Finding the way through a £100k hole

janb5

Hiya...have you considered having a water meter? This will bring the water bill right down and also look at changing utilities as if you can put it your annual consumption you could shop around for another provider and maybe get cashback ( Octopus )  Also maybe get a better deal on phone/internet.  You have achieved a lot in a very short time and during Covid!

Isitdoable

IrishSean said:

Hopefully it won't come to that.. given all that's happened you've never had a stronger case for arguing forbearance..if your accountant can find any loopholes, mores the better. There's paying a fair amount of tax to contribute to public services and then there's being screwed into the ground by HMRC...

My only dealings with them have been to do with a CTC overpayment, which was a nightmare.

I'm selling a jointly owned property, hopefully soon: have made enquiries about mitigating CGT altho tbh, I think the 'profit' will be too small to fall into that bracket. If I do ever get a btl to fund a pseudo pension for myself i'm def declaring it for income tax.. don't fancy them coming after me in years to come. Have had friends hassled by them for stupidly small amounts and yet know of others 'post 08 boom' who 'negotiated' their own deals (property magnates who were 'too big to fail')... infuriating department that HMRC😬

IrishSean....I feel like if there is ever a time they are going to be reasonable, now is it!  Their phone line is not being manned (automatic message), and I've sent an email.  That has been auto replied to advising that they are very busy due to Covid, will respond as soon as they are able, and that if you have a court date to apply for an adjournment.  I have a feeling I may be at the bottom of a very big pile right now, given that we are not at court proceedings and are still negotiating settlement terms.  Currently working on a plan to put away money towards payment so when I finally get through to them I am in a better position.

Isitdoable

missymoo81 said:

Hey isitdoable, I have just caught up! Bless you! You’ve been through the mill during lockdown. We’ve been exactly the same! It’s been so hard to keep afloat! Keep your chin up you’re doing an amazing job!! I used to spend an awful lot on shopping but have managed to get it down to around £70pw for 4 of us. I just do an online shop at Tesco each week. 

Thanks for popping in missy!  I'm always amazed by your budgeting genius Thats a great spend for all of you, I can never seem to get it under £100  

Isitdoable

The coaching I have invested in is proving amazing in more ways than one.  Have also touched on money issues, and my god, I have so many!  Hang ups about past decisions, emotional spending.  It's absolutely fascinating and I think will be the key to my future success.  The psychology behind spending and our financial habits is so complex.  Looking at family behaviours and how it has gone through the generations of my family has made me so determined to change things for the sake of my children.
I have now done something that for some unknown reason I was putting off.  I've opened a savings account to make a start on my emergency fund (which I have never ever had in my entire life!), and I have opened a savings account for both my children.  I want to be able to give them something when they are older, even if its not a lot.

Isitdoable

janb5 said:

Hiya...have you considered having a water meter? This will bring the water bill right down and also look at changing utilities as if you can put it your annual consumption you could shop around for another provider and maybe get cashback ( Octopus )  Also maybe get a better deal on phone/internet.  You have achieved a lot in a very short time and during Covid!

I have, and pre-covid we had asked to have one put in, but it all seems to have been chucked on the back burner!  Will have a look at Octopus too, thank you!

brizzlegirl

Keep on going IIDA....you’ve got this  

missymoo81

Hey! You’re doing amazingly, I’m so pleased the coaching is paying off! My parents were awful with money so it’s no surprise I wasn’t taught good money traits, but we can change our future! Keep the positivity up hun!

PurpleFairy26

Good works on opening those accounts. Your future self will thank you! Sometimes things that seem so big only take about 5 minutes to do. 

Isitdoable

Good points for this month so far....
- on target for a record month profit wise
- HMRC seem in good spirits....more on that later
- Insurance co have sent a letter advising our claim is being reassessed (this is a biggie, please keep everything crossed for us!)
- New revenue generating ‘arm’ to our business goes live tomorrow....should generate a significant 5 figure profit over the next three months.
- Finally did VAT return....due a rebate, obviously due to the Covid drama, but it’s a nice boost all the same!

Been working so hard and so many hours that I’m still on lockdown spending.....no outings, no nothing!  Apart from a very much needed haircut!

Isitdoable

Does anyone else feel that lockdown has given them a bit of a reset on spending habits?  All of my frivolous, incidental spending just seems to have gone.
The next week will have time allocated to budgeting, July spending analysis and the monthly debt repayments.  I’m trying to allocate time every week to carefully scrutinise what is being spent and become much better at managing my money.