Horace's Biting the Bullet Diary

Eager_Elephant

Horace, I know that things are not good for you at the moment but I don't think you should rush in to selling all your valuables, I think it might be a knee jerk reaction to the tax bill.

Have a look at this http://www.moneysavingexpert.com/news/reclaim/2011/03/thousands-get-tax-demands-written-off-using-hmrc-loophole and see if any of it applies to you.

Have you always been self employed or have you been employed? If you don't think you owe the money as you have always done what they asked etc then you need to fight it.

If you need any help just give us a shout.

((Horace))

greenbee

Horace - there are plenty of people here for you, so if you want to talk through the options, pros and cons, and get input, feedback etc, then that's what we're here for.

Don't necessarily dispose of all of your valuables, but at the same time, don't feel you have to keep them. I remember several years ago agonising over selling a book given to me by my godmother as a christening present - it was too valuable to be touched or used, so not very practical - only to be told by my mother that it was given to me as an investment, not to read. Since then I have sold quite a bit of stuff I was left that I don't like, as and when I needed to, and out of the proceeds have always bought something small as a memento.

As for the collection of glass in your parents loft - if you think you might move somewhere soon where you will be able to have it out and enjoy it, then hang on to it. But if not, maybe it could go to someone who would appreciate it, and you can build up another collection (of the same kind of thing, or maybe something different) when you are in the next phase of your life.

The things you SHOULD get rid of are things with negative associations that are holding you back. And ideally you should get money for them.

Please be kind to yourself, and remember that plenty of people here have a huge amount of admiration for the way in which you have dealt with the problems life has thrown at you.

Aesop

Horace, am at work and cant stay on long.

Was just thinking about you today and how quiet you have been on diary.

Agree with Eager elephant (sp?) sorry- in a rush, and don't rush out selling things you own. We CAN help you through this, this is a knee jerk reaction. Remember the Matrix ladies are there for you too.

Wanted to offer you these as well ((((((((((((((horace))))))))) would find the nice hug but not at work. will get told off.

Horace

Eager_Elephant wrote: »

Horace, I know that things are not good for you at the moment but I don't think you should rush in to selling all your valuables, I think it might be a knee jerk reaction to the tax bill.

Have a look at this http://www.moneysavingexpert.com/news/reclaim/2011/03/thousands-get-tax-demands-written-off-using-hmrc-loophole and see if any of it applies to you.

Have you always been self employed or have you been employed? If you don't think you owe the money as you have always done what they asked etc then you need to fight it.

If you need any help just give us a shout.

((Horace))

I need to have a good read of that HMRC loophole - I was employed in 2007 from January to August when I was made redundant and then I was on the dole from then until April 28 2009 when I became self employed. Alas due to the recession my business is currently unsustainable which is why I am now suffering from depression and am on the dole. When I was self employed I used to get £51.58 a week working tax credits too. I have submitted accounts and my first set were for 6 months and it was after that that I got a rebate of around £73 - I have submitted other self assessments since and was told that after my accounts for period ending 5 April 2011 that I didnt have to pay any tax because none was owing. I could curse the HMRC because this letter was dated 21 December 2011 but I did not receive it until today and it relates to 07/08.

My watch may well have to go although I don't really want to get rid of it, needs must because I have debt that needs clearing. The gaming chips didnt actually cost me anything as they were left by twerp after he brought them to show me after he acquired them from a jumble sale (they were in the chucking out bin) and the light fitting doesnt owe me any favours either. There is actually a silver trophy that was valued at Antiques Roadshow back in 2001 which at that time was worth £180 - this has no sentimental value as I paid £10 to a friend and cleared her house of tat (I have already sold some pieces of glass from the house clearance).

Today I was naughty - I nipped to the corner shop with the sole intention of buying a choccie bar but came out with 2 boxes of biscuits that were on sale for £1.99 each. Really I should make my own biscuits but I could not resist this bargain so now I have them in my store cupboard.:D I might just post some recipes from the hardtimes handbook for folks to use too - the book was originally written during the Depression of the 1920's/30's in Australia - they even have feed a family of 4 for a dollar:D

beanielou

My view from what you have said is that if you are going to sell things keep the watch & flog the rest.
Keep plodding & take care.

*peridot*

I was just reading your diary and i hope you don't mind me commenting.

Why don't you compromise with your watch, Horace? Rather than selling it, take it to a pawnbrokers, ( some jewellers have this facility ). That way, at least you can pawn it for an amount you may be able to purchase it back for, at a later date, if you so wish /can afford to. And you know what they say about stuff in the attic. If you haven't used it for 6 months, or whatever, you don't need it. " Stuff " in the attic, is of no use. Sentimentality maybe, yes. Harsh i know, but sometimes needs must.

A big hug to you Horace.

Eager_Elephant

Horace wrote: »

I need to have a good read of that HMRC loophole - I was employed in 2007 from January to August when I was made redundant and then I was on the dole from then until April 28 2009 when I became self employed. Alas due to the recession my business is currently unsustainable which is why I am now suffering from depression and am on the dole. When I was self employed I used to get £51.58 a week working tax credits too. I have submitted accounts and my first set were for 6 months and it was after that that I got a rebate of around £73 - I have submitted other self assessments since and was told that after my accounts for period ending 5 April 2011 that I didnt have to pay any tax because none was owing. I could curse the HMRC because this letter was dated 21 December 2011 but I did not receive it until today and it relates to 07/08.

Thanks for this extra info Horace - all we need to concentrate on is 6th April 2007 - 5th April 2008.

So between 6/4/07 and ?/8/07 you were employed - do you still have your P45 or P60 from your time in that employment?

Between ?/8/07 and 5/4/08 you were claiming JSA.
JSA is taxable and the DWP notify HMRC when you claim a taxable benefit so they should have been in contact in 2008 about this.

DWP send out P60's or similar to let you know how much JSA has been paid and how much is taxable - do you still have this piece of paper or do you have bank statements from that time to calculate how much they paid you?

Usually if you leave employment part way through the year you end up with a rebate in April/May the following year as you would have paid too much tax while you were working as they average the tax code over 12 months.

Have you always been a basic rate tax payer? Do you have any letters from HMRC re your tax coding from 07/08 year?

If you do are they correct, do you just have a basic personal allowance or did you have employee benefits such as a company car and health care?

If you did not have any perks then it should be quiet easy to work out how much tax you should have paid against what you have paid and then you will be able to see if HMRC have got the demand correct.

The rebate of £73 is irrelevant if it is for a year other than for 07/08.

If you want any help you can PM me if you would rather not put personal info on here or if you are happy to then I will pop back regularly.

I understand totally if you do not want any help with this so don't worry about refusing my help.

greenbee

So two things to do:

1. Gather all your tax paperwork and take advantage of the various offers of support and advice you've had to get that sorted
2. Liquidate any possessions that are neither useful nor beautiful and have no positive sentimental value. And definitely those with negative associations.

Once you've done those then you can consider whether you need to liquidate any of the assets you are attached to.

Keep positive

LondonGirl252

Hi Horace,

I'm so sorry to hear about your Dad and that things aren't going as well as you deserve. Wish I had some useful advice to give but am following now, I really hope 2012 picks up for you

You're diary is so motivational, you seem to be able to keep going no matter what. Stay positive and it will work out I am sure

LG xx

Horace

I have received some help from a Matrixette who works for the Revenue - she has had a look at the stuff I have been sent and instead of it being a tax bill where I owed them money was in fact notification that they owe me money:j In my postbox today was a cheque for £447.76:cool:

I have already allocated the money and will be paying my accountant (she has been patient and not nagged me for money or charged me interest) and I will be clearing my business overdraft. I need to pay my accountant because she will be sorting out my self assessment again this year. I will also use some of it to reduce my Visa card - as for the bully who has been really nasty, well he shall continue to get £1 until such time as I am back on my feet and can pay him in full - he is so horrid, he has never acknowledged the payments received:mad:

It makes sense to me to pay the smaller bills because it gets them out of the way and clearing that business overdraft will be a boon because it means that I can start work again and start earning a crust (I also won't have any bank charges to pay). This rebate feels like a lifeline. I am still applying for jobs - a full time job will help no end and there is nothing to stop me organsing business events at night so it is a win win.

Hopefully I can get to the bank tomorrow - I don't want to go out today as it is far too windy - today will be an NSD.

So although I feel a bit down (partly due to the weather), I am also feeling a bit perkier:D