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Lemma's Secondary Tax Bill Induced LBM - OMG

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Comments

  • lemma1968
    lemma1968 Posts: 1,379 Forumite
    Seaxwyn wrote: »
    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.

    Thanks

    I am trying....or so my husband says!:p
    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
    OK so Fridays payment to the taxman to give away to the banks is a riproaring £150:T

    Doing it this way is nowhere near as painful as paying HUGe lump sums...although clearly the tax office may take a significantly different view. :p

    Ooops! At least I am paying them.

    Total now £2405
    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
  • Well done Lemma!!!! Hope yr well on yr way to paying the lot. Hope none of it's a payment on account towards next year, cos if it is be sure to check yr earning the same as last year - claim to reduce is the way to go baby!!!
    "I have enough money to last me the rest of my life, unless I buy something"
  • LydiaJ
    LydiaJ Posts: 8,083 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    lemma1968 wrote: »
    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.

    In the end, what matters is that you find the way that works for you, and it looks as though this daily payment thing is working, so you go for it! Huge congratulations at getting so much paid off in such a short space of time recently.

    (((Hugs))) about your family situation.
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    :)
  • chevalier
    chevalier Posts: 7,937 Forumite
    Part of the Furniture Combo Breaker
    well done on finding a way that suits you. Though I am a bit :eek: at what your debt to HMRC is if you are paying that much off a day!

    But you will be better off in the end. I hope that the work continues to flow for you so you can keep paying it off this way
    chev
    I want a job that is less than an hour driving away from my house! Are you listening universe?
  • hypno06
    hypno06 Posts: 32,296 Forumite
    10,000 Posts Combo Breaker
    Good news too that you are starting to save for next year's liability. Just think how much you will be able to relax if you know it is all taken care of!

    The total amount you have paid off (not just HMRC) is fantastic! I hope it can continue!
    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
    chevalier wrote: »
    well done on finding a way that suits you. Though I am a bit :eek: at what your debt to HMRC is if you are paying that much off a day!
    chev

    You don't want to know. It is scary but its cos of a balancing payment from last year cos I had only just started working again and so my tax bill last year was waaaaaaaaaaaaaaaaaaaaay too small and i am now playing catch up, including the interest and penalties i can seriously say that I may be retiring before i have it all paid off.

    All i have to pay will resemble some people's salaries. For me its a cash flow issue. went 8 weeks without any money in. Then i get behind with everything. My hubby is a student and i have 2 children so it can be like flying by the seat of your pants.

    This way of paying is working for me though. It has made me focus on every penny coming in and going out.

    Thanks for the support though xxx:A
    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
    hypno06 wrote: »
    Good news too that you are starting to save for next year's liability. Just think how much you will be able to relax if you know it is all taken care of!

    The total amount you have paid off (not just HMRC) is fantastic! I hope it can continue!

    Thanks Hypno - I know that I will never get myself into this situation again (presuming I get myself out of it first).

    I have started to print off every bank statement and go through it with a fine toothed comb spotting where i am spending on things i don't need and trying to make it so that most of the entries relate to the HMRC and VAT so I can see I am making serious progress.

    I have decided that Mon-Fri will be a payment to HMRC, Sat = VAT and Sun = MBNA. Its a system that seems to be working for me so far.

    I have just done a SOA for HMRC which illustrates what I can afford to pay back and at what rate. So far it seems to be pretty much on all fours with my bank statement.

    Have a good day kiddo xxxx:A
    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
    Well over the weekend I have prepared a new SOA for the HMRC. Its very accurate based on my bank statements so they should not complain.

    I have made them a realistic offer....I can't write it down again because I shall just cry!:p

    But it has to be done to keep the banks afloat!!! Sadly, they are not interested in keeping us all afloat!:mad:

    My payment to them today is a quite respectable £200 to the barstewards.

    Makes my total £2605 so far.

    Fingers crossed the tax man plays nicely and won't be the bully in the playground.:rolleyes:
    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
    OK, so my daily payment today is £100 to them.

    I don't know how much they will approve of this unique way of paying off my tax arrears, but I hope the will at least see that I am making an effort.

    If my maths is right that should mean I have paid them £2705 since January.

    Once this is paid off (come the day!!!:rolleyes: ) I will the continue doing it to save up for next years payment on accounts. At least I know there will be no more balancing payments to send my head spinning!:mad:
    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
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