 paid off
    2010 £19800 paid off
    2009 MBNA Cleared 25.09.09 £34391.33 PAID OFF
    DFW Nerd 612 Proud to be dealing with my debts
  • hypno06
    hypno06 Posts: 32,296 Forumite
    10,000 Posts Combo Breaker
    Excellent!!! Now, have you sorted out a payment plan with HMRC yet.....? I won't let up the nagging you know :rolleyes:
    Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)
    Life begins at the end of your comfort zone (Neale Donald Walsch)
  • lemma1968
    lemma1968 Posts: 1,379 Forumite
    hypno06 wrote: »
    Excellent!!! Now, have you sorted out a payment plan with HMRC yet.....? I won't let up the nagging you know :rolleyes:

    Yes, mum!:p

    Its in hand but whatever agreement we reach I will still make a daily payment to them cos of the way my money comes in. i need to make sure i retain some cash flow and one off big payments do not work for me at all as they clear me out and then I have no idea when the next payment will be made.

    So you will still see me doing this. It really makes me focus on my spending as well.
    2013 TARGET £30k
    2012 £26500 paid off.
    2011 £22750 paid off
    2010 £19800 paid off
    2009 MBNA Cleared 25.09.09 £34391.33 PAID OFF
    DFW Nerd 612 Proud to be dealing with my debts
  • sammy115
    sammy115 Posts: 15,267 Forumite
    Lemma - I can see why you would want to pay daily money to the IR but would you not be better fixing up a manageable 12 month payment plan with them and putting any extra you have into a savings account - that way if an emergency pops up you will have the money to cope rather than it being feast or famine..
    Quality is doing something right when no one is looking - Henry Ford
  • lemma1968
    lemma1968 Posts: 1,379 Forumite
    I have tried doing that in the past but i have found it difficult to do it because i have always been playing catch up and the savings account gets raided.

    I have actually managed to pay them more back in the last 3 months than i had in the previous 6 months as a result of my daily payment.

    I suppose its finding a way that suits really. I have a target of April for paying off the back tax and End of Aug for the balancing payment/payment on account no1 and then xmas for payment on account no2 - maybe even sooner hopefully.

    I am also putting some into an isa for next years payment on account.

    I know I will have no balancing payment to make next year :j cos i will have paid enough on account.
    2013 TARGET £30k
    2012 £26500 paid off.
    2011 £22750 paid off
    2010 £19800 paid off
    2009 MBNA Cleared 25.09.09 £34391.33 PAID OFF
    DFW Nerd 612 Proud to be dealing with my debts
  • Seaxwyn
    Seaxwyn Posts: 4,896 Forumite
    You are doing brilliantly - I'm so impressed by the size of your one-off payments! Keep going girl - just look forward to January's £0 tax bill.
    Total debt: 1 January 2007 £[strike]49,387.79[/strike] 1 January 2012 £[STRIKE]19,312.85[/STRIKE] 1 August 2012 £11,517.62



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