PET query

Gers

I'm doing well going through DM's bank statements and collating it all into spreadsheets!

There are various places where she received refunds for monies paid out earlier - I am assuming that these refunds do not go into the 'income' column - is that correct?

Tom99

Gers wrote: »

I'm doing well going through DM's bank statements and collating it all into spreadsheets!There are various places where she received refunds for monies paid out earlier - I am assuming that these refunds do not go into the 'income' column - is that correct?

They would count a negative expenditure.

Gers

Tom99 wrote: »

They would count a negative expenditure.

Excellent - thanks.

I wanted clarification about something from an earlier post - no criticism implied tothe person who responded.

The task is both boring and interesting! Apart from supermarkets and house maintainence costs my DM has spent very little.

My only remaining concern is that on the spreadsheets sometimes show the monthly outgoings are more than the monthly income, however DM keeps a fairly high current account balance which nevers drops below £3k. So, on first look she's not got 'surplus' income sometimes, I'm recording the end of month balances too.

I'll face that one if / when the time comes.

Tom99

Gers wrote: »

Excellent - thanks.

I wanted clarification about something from an earlier post - no criticism implied the the person who responded.

The task is both boring and interesting! Apart from supermarkets and house maintainence costs my DM has spent very little.

My only remaining concern is that on the spreadsheets sometimes the monthly outgoings are more than the monthly income, however DM keeps a fairly high current account balance which nevers drops below £3k. So, on first look she's not got 'surplus' income sometimes, I'm recording the end of month balances too.

I'll face that one if / when the time comes.

Its income and expenditure per tax year which matter, what the account balance was is irrelevant. Note its not money in v money out.

Gers

Tom99 wrote: »

Its income and expenditure per tax year which matter, what the account balance was is irrelevant. Note its not money in v money out.

Great! Thanks, once again.

getmore4less

If you read the HMRC manual income not spend does not capitalise immediately.

There is room for carry over to future years.

As long as the key criteria are met they can still get the exemption.

Gers

getmore4less wrote: »

If you read the HMRC manual income not spend does not capitalise immediately.

There is room for carry over to future years.

As long as the key criteria are met they can still get the exemption.

I've done a read through of the relevant sections, however questions and uncertainties still rear up. The voices of experience add colour to the flavour. All advice is really appreciated. I especially appreciate the information about the need to do this process before it's actually required. The Five Ps Principle.