40 and Foolish!

bast

Bloody hell to the tax bill ...:eek:
Hopefully cause for hope with Obama`s inaugeration (sp) speech... Really hope it works out for you...xx

NewLeaf_2

bast I had the same reaction to the tax bill

missrlr

GULP. 2 questions, what about the payment on accounts they now need? Is that included in this figure? If not you need to seriously consider how you are going to pay the bill you are accumulating right now for the current earning year.
Think you are on the right track to use the refurb money to clear what you can of the backlog pronto. Shows willing to them which can only be a good thing. More questions Can you adjust the £85 month upwards at all? Is that each or between the 2 of you?
You at least know what you owe know, has the accountant provided you with any advice about reducing this going forward? How to limit exposure and so on? Might be worth the questions.
Hope you can get a plan to sort now

NewLeaf_2

hi Missrlr.. thanks for the post. To answer some of your questions
the total on the accounts that need to be paid by 31 Jan are £7229, which I think I have. The rest of it is for the current tax year

why do we owe so much? 2 reasons

1. when OH got her mega job at 140k they had her on basic rate for 6 months. Now that she has left that job and gone back to her old job which pays less, they have her on the correct tax code

2. for me, I had a company car and fuel card (I work from home!) and I didn't understand the tax implications of that. As doon as I got my P-11D in Feb last year I immediately gave the car back and cancelled the fuel card. The total extra tax liability for that was about £15k

We each pay £85 a week.

I am calling the mortgage people today to stop the overpayment (of £200/mnth) so I can put £200 a month more on it. OH usually gets a bonus (small) in March (and we will use all of that for tax, likely £3k)

missrlr

you sounds much better informed now, and hopefully this is all sorted so you can make tracks.

Well done you for getting the money for the payment due in Jan, at least that is a weight off your mind.

Agree with you the overpayments on mortgage are probably better spent on THEM at present.

Such a shame your company couldn't get the tax code right for you with the car and so on - I know so many people who are being caught by this as companies didn't get the info to THEM and or THEM didn't work it out right at the time to adjust the code.

*Robin*

Hi NewLeaf,

Sounds like you're beginning to see your way forward; well done on finding the immediate payment THEY require - gives you more time to consider the next year (sounds like many changes could be possible in your life).

((Hugs))
R x

NewLeaf_2

Thanks for the kind words everyone

bast

Sounds to me also like you have it sussed but god must of been a shock ... At least you can put the over payment of the mortgage to the tax bill which is a fair amount... I think you have done brilliantly I would have completely panicked and run around like a headless chicken... which is pretty much par for the course with me.. x

brizzledfw

Hi NL

Just checking in. Sorry to hear you're stressed re your mum..yes I hope BO does what he says he will..anther impressive speech...but needs to act too.

THEM sounds horrid. Sounds like your doing the right things though. I have just been told I need to pay back£3.6kwhich they will take from my salary..underpaid when I had a mega job in 2010...sadly no more. But I can't find a calculator to see how much I will lose off my monthly wage as fear I will need to make serious adjustments to my budget...or is it a straight £300or so off each month..as it were?

Hope you have a good day

Brizzle

NewLeaf_2

Brizzled damn to THEM. I need to do a new SOA but can't face it today. The accountant is coming to see me this morning.

What's funny is I think "THEM" are the meanest to people who actually WANT to PAY the tax.

Don't be fooled.. I am still in a mad panic