SOA - Pleas Advise

Tom46

I have managed to get my SOA together, I would really appreciate If you can take a look and give me some advise if something should be changed.
I am self employed and this soa Is for me only, my wife is not going bankrupt.
I have deducted all my business related expenses and tax from my income.
There will be one more child in the household at the beginning of April not listed on soa yet.

My wife is also paying for her car loan ( private arrangement ) £ 100 month, do I deduct that from her income as well?
　

　
Household Information
Number of adults in household........... 2 ( me and my wife)
Number of children in household......... 2
Number of cars owned.................... 0 ( my wife owns 2 cars, I am using one of the cars for work at the moment and all the expenses of that car are deducted from my income and not listed on SOA )

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 820 ( my wife's benefits and tax credits, I have deducted her phone pill and her credit card payments of £ 100 )

Benefits................................ 0 ( I am not receiving any)
Other income............................ 0
Total monthly income.................... 2020
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 30 ( package deal, phone, TV, internet )
Mobile phone............................ 15
TV Licence.............................. 10
Satellite/Cable TV...................... 0( listed under the phone, do I need to brake it town?)

Internet Services....................... 0
Groceries etc. ......................... 550
Clothing................................ 120
Petrol/diesel........................... 70 ( wife’s car, only household usage )
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 50 ( this is not necessity )
Other child related expenses............ 20 ( after school clubs )
Medical (prescriptions, dentist etc).... 50 ( chronic conditions and dentists )
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1935

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................2200......20........19.95
credit card....................2500......60........15
credit card....................1400......30........14.9
catalogue......................400.......40........26.49
catalogue......................550.......100.......26.49
personal loan..................4900......130.......20
credtid card...................3550......35........16.9
credit card....................4000......100.......10.9
credit card....................1500......30........0
credti card....................500.......10........27.9
Total unsecured debts..........21500

Monthly Budget Summary
Total monthly income.................... 2,020
Expenses (including HP & secured debts). 1,935
Available for debt repayments........... 85
Monthly UNsecured debt repayments....... 555
Amount short for making debt repayments. -470

rag31

It seems hilarious to me that *I* am going to comment on your SOA but I guess I've already picked up a couple of things being on here LOL

Are your tax credits only in your wife's name or both? Ours are in joint names....?

Mobile phone has to be lumped in with the landline as it's not allowed.

Haircuts you are allowed £26 for I believe.

I suspect if childcare is not essential then you can't put it in.

Kids activities/clubs I think is £5 per month per child.

I think holidays can be more for a family of 4.

I think you have to list the car as an asset even if it belongs to your wife if you are allowing petrol/tax etc.

HTH, some might be wrong! Hopefully someone more knowledgeable will be along soon

Becky

Tom46

Thank you Becky for your comment.

I think tax credit is joint names.

As I understand, I have to deduct my wife’s car expenses from her income, although she is using it only for household purposes?

Yes, I was not sure about the holiday, have not had any holiday for five years, have no idea how much to budget for it. So If I put down 80 does that sound ok?

dottydora

Tom46 wrote: »

Thank you Becky for your comment.

I think tax credit is joint names.

As I understand, I have to deduct my wife’s car expenses from her income, although she is using it only for household purposes?

Yes, I was not sure about the holiday, have not had any holiday for five years, have no idea how much to budget for it. So If I put down 80 does that sound ok?

£80 seems to be the norm for a family of 4 or 5.

TDMum

Again no expert but I've been a nosey beggar when others have put theirs up and have seen the same things posted alot.
I *think* you can have £5 per week per child for activities and £3 per week per child for school dinners. At least that's what I've picked up looking at other peoples SOA's Also you could probably trying bumping your shopping budget up to £600.

Feel free to correct me if I'm wrong anyone!

dottydora

TDMum wrote: »

Again no expert but I've been a nosey beggar when others have put theirs up and have seen the same things posted alot.
I *think* you can have £5 per week per child for activities and £3 per week per child for school dinners. At least that's what I've picked up looking at other peoples SOA's Also you could probably trying bumping your shopping budget up to £600.

Feel free to correct me if I'm wrong anyone!

Whilst I think £3 is reasonable for secondary school (school dinners) and £2 for primary (it cost £1.90 where I live) the OR only allowed us £2 per child even though where I live free school meal kiddies get £2.50! But I guess it varies from one OR to another.

TDMum

Sorry to go off topic slightly but school meals are extortionate now. My step son has to pay £1.70 PER DAY for his and that's primary. I remember it was 70p when I was at school.

dottydora

Tom46 wrote: »

I have managed to get my SOA together, I would really appreciate If you can take a look and give me some advise if something should be changed.
I am self employed and this soa Is for me only, my wife is not going bankrupt.
I have deducted all my business related expenses and tax from my income.
There will be one more child in the household at the beginning of April not listed on soa yet.

My wife is also paying for her car loan ( private arrangement ) £ 100 month, do I deduct that from her income as well?
　

　
Household Information
Number of adults in household........... 2 ( me and my wife)
Number of children in household......... 2
Number of cars owned.................... 0 ( my wife owns 2 cars, I am using one of the cars for work at the moment and all the expenses of that car are deducted from my income and not listed on SOA )

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 820 ( my wife's benefits and tax credits, I have deducted her phone pill and her credit card payments of £ 100 )

Benefits................................ 0 ( I am not receiving any)
Other income............................ 0
Total monthly income.................... 2020
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 30 ( package deal, phone, TV, internet ) might be worth putting mobile in with land line. I was allowed £61 for landline and no questions asked about what it included. I think some OR's don't allow for mobile phone
Mobile phone............................ 15.
TV Licence.............................. 10
Satellite/Cable TV...................... 0( listed under the phone, do I need to brake it town?)

Internet Services....................... 0
Groceries etc. ......................... 550 I agree, try £600 (although I was allowed only £550 for 5 of us, but some have had more allowed, again depends on OR.
Clothing................................ 120
Petrol/diesel........................... 70 ( wife’s car, only household usage )
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 50 ( this is not necessity ) What is it then? Are you sure it could not be classed as necessary?
Other child related expenses............ 20 ( after school clubs )
Medical (prescriptions, dentist etc).... 50 ( chronic conditions and dentists ) Whilst I am not disputing this the OR might say that with a prepayment thingy for £10 per month per adult you can get unlimited prescriptions so may dispute this amount.
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 0
Haircuts................................ 20 you could probably up this to £30
Entertainment........................... 0
Holiday................................. 50 try £80
Emergency fund.......................... 0
Total monthly expenses.................. 1935

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................2200......20........19.95
credit card....................2500......60........15
credit card....................1400......30........14.9
catalogue......................400.......40........26.49
catalogue......................550.......100.......26.49
personal loan..................4900......130.......20
credtid card...................3550......35........16.9
credit card....................4000......100.......10.9
credit card....................1500......30........0
credti card....................500.......10........27.9
Total unsecured debts..........21500

Monthly Budget Summary
Total monthly income.................... 2,020
Expenses (including HP & secured debts). 1,935
Available for debt repayments........... 85
Monthly UNsecured debt repayments....... 555
Amount short for making debt repayments. -470

Comments are just my opinion, hope they help.

dottydora

TDMum wrote: »

Sorry to go off topic slightly but school meals are extortionate now. My step son has to pay £1.70 PER DAY for his and that's primary. I remember it was 70p when I was at school.

I agree TDMum.

I even sent a menu to my OR to justify a cost of £2.50 a day for my boys at secondary school and this would just about buy a hot meal and a drink. At primary the meals were £190 with a meal a drink and a dessert.

She still came back and said they could have a wrap or a pannini! No mention of a drink!

I guess it could be worth trying for £3 and hoping for the best! The worst that can happen is they can say no!

Tom46

I have made some changes according to the advise given and now the surplus is 0.

Should I change some figures around to make it safer. As I understand some OR might cut down some expenses but would they also say that this or that is too low you should put down more.

Can somebody also advise about my wife’s car expenses that are listed on SOA at the moment.

Household Information
Number of adults in household........... 2 ( me and my wife)
Number of children in household......... 2
Number of cars owned.................... 0 ( my wife owns 2 cars, I am using one of the cars for work at the moment and all the expenses of that car are deducted from my income and not listed on SOA )

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 820 ( my wife's benefits and tax credits, I have deducted her phone pill and her credit card payments of £ 100 )

Benefits................................ 0 ( I am not receiving any)
Other income............................ 0
Total monthly income.................... 2020
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 60 ( package deal, phone, TV, internet ) might be worth putting mobile in with land line. I was allowed £61 for landline and no questions asked about what it included. I think some OR's don't allow for mobile phone
Mobile phone............................ 0
TV Licence.............................. 10
Satellite/Cable TV...................... 0( listed under the phone, do I need to brake it town?)

Internet Services....................... 0
Groceries etc. ......................... 600 I agree, try £600 (although I was allowed only £550 for 5 of us, but some have had more allowed, again depends on OR.
Clothing................................ 120
Petrol/diesel........................... 70 ( wife’s car, only household usage )
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 40 ( this is not necessity ) What is it then? Are you sure it could not be classed as necessary?
My wife stays at home full time, but we where thinking to put our 2 year old to a nursery for 2 days a week so he can get used to other children.

Other child related expenses............ 20 ( after school clubs )
Medical (prescriptions, dentist etc).... 40 ( chronic conditions and dentists ) Whilst I am not disputing this the OR might say that with a prepayment thingy for £10 per month per adult you can get unlimited prescriptions so may dispute this amount.
Need to buy some supplements that are beneficial for my condition but not covered by NHS

Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 0
Haircuts................................ 30 you could probably up this to £30
Entertainment........................... 0
Holiday................................. 80 try £80
Emergency fund.......................... 0
Total monthly expenses.................. 2020

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
credit card....................2200......20........19.95
credit card....................2500......60........15
credit card....................1400......30........14.9
catalogue......................400.......40....... .26.49
catalogue......................550.......100...... .26.49
personal loan..................4900......130.......20
credtid card...................3550......35........16.9
credit card....................4000......100.......10.9
credit card....................1500......30........0
credti card....................500.......10........27.9
Total unsecured debts..........21500

Monthly Budget Summary
Total monthly income.................... 2,020
Expenses (including HP & secured debts). 1,935
Available for debt repayments........... 0
Monthly UNsecured debt repayments....... 555
Amount short for making debt repayments. -470

rag31

Don't believe all the hype that a 2 year old 'needs' to socialise with other children in a nursery - they don't and if at all possible, I would avoid it!

If you think he would enjoy spending time with other children your wife could take him to some mums and tots groups or swimming or whatever, far cheaper and he would have the security of being with his mum - which is all most 2 year olds want.

HTH
Becky