A Diary of Reinventing Ourselves

pelirocco

Forward_thinking wrote: »

Yep, OH says we definitely pay tax as soon as it leaves the company due to the way we take it out. Says it is complex and difficult to explain but if we take it all out earlier it costs marginal more tax. I have no reason not to believe him although I don't understand this. He reckons he read up all the HMRC guidelines for ages and it is a complex old business. Obvously, he pays his company taxes each year - but there are other factors that impact when we take it out. However, he is prepared to do it for me if it helps me to track and is important to me.

I have been a company director for over 20 years and it's not something I have heard of

Forward_thinking

You folk just get nicer and nicer. Thank you for the last few lovely posts. Really does inspire me to go on after a pretty rough night. OH and I are hardly speaking - he is fed up with it all. And I am even more fed up.

Dolphin, just about to get cracking once again on YNAB. I realise now that I can bring the categories which have been paid this month already down to £0 - means I have to put all the figures back in next month but I'm sure I will cope. What I am still confused about is what I do when I have spent partial of one category e.g. half of the school dinners fund. Do I put in half for the rest of the month? And I'm still confused what I do with the extra £2k about to come into our account. Do I just manually add £2k onto the budget at the top? And am I able to somehow reconcile this? I have no idea.

Dolphin1

Forward_thinking wrote: »

Dolphin, just about to get cracking once again on YNAB. I realise now that I can bring the categories which have been paid this month already down to £0 - means I have to put all the figures back in next month but I'm sure I will cope. What I am still confused about is what I do when I have spent partial of one category e.g. half of the school dinners fund. Do I put in half for the rest of the month? And I'm still confused what I do with the extra £2k about to come into our account. Do I just manually add £2k onto the budget at the top? And am I able to somehow reconcile this? I have no idea.

Yes, that's right, anything that you have already paid, the budget and transactions will be zero for this month.

Regarding the partial spends from budget, you will just need to set a budget for February of the amount that you are expecting to spend from the date of the opening balance to the end of the month. So if your total budget for school dinners was £100 for the month and you have already spent £50 then just set a budget of £50 for the rest of the month.

What are you planning to do with the £2k? That will determine which budget(s) you need to allocate it to or is it just to reduce an overdraft?

Forward_thinking

Evening. Dolphin - thank you!!! The fog has cleared temporarily. Off to go and sign in to YNAB.

I have been off task all night thanks to one wonderful poster. Someone pmed me to tell me to watch 'The Secret' on youtube. It was fabulous and compelling viewing. I will be watching it again. So many wonderful words of wisdom - I absorbed it all.

Feeling great and positive and ready to move forward. I'm going to sort this once and for all - I am going to dare to dream and be bold.

Good night.

Forward_thinking

So I have sorted all my accounts on YNAB and know exactly what is going on so far. I realise if I decide to use it, it is going to take a few months to be totally up and running with it all eg. still not sure how to add a transaction etc. But I've only been using it for 24 hours so I'm really impressed with myself. It's a steep learning curve for me though.

I've looked at all figures and they all work out. I'm -3k taking into account all what we need to spend this month although £2500 will be coming in next week. Also, I have actually budgeted for once in my life!!!! (even if it's not going to work out just yet - but the intention is there!). I have actually forecast spending for holidays, xmas, future dentist visits and it feels BRILLIANT!!!! I might be in minus figures but the feeling of control is absolutely amazing!!! Two weeks ago, I had no idea of what accounts we had, let alone what we spent or what direct debits we had. I was absolutely in the dark which was ridiculous.

The only thing I can't work out in YNAB is why my categories are still in green and saying the full amount is available to spend when I am -£3k. How do I get this to be reflected here?

Anyway, I'm off to bed feeling great. I am grabbing control of this demon and can't wait to get it hook, line and sinker. Once I get out to work and stop procrastinating (next on the agenda) and if oh gets the pay rise he is hoping for, things will get even better. I am in such a different place to two weeks ago and I need to give a lot of thanks to this forum. I wouldn't have got to know half of what I do now without you! Thank you!!

Siouxsie32

Forward_thinking wrote: »

Anyway, I'm off to bed feeling great. I am grabbing control of this demon and can't wait to get it hook, line and sinker.

Oh FT, I actually Woo Hoo'd out loud when I read that :T:T:T
You go girl!!

Forward_thinking

Ah, thanks Siouxsie32. I'm actually still up!! Just signed up for a class on YNAB at 6.30 tomorrow night. OH went off to bed with a look of resignation. I think he's starting to realise this girl means business! :whistle:

Forward_thinking

Just checked all my amazon transactions for the last two months. Have never bothered before - thought it would take ages. It took one minute!!! And it felt great to tick them all off, know they were all right and feel in CONTROL!!!!!!!!!!!

Forward_thinking

Also checked all six bank accounts/cc accounts tonight for YNAB. When I first got the details off OH (feels like a life time ago I was pestering him for the details!) it took me about ten minutes to get into each account using all the various passwords/pinsentry codes etc. I've got it off to a fine art now and can get into our accounts in seconds! :rotfl::D

getmore4less

Why is he so desperate to keep the money in the company when he is paying so much interest on the debt.

Any tiny extra bit of tax(if it really exist) will be negligible compared to the interest.

Look like he has been shuffling those tea spoons for years.

Ask what the tax is.

I wonder how much is sitting in the company that could be freed up or is there nothing and he is really waiting to get paid.