Mortgage Free - so good they'll do it twice! Wynnvegas aiming for the big house

wynnvegas

Hi TYO,

It has been properly productive. A few more family loans have gone out this month which leaves various people owing us over £3,500. That's starting to get a bit of a worry as I don't want to end up chasing people anywhere down the line.

Vegas is mid-July this year. This will be our seventh visit but it's the first time that we're taking a couple of people with us to show it off. Just a couple of weeks this time round but that leaves some holidays left over for a wee trip in either April, October or possibly both. We're considering Switzerland, Paris, Barcelona and Dublin as potential venues for the other holiday(s) this year.

Cheers,

Billy

katsu

wynnvegas wrote: »

CIPD Membership: £120 (July)

Hi Billy,

I realised recently you were another HR MFW. I noticed you had this in your SOA so I wondered if you were aware that if you are not able to recover this from an employer, you can off-set it against your income tax. If you don't do self assessment then the HMRC should be able to send you a simple form to complete to get the annual payment deducted from your income tax.

Congrats on your successes so far.

wynnvegas

Hi katsu,

I didn't realise this so thank you very much. I've never done a self-assessment although with aiming to set up a business of my own this year, I imagine the need to start will be coming shortly. I'll check it out as it's due again in a few months.

Cheers,

Billy

katsu

Billy,

Glad I could help. Not enough people know about reclaiming professional institute fees. It is pretty much the only work expense employed people can claim back from HMRC (ignoring mileage claims).

I note you say about looking into it for your 2011 subs - you can claim the 2010 subs as you are still in the 2010 tax year and I think you may be able to claim back previous years too. Claiming is easy - a simple form or maybe just over the phone. More info at http://www.hmrc.gov.uk/incometax/tax-allow-ees.htm Give them a call and see what they say.

wynnvegas

Thanks again Katsu,

Apparently if I claim this week I can go back to 2004/5 and hopefully get something of a benefit. Noticed that the Educational Institute of Scotland is included on the list so we'll have a crack on Moyra's behalf as well. I'll let you know how it goes. Think I'll owe you a drink at the next CIPD conference!

Cheers,

Billy

wynnvegas

Morning Katsu,

Done over by a technicality! Apparently the only people who can claim this allowance are those who are on more than £38,000 net (44,500 minus the personal tax allowance) which rules us both out at the moment. No great harm done I suppose but with the firm knowledge of how taxes are wasted on the workshy and public services which have all the organisational nous of a burst balloon, it would have been nice to reclaim something. If nothing else, this will give me a proper shift to get my wee consultancy set up.

Cheers,

Billy

[Deleted User]

Mornin Billy
Will be interested to see how you go with the consultancy ....love the idea of being self employed (sure my current situation is helping that and not seeing all the hard work itd be! )
will be good to hear how you get on with it - would it be HR based presumably?
Re the CIPD stuff strange that you have to be earning more to then get it paid for...! hmmm...
have a good day! ...almost payday then I guess the MF-ness will hit in again?

wynnvegas

Hi TYO,

I'm not sure I understand the logic either. It would appear that the more you earn, the less you need to pay for which, if nothing else, is a bit of a spur to up the income!! It's getting to Oscar time of year again and I've always been fairly surprised that the fancy gift bags they get with all the good gear gets given away free to the people who need it least. So, in tax terms, I'm one of the miserable onlookers on Hollywood Boulevard wishing I could get into the party!

Whilst there'll be a good bit of the HR side available, it will be a more generic business and change management consultancy. I'm qualified as a health and safety manager, project manager, trainer, strategic consultant, small business consultant and generic business, quality and service improvement consultant so there are many strings to the bow as required. No sense pigeon holing myself straight off the bat. I'll keep this diary updated as to the steps, pitfalls and progress of the venture as it kicks off in the next few months.

Looking forward to this one more than any of the others as this will leave us with our first real surplus. With the flights and the bathroom having been paid, we'll have a wee bit of money sitting in the bank doing nothing and needing to be attributed to nothing specific. That being said, I still need to go and buy my ipad, my new darts and a gym membership to start next week. I think we'll have to accept that we'll never have any real money but that being mortgage free is allowing us to shake off the frugality of the last few years.

Cheers,

Billy

abouttimetoo

Hi Billy, what you doing lurking down at the bottom of page 4 :rotfl:

The board is really busy now - good to see more folk waking up to the advantages of MFW

katsu

Hi Billy,

I claimed it some years ago and I definitely wasn't a higher rate taxpayer, not at all close to one. I didn't see anything on their website, when I looked for you, to suggest it was for higher rate taxpayers only. Did they give you any proof? If not I'd be tempted to ring again and ask them to show me where it says that!

Good luck with your consultancy