Learning to walk before I run

edinburgher

Usual daily update:

1. £334.21 to Extension (go go, month end virement)!
2. £9.05 to Emergency Fund
3. £15.35 to SIPP budget

The above also featured a small amount of savings interest. My blended savings rate has fallen to 4.05%, so they got this rate divided by 12 for the month.

edinburgher

I am still feeling a bit peely-wally, may consider a COVID test. Not got the energy for my overdue Couch to 5K and Mrs E has very kindly taken the girls out to the park so that I can rest(ish).

Getting on with housework instead, list includes:

1. Get haircut
2. Make brioche rolls
3. Load DW and put on
4. Hand wash dishes
5. Empty recycling
6. Clean oven
7. Clean oven trays
8. Clean extractor fan filters
9. Clean tumble dryer
10. Clean kitchen drains
11. Clean bathroom drains
12. Clean DW
13. Cook dinner (beef and chestnut stew, kalettes with bacon and chestnuts, tatties)
14. Hoover
15. Clean wooden floors
16. Mop kitchen
17. Mop bathroom

debtfreewannabe321

Dear Ed, that is not resting... Hope you're feeling back to full health soon..🤗

edinburgher

Doesn't look like my health is returning any time soon, so on with the rest of life! Trying my best to power through, Mrs E is going away overnight tomorrow for work, it's a hard shift working and sorting out both girls when she is away.

Various direct debits have gone out today, so NW has dipped a bit, but lots of positive things going on financially.

1. £5.66 to Extension
2. £3.39 to Emergency Fund
3. No money out of Prolific, but ££ waiting for approval
4. £38.55 paid from FIT and transferred to personal spends
5. £565.28 paid into my SIPP as market falls seemed to be incoming (£706.60 after tax relief, with £155.45? still to come as a tax refund later in the year)
6. £59 paid into my ISA
7. £49 paid into Mrs E's ISA
8. £20 paid into each of the girl's ISAs

edinburgher

Ah, nuts! I have misunderstood how my tax works (not quite as badly as last year). I had thought that SIPP payments would effectively cancel out survey earnings above the Trading Allowance. This isn't the case. I'll get tax relief from the SIPP but will still owe tax on the excess earnings. Shouldn't be too much but I definitely find it difficult to keep these things straight in my head! 😒

KajiKita

It sounds like you need to get all of that out of your head and into a spreadsheet or some such?

KK

edinburgher

@KajiKita - I can build it into next year's spreadsheet. Something along the lines of Total Tax - Total Tax Relief = Remaining Tax. There are a few wee variables that I don't fully understand that will hopefully become clearer with time. For example, I was charged for NI contributions from side hustle earnings last year although I was pretty sure I'd paid enough NI through my real job to earn full credits (sorry, don't know real word) for the year? 🤔 The amount owed should be high ££ or low £££, so not the end of the world. Can't help but feel these things should be more intiutive!

South_coast

https://forums.moneysavingexpert.com/discussion/comment/81908889#Comment_81908889

I did wonder what your thought process was, but I can't keep track of all your payments anyway, so thought I'd keep my mouth shut 😅!

On the NI front, I'm not aware there is any kind of cap on it, though it does drop to 2% if you pay HR tax (I'm talking England, so you may be different)

Suffolk_lass

I knew the higher tax rate in Scotland was at a lower level but I thought the NI marginal rate didn't (does not) change until the English threshold as NI is applied the same across all four nations. I'm sure there is a bit between the Scottish higher tax threshold and the UK-wide higher rate for NI where you pay more in Scotland, including on side hustles on top of PAYE. As to how and at what point SIPP contributions are assessed, they are assessed after your total profit is assessed for NI, not before. The exception to this application of NI is salary sacrifice, which would reduce your NI liability as it is taken from your gross salary before NI. There was a big todo about it after the last budget, as the Treasury saw it as a loophole needing to be addressed

edinburgher

A funny sort of week, my nasty cough and sore throat linger on, not got the energy for Couch to 5K yet. Still, I can only do what I can do, I'm much more able to deal with knockbacks these days. Work a bit dull as well, largely because we've fired out a few hefty bits of work ahead of schedule. More will follow, virtue is its own punishment 😁

1. £17.14 to Extension, savings 50% ahead of schedule
2. £1.63 to Emergency Fund
3. £45.76 withdrawn from Prolific and transferred to SIPP fund. I am working on the basis that SIPP payments are generally good when markets are down, will burn the tax bridge when I get to it. I have been lucky enough to be offered a couple of $35 surveys recently