Pay off mortgage and start having fun!

CathT

That was a low cost meal newgirly. We need the occasional treat and your meal out sounds great. We rarely socialise but have the best time when we do!

I have been looking into pensions too, very scary stuff. Dh is 40 this year and while I should have a good pension we definitely need to take action increasing his contributions/saving.

newgirly

I had a fairly good day, ds2 went to some high-powered shooting balls at each other thing in the forest, a total quagmire and i had not spotted he was wearing his best trainers , the boy has no brains :eek:

We stopped at a nearby pub when collecting the mud covered boys, totally packed with a 3 hour wait for tables (we were just having a quick drink) lovely looking food, then poor dh had to suffer veggie spag bol when he got home :rotfl:

We did stumble across an amazing farm shop though, the ones near us are terrible usually, but this one was so cheap.

half sack size of spuds £2.99
big bag mixed peppers 99p
swede 35p
apples 35p for 5 golden delicious
approx 60 baccon rashers £10
10x bags tyrells crisps £1
30 eggs £3.50
dolmio ragu 4x £1
2x sacks onions £2 for both :eek:

plus a few more bits i have forgotten, its a half hour drive though, so will only bother if we are really bored one weekend amd take the electric van so its free

One of my favourite bloggers new receipe book is out now i am so tempted to buy it, its hungry healthy happy and its full of lovely looking healthy food.

newgirly

Back in the land of mse . My old iPad developed the same problem again which cannot be fixed, the tiny free one I got with my phone doesn't work properly, so I went out last night and bought an iPad 2 mini.

It's a lot smaller but it was so much nicer using an iPad so after trying to decide all week should I get a £39 cheaply tablet or a new iPad I took the plunge :eek: £219 from mr t as I may buy the care plan for damage from them too (never done this in my life but I have a bad track record ) anyway, I have lots to catch up on now

I have spoken to the accountant , and we are paying ourselves through dividends as well now, it means more income for the moment and hopefully longer term without much extra cost to the business, relatively speaking.

Most business owners do this , but do has only been the sole shareholder for a short while. Business wise it been a very tight this month, we knew it would be but it has to pick up soon hopefully. The extra money will hopefully give us a lots more breathing space with making the mortgage payments.

Spending this week ok except from an iPad it has to be the most spendy January we have ever had - February will be the start month for me this year as Jan has gone so badly.

Can't get the colours working on the iPad which is annoying so will use smileys for colour instead!

:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D

Update Jan:

Mortgage £1839
Loan £689
Cc's £78

Back later to update all balances this month as am still in bed and don't have them

lulabelle1

The only down side of paying yourself in dividends is that you will need to put money aside each month to pay the tax due on them as it can only be paid through the self assessment. I'm sure you already know this, but just incase thought I'd chip in

Muser1

I'm desperate for an I pad. What's the difference between the mini 2 and 4? I'm worried about picking the 2 and Apple stopping the updates etc.

greent

lulabelle1 wrote: »

The only down side of paying yourself in dividends is that you will need to put money aside each month to pay the tax due on them as it can only be paid through the self assessment. I'm sure you already know this, but just incase thought I'd chip in

We pay ourselves basic salary (around £10k each) and then dividends 2 or 3 times a year - but we don't pay tax on them - it's treated as net income, as 'normal' shareholding dividends would be. Our dividend warrants (I issue them ) have 'tax credit' of £x on (being 1/9th of the money received, from memory)


x

newgirly

Thanks everyone it will be a combination of wages/dividends and I will have to put around £1k for tax away the accounant said. I believe in the past it has been as greent described.

Muser I have no idea I am afraid, i only went for the mini 2 as it was the cheapest I could buy that was not second hand , the 4 was almost twice the price :eek:

Lentil curry in the sc, I am the only one who will eat it though, the others have an m and s meal deal chicken, also bought dd and m and s strapless bra for £1.99 in the sale today and me a ladies undergarment item to wear with a bra and knickers posh set I bought recently there in the sale for 49p today from £12.50 :T

Back on the healthy eating today as its not been great this week, No more lost than the half stone I lost two weeks ago. Could do much better!

lulabelle1

greent wrote: »

We pay ourselves basic salary (around £10k each) and then dividends 2 or 3 times a year - but we don't pay tax on them - it's treated as net income, as 'normal' shareholding dividends would be. Our dividend warrants (I issue them ) have 'tax credit' of £x on (being 1/9th of the money received, from memory)


x

Thanks - I was thinking with the new dividend rules that are coming in from April 16 whereby tax credit is abolished and anything over £5k is liable to tax, which has to be paid via self assessment

lulabelle1

newgirly wrote: »

Thanks everyone it will be a combination of wages/dividends and I will have to put around £1k for tax away the accounant said. I believe in the past it has been as greent described.

Muser I have no idea I am afraid, i only went for the mini 2 as it was the cheapest I could buy that was not second hand , the 4 was almost twice the price :eek:

Lentil curry in the sc, I am the only one who will eat it though, the others have an m and s meal deal chicken, also bought dd and m and s strapless bra for £1.99 in the sale today and me a ladies undergarment item to wear with a bra and knickers posh set I bought recently there in the sale for 49p today from £12.50 :T

Back on the healthy eating today as its not been great this week, No more lost than the half stone I lost two weeks ago. Could do much better!

Ah perfect, you and your accountant are all sorted
Definitely worth doing as you'll be better off still than having it all as PAYE... I just hope that the new dividend changes aren't the start of more drastic action which will mean it gets less and less beneficial with each new tax year.

newgirly

I am sure that will be the case eventually lulabelle. I have to say although we are about to start taking advantage of this , it wrong that our staff on lower wages have to pay more tax through Paye. Surely one way of taxing for every type of income would be a much fairer system. But of course, we will still be doing it