A downward spiral

taxi73

Hi there and welcome...I'm a SE taxi owner as well...could you get a driver on the other shift...on half shares or rent?...you're tax bill is too high as well please contact the IR....so they can reassess it...and so that you don't have to pay any payments on account...the tax credit overpayments can be paid at £10 p/m...thats how I pay mine.
My debt is from driving on a bad company and having to use ccs and loans to keep the business afloat...I have since changed firms and we are earning 4 times as much as we did before..is it possible to go on a better firm?...
There will be answers to this also the CSA take your earnings into account when deciding how much you need to pay...contact them and you may get your payments reduced...drinking isn't going to help you...the last thing you want is to have a accident and be over the limit from the night before...
If you cannot change cab firms you may need to get a "normal" job...or the other things are to use CCCs or paypal or cab for advice...maybe going bankrupt...I know it can be worrying but everything can be sorted

Pobby

Well to my mind you will only owe about £1,200 tax for the whole year.Quickly call them up.Also I have been in the position of owing 10 times that amount and they came to an agreement very easily.

Empty_pockets

my earnings last year were 17K gross. thats a 3.5K bill and a 1.7K payment on account.

Dropped off a lot this year for various reasons.

Yes might try a different company, can't get any worse.

Empty_pockets

Pobby wrote: »

Well to my mind you will only owe about £1,200 tax for the whole year.Quickly call them up.Also I have been in the position of owing 10 times that amount and they came to an agreement very easily.

Can I ask what sort of thing was arranged. Much better position if i know what they are able to do.

mitty_2

That tax bill, just seems much too high. Are you claiming all your allowable expenses, petrol, mobile, insurance etc? I earn much more and will pay only a bit more tax than you in Jan (& I have lower expenses). Definately worth checking out.

millionaire_in_training

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I know there are lots of little savings to be had on this site but they seem so small they would make no difference.


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I thought that initially. I did the budget planner and I was about £200 per month in the red. I have jiggled about my debts to get lower rates, done clicks and used cashback.

From e-bay and Amazon I have made about £500. I won £500 on a survey site. I won £633.00 on the bingo ( only joined for the cashback). Please sont underestimate how well the little things help towards the big picture. I am now in the green with my budget planner and can overpay on my debts. Let everyone help you and in a couple of months you will be the same as me. Chin up x

itsnever2lateisit?

Agree with everything that has been said about your tax bill. Can I ask did you make a payment in July? If so how much, and who calculated your tax liability? Your accountant or the Inland Revenue?
I ask because any liablity over £2000 means that you are required to pay 50% of last years tax bill as a payment in advance in July for the next year. The payment in January is the balance for the year to 5th April 2007 and a 1st instalment for the year to 5th April 2008. If you are bold enough please either post your Turnover, expenses and net profit for the year (or PM me) and I will put the numbers in TaxCalc and let you know what it calculates

Empty_pockets

Well some good news.

Estate agent valued the house at around the £130K mark which is a damn sight more than I thought it would be.

I think i'm going to try and reduce my mortgage payment. Been with the HSBC for years. Did ask them to give me a better rate but they weren't interested.

Will look at the relevant page on this site.

Thanks to all the above.

marksandsparksgal

Hi EP,

Would just like to throw in, you say the little things don't matter so much, but hey, even spending 5mins a day doing clicks and surveys can be of the utmost help at Xmas / bdays, or even when you're completely fed up and the Quidco money allows you to go out for a night / get a takeaway, it's the little things that help us the most now and again. I did the bingo link from Quidco and won an extra £20, which along with the £30 cashback will be handy for xmas!

Keep your chin up, my dad was a cabbie for 2 years and hated it, so I realise where you're coming from! XXX

Empty_pockets

Ok, will look at that too. Thankyou.