Looking forward - Debt Free in 4 years

mizmir

Very important research there Karma - don't knock it! Will help you work out how to monetize your site.

This morning I have a few unexpected bills - payment for Evernote Pro (£35 for the year and I use it all the time), some coffees OH has had to buy when talking to colleague (she is the manager so coffees fall to her!). Nothing major and I am sure I can squeeze them in - but the Evernote one is one of several subscriptions to technologies (Dropbox and Apple are others - plus domains) which I need to track down and include in my budget. They are all largely business expenses so can set them against tax but they need to be in YNAB. I guess it will take me a little while to make sure I have remembered everything.

Apart from that I have decided to take Steph's advice and set a 2014 target for debt repayment. The total amount is rather daunting :eek: so it would be good to set annual targets that I can see more progress towards. Looking at my Snowball I should be down to just over £44K by January 2015 so I am going to set my 2014 target to £16K paid off which will take me just under. I've paid off £1794 so far so 11%. That is mostly in February so a little over target :j.

Ali-OK

Absolutely, research out and about and mileage to claim as well

Miz are you claiming Home as Office for your business too? I get a percentage for mortgage interest, broadband, landline, gas, electric, council tax, etc. It's another pot of free money in a way, that comes into my personal account each month from the business account.

Great idea to set a goal for this year and wow, you are doing brilliantly :T Those numbers are falling nicely and what a fab Feb you're having so far. Well done. :T

mizmir

I claim a percentage of heat, light, telephone etc. but not mortgage or CT - probably need to look at what I can claim and make sure I am claiming all I can. I think I will get an accountant this year. I haven't bothered when it was just a small part-time income but now I should at least make sure I am doing everything right!

chanie

Hi Mizmar,

Just popping in from the other thread to say hi and you are doing so well.

Karmacat

Hi Miz! I bet you can still do your tax return yourself - if mine was only about the UK, it'd be fine, just take your time and I'm sure you can do it. The instructions are very clear - and like Ali, I claim a percentage of CT. Now I've got used to doing it myself, I do it in Microsoft Excel (so I don't have to add it all up myself!!!) and write down the percentage of each figure that I've claimed, which is really helpful when I go back and try to figure out where all the different amounts came from. Stops me second guessing myself. One thing I can't bring myself to start claiming for is toilet paper :rotfl: nearly all my clients use the toilet, because they all journey here from different towns, some on the other side of London so quite a hike - I just can't put TP in there tho, I never have :rotfl:

mizmir

I'm happy doing my own returns and have done them for several years now - but I think it might be handy to see an accountant at this stage to double check that I am claiming all the right things. I did it right at the beginning when I set up part time and it was very helpful - have used the template I got from that myself ever since. Just think a fresh look at this point (this year is the first that includes a period of full time self employment) would be helpful.

mizmir

Quote from roofer - £70 to fix the flashing - could be worse. Got a few things to put into YNAB this morning and then to check for any big expenses coming out of the main account. We only have a couple of hundred left in there till pay day but I don't want to risk dipping back into the OD so need to check whether to do a transfer from the other account. Maybe I had better as OH is away - can always put it back or into the offset next Friday!

Karmacat

Gotcha - thats different from what I was envisaging, absolutely. The first year I did my own after years of just handing them over, I emailed some outlines to the accounting technician, in a panic, and she gave it all the once-over for me - that can be really helpful

mizmir

Yes - I don't think I can ever have an accountant permanently - I never get my stuff together in time and they would hate me! :rotfl: But getting one this year - or at least getting some advice - might be worth while. Come to think of it - I have a trainer friend who is a tax accountant - I might ask her if I can buy her dinner or something in exchange for some advice (she won't accept payment) - she understands the business as well as the taxes!

Ali-OK

:rotfl: Karma on the toilet paper!

I'd say it's worth getting a free Accountant appointment for a check over - I missed alot in my first year as did the tax return myself. I could probably go back to doing that now. Hmm, that's made me think and would save £250 a year too!

Glad the roofing cost isn't too high, still it's another expense and sounds like a bit of account shuffling is in order - think it's worth staying out of the OD for though.

Hope you've got the lovely sunshine we've got in the Home Counties. I was adamant I'd do outdoor jobs today but seem happily stuck to the laptop :rotfl: