What cuts are you prepared to personally suffer to repay the deficit?

Mexas

I'd like to see food taxed, especially really bad food like Pizza's etc.

RenovationMan

carolt wrote: »

Eh? Find where I said I could afford to lose It!

I can't - that's precisely my point.

I posted on the other thread that losing your CB is a significant blow to your finances, I provided a calculation showing how much a high rate taxper would have to earn in order to replace that income.

Is there nothing you can do to soften the blow? If your OH earns less than £50k, then it might be better if he could salary sacrifice his salary down below the HR threshold. You will not only then receive CB, but your OH will have an increased pension in retirement, you will be able to claim more in CTC and WTC and your OH will be paying less tax. In many respects, you stand to earn more by earning less.

If your OH is on quite a bit more than £50k, and would lose more by salary sacrificing, could you OP your mortgage over the next 2.5 years to help soften the blow? I was already on a mission to OP our mortgage, but now I'm going to try and OP enough so that our monthly mortgage payments are reduced by the same amount as we would have received via CB (a tall order!)

Another alternative, if overpaying is out of the question due to limited disposible income, is to downsize or move to a less expensive area, reducing your mortgage outgoings, though this could be counter productive as you may end up spending more on house sale/removal costs/travel expenses than you lose on CB.

FATBALLZ

Mexas wrote: »

I'd like to see food taxed, especially really bad food like Pizza's etc.

What if I make a pizza from scratch at home, do I have to pay a tax before I can eat it? It might go cold while I wait for the cheque to reach HMRC.

Old_Slaphead

FATBALLZ wrote: »

What if I make a pizza from scratch at home, do I have to pay a tax before I can eat it? It might go cold while I wait for the cheque to reach HMRC.

You can pay online these days.

Niv

MissMoneypenny wrote: »

These would cause a rise in the cost of food and goods.

Well done - have a cookie (tax free hehe). Whats your point? This is about what I am prepared to do / pay etc to help the deficite.

FTBFun

Mexas wrote: »

I'd like to see food taxed, especially really bad food like Pizza's etc.

Takeaway food really then - I could make a pizza at home which would be fairly healthy.

FATBALLZ

HOUSE_PRICE_CRASH_GHOULS wrote: »

I'm not prepared to give anything away because unlike leeches like you I didn't unnecessarily take anything from the pot. Care to tell everyone how much Child Benefit you sucked off? And care to tell us all how much you'll pay back? No didn't think, so because in your world of wishing misery homelessness and unemployment on others it's only YOU YOU YOU. Next time you do something irresponsibly you can't afford please keep your legs closed.

You don't get child benefit by sucking off, only by the method mentioned in your last sentence.

LilacPixie

RenovationMan wrote: »

I posted on the other thread that losing your CB is a significant blow to your finances, I provided a calculation showing how much a high rate taxper would have to earn in order to replace that income.

Is there nothing you can do to soften the blow? If your OH earns less than £50k, then it might be better if he could salary sacrifice his salary down below the HR threshold. You will not only then receive CB, but your OH will have an increased pension in retirement, you will be able to claim more in CTC and WTC and your OH will be paying less tax. In many respects, you stand to earn more by earning less.

If your OH is on quite a bit more than £50k, and would lose more by salary sacrificing, could you OP your mortgage over the next 2.5 years to help soften the blow? I was already on a mission to OP our mortgage, but now I'm going to try and OP enough so that our monthly mortgage payments are reduced by the same amount as we would have received via CB (a tall order!)

Another alternative, if overpaying is out of the question due to limited disposible income, is to downsize or move to a less expensive area, reducing your mortgage outgoings, though this could be counter productive as you may end up spending more on house sale/removal costs/travel expenses than you lose on CB.

I think as of April 2011 they are starting reducing cut off levels for tax credits down to 21k ultimatly. Depending on income levels and child ages salary sacrifice for child care vouchers could be an option, parent 2 would then be availible for some/more work which could have a win/win effect on family finances.

I think the OP is hoping to be a FTB so I don't think she has a mortgage to overpay but overpaying is also a valid option if circumstances allow.

Butterfly_Brain

The Banks caused a worldwide monetary meltdown and are causing more problems by refusing to lend to small businesses; make them pay more and pay their bonuses into the public coffers.

bendix

Butterfly_Brain wrote: »

The Banks caused a worldwide monetary meltdown and are causing more problems by refusing to lend to small businesses; make them pay more and pay their bonuses into the public coffers.

And the prize for the post which most aptly illustrates the veracity of a poster's nickname goes to . . . . .

Seriously, that wasn't a thought out post - it was a slogan from a cereal packet.