Only freedom will do

in_need_of_direction

Can I have the recipe pleAse? I always avoid beef Wellington as I like my meat well cooked but I'm sure the pork would be.

edinburgher

Saw it on TV

It does finish up a tiny bit pink, but perfectly safe and palatable

AlexLK

gallygirl wrote: »

Not sure what Ed means, will let him explain.

If you start to look at regular saver accounts remember if it is £300 a month and 5% interest on average you would only have £1,800 in there so the interest would be along the lines of £1,800 x 4% (with the 20% deducted).

Thanks.

I'm a bit confused by the Mrs. K. would / should be doing a self assessment? Surely this is not the case if all she is earning in interest would be a little from savings and IIRC the tax is automatically taken from the interest? I cannot see how it would be beneficial to save if my accountant would have to complete a self assessment form for her as this would cost more in accountancy fees than the interest?

Also, where has your £300 per month figure come from? I asked if it would be worth putting £2,000 in the account Ed mentioned. Is there a benefit to putting x amount in per month rather than the equivalent lump sum?

edinburgher wrote: »

I think GG missed her calling

Where do you get 2% from Alex? I looked at what happened if you save £2,000 for a full year assuming 20% of your interest deducted as basic rate tax. This takes the advertised 5% down to roughly 4%.

I used a spreadsheet formula called Future Value (FV). It maybe wasn't the best one for the scenario, but it should be easy enough to calculate that 4% of £2,000 is £80?

Edit: Sorry, I've confused you. It should have read '1/3 of 4%' (i.e. 4%/12)!

Sorry, I still do not understand how 1/3 of 4% can be used to work out the amount of interest? A 1/3 of 4% is 1.3(recurring) (I don't know how to type the symbol) and £2,000 x 1.3% does not make anywhere close to £80 in interest.

AlexLK

edinburgher wrote: »

Cooked:

• Houmous
• Bread
• Mushroom duxelle for pork wellington
• Lamb casserole

Now to make myself a salad for tomorrow's lunch and do an uber batch of dishes

I'll second slowlyfading's comments about the food.

What do you do with these batch of dishes?

gallygirl

AlexLK wrote: »

I'm a bit confused by the Mrs. K. would / should be doing a self assessment? Surely this is not the case if all she is earning in interest would be a little from savings and IIRC the tax is automatically taken from the interest? I cannot see how it would be beneficial to save if my accountant would have to complete a self assessment form for her as this would cost more in accountancy fees than the interest?
Well what normal people do is complete their own self-assessment . Seriously, you need to get yours done for you from a business point of view but Mrs K can do her own, the registering for it is the hardest part. Only 20% is deducted at source, she needs to pay the other 20%.
Also, where has your £300 per month figure come from? I asked if it would be worth putting £2,000 in the account Ed mentioned. Is there a benefit to putting x amount in per month rather than the equivalent lump sum?
I was just pointing out a common mistake people make with regular savers when working out how much interest you were going to get. You are better off with a slightly lower % for the year if you can put all the cash in at once. Once you've filled all possible accounts then you can start on regular savers .


Sorry, I still do not understand how 1/3 of 4% can be used to work out the amount of interest? A 1/3 of 4% is 1.3(recurring) (I don't know how to type the symbol) and £2,000 x 1.3% does not make anywhere close to £80 in interest.

Can't see where the 1/3rd comes from either - Ed??????

Goldiegirl

Yum, pork Wellington sound delicious. I'd have to leave out a couple of ingredients due to me having to be low sodium, but it would make a nice change.

Thanks for the inspiration:)

Glad to see nesting is in full swing!

AlexLK

gallygirl wrote: »

Well what normal people do is complete their own self-assessment . Seriously, you need to get yours done for you from a business point of view but Mrs K can do her own, the registering for it is the hardest part. Only 20% is deducted at source, she needs to pay the other 20%.

I can't say I know anybody that completes their own self assessment.

So, if the account was in my wife's name she would end up paying 40% tax on the savings? Thanks for this clarification, at least I now know to put any savings in my name.

gallygirl wrote: »

I was just pointing out a common mistake people make with regular savers when working out how much interest you were going to get. You are better off with a slightly lower % for the year if you can put all the cash in at once. Once you've filled all possible accounts then you can start on regular savers .

Due to how my business / tax arrangements work I'd be better putting lump sums in anyhow.

gallygirl wrote: »

Can't see where the 1/3rd comes from either - Ed??????

Glad I'm not the only one.

edinburgher

What do you do with these batch of dishes?

• The houmous is a low fat/high protein addition to salads for the working week
• For bread, 90% of what we eat is home made wholemeal sourdough, a loaf will last 2-3 days
• The duxelle went in last night's dinner (some of which Mrs E will have for lunch)
• One portion of the casserole is for tonight, the second is for the freezer

Can't see where the 1/3rd comes from either - Ed??????

I thought this made sense at the time

If you earn 4% a year, each month you earn roughly 4% divided by 12 (aka 0.33% or 1/3)! It was intended to be a rough and ready way of showing how much of your annual rate you collect each month, nothing more :rotfl:

Karmacat

AlexLK wrote: »

I can't say I know anybody that completes their own self assessment.

I complete my own self assessment self employed for a gazillion years, plus my terrible investment in a holiday property in France. I realise we haven't been introduced, however

edinburgher

I realise we haven't been introduced, however

KC, this is Alex. Alex, this is KC.

Who needs social media? :rotfl: