Paying the car tax via EBay, and other shenanigans.

mfmaybe

So, still smarting about the mortgage and the fact I can't claim it against the rental income going forward. Then yesterday we got our annual mortgage statement on our house (different mortgage to the one above) which revealed another issue.

I think I wrote in my diary way back in the summer about the fact my bank hadn't been reducing my term, even though I had been overpaying. I can (sort of) see their logic. From a customer fairness point of view, if they reduced the term without me officially asking them to, that might not have been my plan. For example I might have been overpaying before taking a career break, with the hope that my monthly payments would be less going forward. So that, I get; but I was frustrated at the time that they couldn't tell me what my overpayments had done to the term. Or even, how many overpayments I had made. So back to the summer. Our fixed term ended and we went on to SVR. We decided not to remortgage as the house is on the market and there is a very high likelihood we will not be able to find the right house within the remortgage grace period of 3 months. In those circumstances we would have ended up paying a c£5k ERC, yikes. So we decided to stick with SVR as the payment was only £100/month more. Except....today we got the annual statement and I noticed that the interest was in fact £200 a month higher. This is all back to the term thing. Because going onto SVR triggered a re-calculation, the payment "drops" because you have overpaid capital, but still have the same end date on your mortgage. Ideally, to maintain the level of capital reduction, we'd have been overpaying another £100/month. Now as it turns out that's probably a moot point as I don't think we'd have had the spare cash, but it's annoying nonetheless, especially as I was doing a calculation based on x number of months incremental interest vs the potential ERC. The long story [STRIKE]not even remotely[/STRIKE] short is that we would still have made the same decision not to remortgage, but I really really wish my bank were able to give a bit more information about these things.

Still on the plus side yesterday was a NSD again, and today was planned spend only. I used my reward card from the broadband deal to buy horse feed (the feedstore doesn't accept my preferred Amex) and then transferred the cash to the joint account to offset the initial annual fee we paid. Will do that until the card is used up. Also received the £40 M&S card so need to decide what to spend that on. Still have £72 on another gift card too.

Oh and have a house viewing tomorrow. Then talking to another agent on Monday about relisting elsewhere.

PurpleFairy26

mfmaybe wrote: »

So the £6 rewards landed and signature updated accordingly. Going to take a while at this rate :rotfl:. But so far not much in the way of suprise spends so that's good. And today was a NSD which was brilliant, as I was in the office. I always buy one coffee. They are subsidised via our employer, I use my own mug for a 10p saving, and 9 coffees = one free one. So I nearly always spend money. But my loyalty card was full, I had lunch with me, and resisted some kind of snack late afternoon when I was getting a bit peckish. Now about to have Haggis, Neeps and Tatties for tea (Burns night, of course!) which should fill the gaping hole in my tummy haha.

Thought I'd describe the Amazin fiasco incase anyone else is thinking about it - as it was a diary on here that gave me the idea. Basically I was shopping around via zippit, webuybooks etc, and thought I'd look at Amazin. On the home page, there is a "Sell" button on the main menu. That was the only one I could see, clicked it, and then clicked the first button that said "Start selling on Amazin". This turned out to be a "pro" account. The email I got from them last night told me how to make it an individual account, but you seem to have to give a month's notice so I'm not sure how you sign up as an individual in the first place.

A scary thing I learnt this week is that I won't be able to get higher rate tax relief on the interest on my BTL mortgage going forward. How this passed me by I've no idea but it will totally change the way I approach the mortgage. I've never bothered overpaying due to the tax benefit, but this will probably change in a couple of years.

Mfm with you on the tax relief thing. I totally passed me by when it was announced (and it's not like I don't pay attention to these things) I read an article on it last year and was surprised how unpublicised it is. I have never thought of over paying either but have a different view now. Plus I have a small amount on a much higher rate (still low) than the rest so want to look at getting rid of that sooner rather than later.

Good luck with the viewing. You looking at one or someone at yours?

mfmaybe

PurpleFairy26 wrote: »

Mfm with you on the tax relief thing. I totally passed me by when it was announced (and it's not like I don't pay attention to these things) I read an article on it last year and was surprised how unpublicised it is. I have never thought of over paying either but have a different view now. Plus I have a small amount on a much higher rate (still low) than the rest so want to look at getting rid of that sooner rather than later.

Good luck with the viewing. You looking at one or someone at yours?

I get daily updates from my Institute, but I think it came out in the finance bill when I was on maternity leave so undoubtedly had other things on my mind . My own mortgage is fairly small so the effect is not as bad as it could be, but I'm sure this is going to catch a lot of accidental landlords. There will be plenty of people who will end up selling, I think, because they are out of pocket. But I can't see that this will do anything to actually help the housing market; which I presume was the intention.

brizzledfw

I am going to have to look seriously at VAT treatment and the new dividend rules. They will affect me, but not really sure by how much. Accounts looking sad from tax outlay. Need to be very careful going forward.

Have a good weekend MFM

X

mfmaybe

It's not always that easy to understand that's for sure! Anyway all tax returns submitted on time ( a whole day early in fact :rotfl:) and I've paid mine. They don't make that part very easy. I'm almost certain that one of my family is due a rebate and not a payment, but it's taking ages to update and he's really worried about it. I am sure he's fine, but would be better if could actually see it on the website! I gave them feedback on that effect when I paid mine.

Anyway it's paid now and next year shouldn't be so bad but will keep putting money aside just in case.

On that note, having a real wibble about things just now. Had a chat with DH and we've talked through a few concerns. Off the back of it, I contacted the person I'm doing the big favour for right now and have taken steps towards increasing that income stream again. I'm also quietly keeping fingers crossed for a bonus in a couple of months and all being well that is just going to replenish savings. The incredibly tight cost control means I'm making good decisions and that's fine, but I am also quite stressed about things too. I feel that the life balance is all wrong. A lot of this will start changing once we sell our house (nothing to do with house itself but we are going to relocate) and there is just nothing happening in that department. It's so frustrating when there is nothing you can do about it. Am trying to keep positive but there are a few areas in life just now where a decision could have gone our way in a very helpful fashion, and instead it's gone the other way.

Anyway I'm off to reconcile spreadsheets. A pivot table always cheers me up

mfmaybe

So we've had a few busy days. Haven't had a chance to get on here.

OK, so am £97 short on the tax bill (it's been paid on a card, had saved for the rest of it) and £100 short on the road tax (had to pay two different ones this month). I could really do with finding that.

Meanwhile everything else is pretty squeaky, with still 10 days to payday. I don't have much in the way of chat consequently - still feeling quite down about things but trying to deal with it all, one step at a time.

in_need_of_direction

Go hug a rugrat

mfmaybe

in_need_of_direction wrote: »

Go hug a rugrat

I will blow kisses at him through the monitor instead - a hug would wake him up, and that wouldn't make any of us feel better :rotfl:

Well reminded though - he is what it's all about.

Hope you are ok INOD - are you free of your old job yet?

brizzledfw

sending you hugs too...

maybe relist the house in the spring?

mfmaybe

Quick update. Listed something on fleabay. Go me! :j Ok if it sells I'll only be about £5 in profit, but it's a start.

DH has also had some positive interviews and various chats about jobs - one very positive today, but it's too soon to count chickens.

Still some headaches. House selling is very very quiet. Finding new digs for the big fluffies has not so far been successful, and my other income stream is still not resolved. Oh and I'm worried my car might have a major issue.

On the plus side a couple of days off, and DS not in nursery due to aforementioned money saving, so I am really looking forward to spending time with him.:happyhear