HappyCamel's MFW while SAHM journey

MissOptimistic

Hi happy camel, I have enjoyed reading your diary and look forward to reading more! Congratulations on the birth of your DS :j

Lois_E

KolaKube wrote: »

Hiya happycamel! I wonder do you know much about the CB thing? Im worried I might earn too much / do they count OHs wage as well or is it only the higher? Had great plans to save this up for miniKube, do they give it then ask for it back or something...?

No, they don't add them. It just goes on the highest wage in the house. If anyone earns over £60k then you get nothing. (Well, you do get it, but you have to pay it back, so definite stoozing opportunity.) If your household's highest earner is on £50k or less then you keep it all. Between £50k and £60k it's tapered.

happycamel_2

Lois is entirely correct. It's important to claim it even if one of you earns more than 60k (so in theory loses all of it) because:
1) it ensures you get your National Insurance credits recognised, which may be important for your pension later on
2) it's an interest free loan so you can stooze
3) if something happens and your high earner doesn't make the 60k (dead, redundant, long term sick) there's no way of reclaiming the lost benefit
4) this is controversial but there is nothing in law that says you have to tell the high earner that you are claiming CB and because of the DPA HMRC can only say whether you are eligible not whether you claimed. So in theory my DH could fail to declare the CB I received and if challenged say he didn't know I claimed it as I wouldn't tell him and HMRC couldn't tell him. At the moment there isn't anything in law HMRC can do about this. this only works if the lower earner claims the CB and has it paid in to a personal, not joint, account.

KolaKube

Interesting! I guess we're ok for now then as I earn under the threshold, but as it goes up over the next few years then it may start to apply

happycamel_2

DS's passport has arrived so I can start booking the ESTA, his flight, buggy hire etc :j

DH is in London tomorrow so I have my first 13 hour day with no help and I still can't drive :eek:

My best friend has been stuck in Leeds for work reasons for three years, she was supposed to come back near to me in July but she's just found out she's stuck there for another 18 months (1 yr extension)

DH has been told he's been selected for promotion and we've agreed we'll invest or OP all of the salary increase in the hope we can afford to put the kids in private school when the time comes (there's a lovely one in our village). :A

happycamel_2

I'm going to pay the loan down to £232k now so we don't have a problem with too high a value for redemption on 4th March. I've asked DH to transfer his ISA funds to the joint account so I can make the payment. That's another £14k off.

We've realised his work haven't paid his last two expense claims so that's £1500 coming our way.

I'm being good about groceries etc, we aren't really spending any unexpected money at the moment. Having said that, I need to pay the builder for our new window.

I've been asked by my church to be the new treasurer so that will keep my accounting brain in gear while I'm not working. I've also been asked to be treasurer of my mum's choir and the plumber has asked if I'll do his accounts, all in the last week.

I'm qualified with CIMA and I'm wondering whether I should bite the bullet, apply for my Certificat to Practice and start my Association of Tax Technicians qualification so that I can practice as a small business/ tax return account properly and run my own business rather than being a proper SAHM. It would be the ultimate in working from home and there are few sunk costs (apart from tuition fees, a bit of insurance etc).

I won't do any paid work until I've taken a year with the kids though and then I could start putting dd in nursery a few hours a week. I've got to remember that looking after two kids is a full time job in itself!

cotswoldaccountant

Hi HappyCamel,

I'd go for it with the accountancy work! It is what I do (I'm ACA qualified but have got up to speed on tax through subcontract work when I first set up as a sole practitioner). It is so nice to be able to work around the children. Although I am up to my eyes in tax returns at the moment so life is pretty hectic at certain times of the year.

Well done with your OPs!

CA

happycamel_2

I've picked a company name, just need to register it now. Then I'll look into what I need to do for my MiP registration. I think I'll apply towards the end of the year as I can't work til after my maternity leave ends.

I thought we had enough cash for my tax training but it looks like we have to replace the boiler.

I haven't finished the OPing prior to our new deal, I'm waiting for the 1st Feb dd to go out so I can calculate the amount properly.we have enough funds and they're in the right account though.

DH's work assure me his expense claims will be paid this week, I need to check this. We encashed his S&S ISA. The USD account is up and running, hopefully it works smoothly in the States, that trip is all planned and paid for now apart from airport parking which is on my list for today.

happycamel_2

I've registered my new company, Cloudacre Ltd. I plan to start taking clients this time next year. In the meantime I can study for my tax exams while on mat leave.

Wish me luck!

cotswoldaccountant

Good luck! Hope you get plenty of time to study. Tax exams are a good idea when you're planning to be a sole practitioner - I found the personal tax side quite a steep learning curve when I moved from practice to working for myself. Hope all goes well!