Breaking Through, Travelling On

ramorth

It does feel kinda sneaky being a dark taxer ... Makes the Anarchist in me smile

By the end of this tax year I will have made a tidy wee profit from the tax man, planning on ramping tht up some more next year as well, all done entirely legally and actually if anything doing what the government wants me to do ... Only I'm doing it my way and making a profit lol

Next year I plan on making atleast £1,700 from the tax man but hopefully more than that if I can swing it

Admittedly he always wins though through taxing my gas and electricity and my diesel etc .... Grrrrr

Think I need to go pick Ed's brains again re shares and funds though

Karmacat

Lula!!! :j:hello:

Hello! How lovely that you've peeped in! And oh my, you went through the whole thing? _pale_ you're a courageous woman I was just thinking about you - I let the summer go by, pah.

Excellent to hear your finances are in good enough shape to contemplate bond buying - there's probably posts and discussions with ed(inburgher) and ramorth on here about that ...

Yes, the new pension pot is going well, especially considering how recently I started it up. Haven't started the matched betting yet, but thats to come.

It would be lovely to meet up, though as we're in the last half term before Christmas, I can imagine that means the New Year for you?

ramorth - I'd forgotten about things like taxes on utilities... good to hear you're redressing the balance tho :j


I'm working at 3.30, so this is just a hit and run. But I'm really glad I managed it :j:j:j

Lula-Hula

Aww well that was a very cheery welcome - thank you

As to meeting up - I'm equally at fault there; had good intentions but then, well, you know how it goes ... and next thing I know we're hurtling towards the end of the year.

Realistically, I only have one possible day this year, but I'm sure I have at least 50 in 2015 so I'll pm or text you my 'availablity' - which makes me sound terribly important ... but you know the truth :rotfl:

As to bonds... I stuck some money in a 2 year cash ISA which ends in April and has probably earned me about 20p interest. At the time I was anxious about having access to some cash for emergencies.

I now realise I need less than I thought (also,it burns a hole in my anti-temptation shield )and I have some set aside so I'm going to throw caution to the winds and sink the lot into a S&S ISA. The money book I've been reading talks a lot about bonds as a way to become financially independent so that's what I'm looking to do.

Sorry for the waffle - just felt the need to explain myself

edinburgher

I question whether pension contributions count as tax dark, they're more like a tax deduction. Then again, if you go from higher rate tax in employment to basic rate or none in retirement, that's hella tax dark :rotfl:

I can't believe we've all gone over to the dark side!

Technically speaking, OPs are also tax dark, as they net you the real rate of return of your mortgage rate, with no further deductions

ramorth

oh believe me Ed the plan is to not pay tax in retirement either

just now i am getting £125 a month from the tax man whilst paying £12 a month in tax ... which i will get a portion refunded come April ... i reckon thats not too bad dark tax wise

blackste

Im interested to know who you go about this ramorth, any resources to start reading? Can it be done on paye?

ramorth

tbh Blackste its more the fact i earn a crappy wage lol ... i earned £914 a month so paid £12 a month in tax, however, i have now packed my job in so will get a tax refund come April, i also pay £500 a month into my pension giving me £125 in refunds from the tax man a month the plan for retirement is to retire early lift the 25% tax free ( use that to live off off till my state pension starts ) and basically drawdown enough to keep me but to also keep me below the tax threshold, not everyone can and should do this i totally realise i am very lucky in this, and have cut back my living standards to reflect my planning, whilst at the same time ensuring i dont go without ,,, it's taken me a few years and thankfully i have a partner that earns better money than i do so manages to take a large part of the financial burden up... however, i am slowly trying to work it so that they are dark tax as well , they currently get approx £1,000 a month paid into their pension which will give us a fairly good standard of living when we retire as well,

we will also be mortgage free by that time and our needs are not huge so we are trying to get to the stage of early retirement and happy living, something we are actively working towards

Karmacat

Lula-Hula wrote: »

Aww well that was a very cheery welcome - thank you

Of course :kisses3:

As to meeting up - I'm equally at fault there; had good intentions but then, well, you know how it goes ... and next thing I know we're hurtling towards the end of the year.

Realistically, I only have one possible day this year, but I'm sure I have at least 50 in 2015 so I'll pm or text you my 'availablity' - which makes me sound terribly important ... but you know the truth :rotfl:

I know, I'm totally with you on all those points :rotfl:

As to bonds... I stuck some money in a 2 year cash ISA which ends in April and has probably earned me about 20p interest. At the time I was anxious about having access to some cash for emergencies.

I now realise I need less than I thought (also,it burns a hole in my anti-temptation shield )and I have some set aside so I'm going to throw caution to the winds and sink the lot into a S&S ISA. The money book I've been reading talks a lot about bonds as a way to become financially independent so that's what I'm looking to do.

Sorry for the waffle - just felt the need to explain myself

I'm happy you posted! This is what the diary section is all about, planning and working together - and in the mfw section, its the next step from getting out of it. I'm *mortgage* free, yes, but all my effort is going to the pension, which is just as important, really. And an S&S ISA sounds great! For my age, I've probably got enough S&S stuff, so I need to redress the balance a bit, with more cash.

edinburgher wrote: »

I question whether pension contributions count as tax dark, they're more like a tax deduction. Then again, if you go from higher rate tax in employment to basic rate or none in retirement, that's hella tax dark :rotfl:

Very true! I don't think I'll get to that *strict* tax dark position, its more a question right now of nett contribution. And if I lived in an RV, like Mr ERE, and had an income of £12k from renting out my house, I'd be tax dark right there ... I already know of a few places where early retirement peeps do the same in this country.

I can't believe we've all gone over to the dark side!

:j:j:j

Technically speaking, OPs are also tax dark, as they net you the real rate of return of your mortgage rate, with no further deductions

I'm finished with all of that - I've still got the French mortgage, actually, which is now E28,795, but will be E27,589 by the end of the year - the capital repayments of the regular mortgage are a tiny bit over E600 now. I can't overpay on that, they shoot you

ramorth wrote: »

oh believe me Ed the plan is to not pay tax in retirement either

just now i am getting £125 a month from the tax man whilst paying £12 a month in tax ... which i will get a portion refunded come April ... i reckon thats not too bad dark tax wise

Not bad at all :j

I'm working in the late morning, then the rest of the day is free. Tasks:
- look at Martin's newsletter, haven't even done that yet.
- trying to figure out if its worth trying to use a £3 off £30 spend at Sainsbo, last day is today, I need some fresh food, but otherwise I'm pretty well stocked up. I could always buy some printer ink, but I've got plenty. I may have to let that £3 go :rotfl:

Karmacat

Right, I don't think the Nectar/Sainsbo thing is worth it for me - I'd have to use my current voucher to get enough points to buy something, and the categories mean it'd be presents, and there are exclusions to check through .... life's too short, if I invest that sort of time, I want more of a guarantee that it'll be useful to me.

Just read the newsletter too, and Martin's blog about Cameron's article, had to comment on the special thread on here ... the article is nothing particular, just a list of what the government's done wrapped up in words like "dignity" and "security". Reporting on David Cameron, good; giving him a platform, bad. Any of them, i.e. any politician, but particularly the head of the government thats overseen the biggest transfer of wealth from ordinary people to the richest 5 - 10% in generations. And Martin has a bit of a go at people who're upset that he's given Cameron a platform.

When I first talked to my family about what I was doing on mse, years ago now, I used to call Martin "the blessed Martin", and his word was good enough for anything, anything at all. I still trust the tools available on the website, I'm prety sure, but all in all, I feel very sad.

gallygirl

Karmacat wrote: »

Right, I don't think the Nectar/Sainsbo thing is worth it for me - I'd have to use my current voucher to get enough points to buy something, and the categories mean it'd be presents, and there are exclusions to check through .... life's too short, if I invest that sort of time, I want more of a guarantee that it'll be useful to me.

:T Just remembered I can use my nectar points in Argos towards DS & gf's pressie :T.