I Love the Taxman

Verbatim

As some of you may know I had a horrendous tax bill last January, having budgeted £2,500 ish I had to pay nearly £12,000.:eek: :eek: And a further £5k in July.

This year I've saved more than £12k just in case it had gone up again, not that I've felt any richer quite the reverse. In fact I've been apprehensive that I used too much to pay off my cc's over the year. But it turns out that I overpaid last year and they owe me!

I was having fantasies that I wouldn't have to hand it all over but never in my wildest dreams did I imagine they'd owe me.

So what shall I do with my stash.

I've got only one cc left which will have £6950 left on it when my payment goes out tomorrow and is on 0% until the end of April. I thought of taking out another 0% card then one last time or should I pay it off? I have always found 0% Balance Transfer deals without paying transfer fees and there are still a few such deals out there I think.

Since the good news I've had my hair done for the first time since June and must make dental and optician appointments. I'm also walking around in rags so aim to buy self and OH trousers in the next few weeks. Have also booked a swanky restaurant for the weekend which will be my DD's 18th. And some driving lessons for her. And OH needs new specs as I do. But there should still be enough to do something sensible with as well as keep enough back for debt repaying and tax due in July!

Any ideas??

all_hours

How secure is your job? If you lost it do you have any insurance that would pay you an income?

If it's secure then put the money for tax and debt in a savings account. Then if you can find another 0% keep earning interest on it. If you can't then you can pay it off in April.

Otherwise pay off the debt - if you ended up on benefits and had savings the savings would affect your benefit and you'd still have the debt to repay.

whatatwit

I see that you have overpaid, but, what if anything is due in July 07?
May be an idea to put that on one side.

When is your year end, I keep saying that I am going to get my accounts done as soon as my year end arrives on 5th April, so that I know how much will be due. (IYSWIM)

bananakinz

Thats fantastic news!

I'd personally pay off the credit card just to feel that satisfaction of having no credit card debt, and having the extra to spend/save/whatever each month
x

bananakinz

duplicate post

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whatatwit wrote:

I see that you have overpaid, but, what if anything is due in July 07?
May be an idea to put that on one side.

When is your year end, I keep saying that I am going to get my accounts done as soon as my year end arrives on 5th April, so that I know how much will be due. (IYSWIM)

Yep I've been promising myself that for years too! And every year it's a last minute horror. I'll have to pay £2,500 ish in July. But I'm getting back £1420 + now. Fortuituously my husband has to pay this much so I've discounted that.

I forgot that we have a leaking roof right now which will cost us at least £1000 just to see what the problem is and have had to call out an engineer for a boiler repair. So just as well the tax isn't too bad.