From care-free spender to debt-free saver

SeduLOUs

Can I be the possible balloon popper and ask how the tax will be collected on the vouchers? My fella used to get bonuses in vouchers for places we had no interest in shopping at, and in reality that £100 of stuff that we didn't want or need cost us about £20 in tax and NI. We used to try and flog the vouchers on eBay but then you lose some face value there too so the 'bonus' ended up being substantially reduced.

They weren't taxed in the month they were issued either, with his it was done at year end on a P11d so his tax code was adjusted the following year for them all.

If you will get useful spend out of the vouchers then it's not even relevant really, but just wanted to flag it as something to consider in case you weren't aware they would be taxable as income.

craididlyaig

SeduLOUs wrote: »

Can I be the possible balloon popper and ask how the tax will be collected on the vouchers? My fella used to get bonuses in vouchers for places we had no interest in shopping at, and in reality that £100 of stuff that we didn't want or need cost us about £20 in tax and NI. We used to try and flog the vouchers on eBay but then you lose some face value there too so the 'bonus' ended up being substantially reduced.

They weren't taxed in the month they were issued either, with his it was done at year end on a P11d so his tax code was adjusted the following year for them all.

If you will get useful spend out of the vouchers then it's not even relevant really, but just wanted to flag it as something to consider in case you weren't aware they would be taxable as income.

That is a very good point, and not something I had considered. Either way, there is a lot of overtime availible and there isn't normally any to take at work at all, so it's all a positive regardless. Plus, as you say, I will get useful spend out of them either way as they will all go on Christmas Presents. So although you raise interesting points, my balloon is still unburst!

patman99

At one firm I worked at, we used to get £50 vouchers for completing a course. The firm used to buy the vouchers out of petty cash and mark them as gifts for customers. Thus, we never paid any Tax on them.

Mind you, even with Tax taken into consideration, £80 for free just for working 20 hours o/t over 3 weeks is not bad.

TheMillions

Good luck on your plan, will be reading your diary to give you support and encouragement

SeduLOUs

patman99 wrote: »

At one firm I worked at, we used to get £50 vouchers for completing a course. The firm used to buy the vouchers out of petty cash and mark them as gifts for customers. Thus, we never paid any Tax on them.

!!! Why not just give you the petty cash then? It's equally illegal...

But that's a conversation for a different thread...

Swash

Good luck on your debt free journey x

patman99

Just like using petty cash to fill-up the boss's car when out on company business and collecting the nectar/clubcard/shell drivers club points.

We have all done it.

craididlyaig

Ugh, so I just wrote a massive update and then somehow deleted the whole thing. Here is the short version.

Payday happen. Sig updated.

5% paid off, Craig happy. In line with target.

Wardrobe purchased, debts paid down.

Not much money left. £34 a week.

Will post daily, keep myself honest. I'm off to do a lidl shop now, should be my only real expense for the week if I'm careful. Anything left over will be thrown at the smallest debt to get rid as quickly as possible.

This will be another tough month this month, but as far as I can tell there are no large expenses that need to be paid this month. It will only be food really. If I can make it through this month, next payday will be a tasty one. Bonus month, plus all the overtime I'll be doing this month Will mean that I can definitely clear the smallest payday loan, I'll probably clear the other one as well that month. Just need to make it through till payday! 28 days to go.

craididlyaig

So, weekly food shop done. £12.60 spent.

£21.40 left in the budget. The only thing I really need to get outside of this will be some cat litter as I couldn't carry any more back from the shop. This is normally quite expensive but that will still leave me a big old chunk (comparatively) to throw at a debt by the end of the week.

I may still treat myself to a large bottle of Dr Pepper however. Need some little treats just to keep my sanity while I'm sitting there not spending any money! Will update tomorrow.

LittleMissDetermined

Popped in to read your updates, make sure you have the treats, total deprivation will probably make you end up splurging!

That's what I found anyway

LMD x