Only freedom will do

edinburgher

I hope you're getting a freebie, paying for savings advice would be a very expensive way to go about things (considering best case scenario of 4-5% interest)!

AlexLK

edinburgher wrote: »

I hope you're getting a freebie, paying for savings advice would be a very expensive way to go about things (considering best case scenario of 4-5% interest)!

There's a bit more to it than the savings.

Karmacat

Hi Alex :hello:

I've only done my accounts for the last 5 years or so, and I've been self employed for more than 20. It was a financial decision for me, but it was certainly empowering in terms of understanding whats happening with my money. The first year I was practically hysterical with fear - I tried to replicate what my accountant had done, but in relation to the foreign investment property, they had no idea what they were doing either In despair, I emailed my technician the figures, and she said they looked about right. I realised I'd been misinterpreting the figures then (see below)

You've previously had the return done for you by a professional, yes? Like me? So here's my advice:
- start it *now*. Don't wait until latest submission times.
- try to get the amount payable down to roughly what you're used to paying.
- don't be afraid to experiment with the form. The rules change every year on declaring the "income" for my foreign property, it's very confusing, and this year I spoke to the Inland Revenue for hours before finding a way to both declare everything and claim everything. The Revenue don't take notice until you press submit.
- as far as savings is concerned, read the main mse site first. A principle my sister told me has stuck with me: get a good deal, don't worry about getting the very best deal; delaying the decision could well wipe out the return on that extra 0.25%. As you get more experienced, you might well want to discard that, but its good advice for a beginner. And I'm still very much a beginner.

HTH.


ETA - the misinterpreting thing. The form is confusing, because with self assessment, you pay for future years: so when they say you owe such and such, the reality is that you've already paid some of that. Keep calm, and read it through.

edinburgher

Sorry it's not about tax returns, but I had a lovely dream about my daughter last night. She had a wee round face, split with a smile about a mile wide. The 'awww' moment was only spoiled slightly by her proceeding to say 'I need a wee poo' :eek: :rotfl:

This is what happens when you move to the couch at 2 in the morning and catch some fragmented sleep!

AlexLK

KC: Thank you for your advice. I don't think sorting my own tax out is for me as I'm not good at record keeping, Maths or spreadsheets (especially spreadsheets).

Ed: That dream isn't too far from reality. :eek: :rotfl:

gallygirl

edinburgher wrote: »

Eek - a woman expressing an opinion! :eek:

So who's coming striding out of the lake with a wet shirt

Karmacat wrote: »

You've previously had the return done for you by a professional, yes? Like me? So here's my advice:
- start it *now*.

:eek: Please don't KC - I haven't recovered from the trauma of you doing last year's yet :eek:.

Nice dream Ed .

Karmacat

gallygirl wrote: »

So who's coming striding out of the lake with a wet shirt

Our Colin was brilliant, but the post-modern thing in Lost In Austen didn't quite work

:eek: Please don't KC - I haven't recovered from the trauma of you doing last year's yet :eek:.

Nice dream Ed .

Nor have I! I may do the English bit, but definitely not the French :eek:

Alex - no sweat, its horses for courses, knowing your limitations and where you *can* stretch yourself is a good thing.

Ed - sweeeeeeeeeeeeet! Fragmented sleep, not so much, but thats the price

Goldiegirl

Brilliant dream Ed

AlexLK wrote: »

KC: Thank you for your advice. I don't think sorting my own tax out is for me as I'm not good at record keeping, Maths or spreadsheets (especially spreadsheets).

Hi Alex


I remember reading your original diary, and you've come a long way since then. There was a whole lot of things you thought you couldn't do, yet you achieved your debt free goal.


Now you've achieved that, now's the time to spread your wings.


I was in a class of mathematical geniuses at school, which was unfortunate, as I was better at English. I managed to get an O level in Maths, but I never felt 'good' at maths.


But it didn't stop me getting a job in a bank and spending my whole working life in banks and building societies. You don't need algebra and trigonometry, just to feel comfortable with numbers, and what they do. That's what's needed to look after your finances - being good at maths isn't a requirement.


As for the record keeping - why not try a book keeping course. When I was made redundant in 2009 I started a book keeping course, to widen my employment options. As it turned out I got another job in a bank, but I carried on with the booking keeping to the second level qualification, as I was enjoying it. There were lots of self employed people on the course, so it might be something to think about, to gain confidence.


As for spreadsheets, can't help you there, I'm rubbish with them. But spread sheets aren't a necessity - most of my record keeping is done manually

AlexLK

Hi Goldiegirl,

Thank you for such a kind post, it's given me a lot to think about.

I often mix numbers up. Sometimes I end up checking even the most simple of calculations 3 or more times. As a consequence I don't exactly have confidence in anything I've calculated.

A book keeping course would probably be of use to me.

gallygirl

AlexLK wrote: »

Hi Goldiegirl,

Thank you for such a kind post, it's given me a lot to think about.

I often mix numbers up. Sometimes I end up checking even the most simple of calculations 3 or more times. As a consequence I don't exactly have confidence in anything I've calculated.

A book keeping course would probably be of use to me.

Excel is your friend Alex :T - get the formulae right and copy and paste, it will be right forever more :T.

Surprised you're not good at maths though - don't music and maths go hand in hand?