Final SOA (sorry it's another of those threads!)

sieve

Hi all,

Just want to make sure I get this right. Below is the SOA I am going to stick on the forms and go with. I've basically set my income as £1806, as I think it will look better than saying it is £2k+ and then listing all the company's expenses in the SOA. Here's basically what it really is:

Regular income: £2603
Mobile phone: £50
Company electric to run servers: £30
Company internet charges: £87 (two broadband lines and a dedicated server)
Company phone line: £30
Total income after expenses: £2406
Tax and NIC contributions: £600

Total income after tax: £1806.

Now this is how my personal - non business SOA looks. Any comments would be GREATLY appreciated - many thanks! The fuel is quite high as I use the car a lot for my job but don't want to include that in the expenses above and hide it from my SOA as then it may look like I don't spend any money on fuel and therefore don't need the car?

Anyway here it is.

Thanks,

S


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1806
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1806
Monthly Expense Details
Mortgage................................ 1100
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 20
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 160
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 8
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1749

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 147000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 174000...(1100).....6.35
Total secured & HP debts...... 174000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured................50011.....0.........0
Total unsecured debts..........50011.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,806
Expenses (including HP & secured debts). 1,749
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 57
Personal Balance Sheet Summary
Total assets (things you own)........... 147,000
Total HP & Secured debt................. -174,000
Total Unsecured debt.................... -50,011
Net Assets.............................. -77,011
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

startagain_2

sieve wrote: »

Hi all,

Just want to make sure I get this right. Below is the SOA I am going to stick on the forms and go with. I've basically set my income as £1806, as I think it will look better than saying it is £2k+ and then listing all the company's expenses in the SOA. Here's basically what it really is:

Regular income: £2603
Mobile phone: £50
Company electric to run servers: £30
Company internet charges: £87 (two broadband lines and a dedicated server)
Company phone line: £30
Total income after expenses: £2406
Tax and NIC contributions: £600

Total income after tax: £1806.

Now this is how my personal - non business SOA looks. Any comments would be GREATLY appreciated - many thanks! The fuel is quite high as I use the car a lot for my job but don't want to include that in the expenses above and hide it from my SOA as then it may look like I don't spend any money on fuel and therefore don't need the car?

Anyway here it is.

Thanks,

S


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1806
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1806
Monthly Expense Details
Mortgage................................ 1100
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 50 - On the low side
Gas..................................... 0
Oil..................................... 0
Water rates............................. 10 - Very low
Telephone (land line)................... 20 - Very low
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 20 - £30
Petrol/diesel........................... 160
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 30 - £35 - £40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 - £15 - £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 8
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5 - £10
Haircuts................................ 0 - £10
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1749

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 147000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 174000...(1100).....6.35
Total secured & HP debts...... 174000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured................50011.....0.........0
Total unsecured debts..........50011.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,806
Expenses (including HP & secured debts). 1,749
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 57
Personal Balance Sheet Summary
Total assets (things you own)........... 147,000
Total HP & Secured debt................. -174,000
Total Unsecured debt.................... -50,011
Net Assets.............................. -77,011
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi sieve,

Long time no hear! You can certainly up a few of those items - they are too low and you mustn't let yourself get caught short!

SA

sieve

startagain wrote: »

Hi sieve,

Long time no hear! You can certainly up a few of those items - they are too low and you mustn't let yourself get caught short!

SA

Thanks SA! How are you? Yes it's been a while - just been lying low (not in spirits!) for a little while on the countdown to the day really. All ok though

Thanks for the input - I am loathe to put the haircut thing up as the OR will think I am pulling a fast one if he ever sees me hahaha as I look like Richard O'Brien I'll increase the other stuff though - hopefully as my surplus is so low I'll be unlikely to get an IPA/IPO?

One final thing - in the event I get a BRU for say 5 years, if I don't get an IPA/IPO before I am discharged does that still mean I can get an IPA/IPO for the duration the BRU is in force for? I have a feeling no, but would like to know for sure...

Cheers :beer:

S

startagain_2

Good to see you on the board anyway sieve..... I have good days and bad days but at least the % is more good than bad these days!

I dont think the OR will see it as trying to pull a fast one over a fiver, but that is up to you!
Certainly try and get as close as you can to the most you can claim for. You are better off being knocked back than having everything OK'd and realising you could have got more. After my budget was passed I thanked my lucky stars that I had asked for everything and upped the leccy and car repairs as both turned out to be a lot more than I had originally put.
4 weeks after interview - new exhaust £140
Jan - Feb leccy £89 for 5 weeks!!!!!
You cannot have an IPA/IPO set up after you have been discharged.
You are right.
Best wishes
SA

LilyBart

Hi Sieve,
You might up the housekeeping to £180. Aside from that, put in something for dry-cleaning if you need to look smart when you're meeting clients. I had a similar problem with fuel but divided mine into fuel for work (ie deducted from income) and fuel for personal use (put on the form).
best
Lily

sieve

startagain wrote: »

Good to see you on the board anyway sieve..... I have good days and bad days but at least the % is more good than bad these days!

I dont think the OR will see it as trying to pull a fast one over a fiver, but that is up to you!
Certainly try and get as close as you can to the most you can claim for. You are better off being knocked back than having everything OK'd and realising you could have got more. After my budget was passed I thanked my lucky stars that I had asked for everything and upped the leccy and car repairs as both turned out to be a lot more than I had originally put.
4 weeks after interview - new exhaust £140
Jan - Feb leccy £89 for 5 weeks!!!!!
You cannot have an IPA/IPO set up after you have been discharged.
You are right.
Best wishes
SA

Good stuff! It's all good when moods are in positive equity - oh jeez, I really have been thinking about this too much lately!! Hahahaaha

Thanks for all your help SA, agreed on all points. You are a legend.

Cheers

S

sieve

LilyBart wrote: »

Hi Sieve,
You might up the housekeeping to £180. Aside from that, put in something for dry-cleaning if you need to look smart when you're meeting clients. I had a similar problem with fuel but divided mine into fuel for work (ie deducted from income) and fuel for personal use (put on the form).
best
Lily

Hi LilyBart,

Thanks for the reply - I'll do that. Oh yes dry cleaning, that's a good thing to have as a just-in-case.

With your car, did the OR question you about how necessary it was for work after you put a smaller amount in the fuel for personal use?

Cheers,

S