The Final Bite of the Cherry- Journey to Clear £66k

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Baileys_Babe said:

outoftheviciouscircle said:

I've been looking into the figures today and to be able to pay the tax bill by the end Jan 24, I need to find £215.43 a month. That includes this month, so I have the challenge of finding this in a week!! I have a few payments expected in but I will still need to find some. I expect to get:
Pinecone- £3
MS- £98
BA Refund- £44
Shoppix -£10

£155 means another £60 to find this month

Wow, that is an impressive amount you have found. I have every confidence that you can find that last £60.

Are you paying the tax man each time you have a bit of money? monthly? or a one-off payment in January?

Thank you for the positivity!! I hope I can do it. This is for my tax due in Jan 2024, but I'm also going to start putting more away than I think I need as for some reason my tax bills are nearly 40% of my profit. I'm still waiting for them to calculate my last years tax to see if I did actually overpay. I'm sure there must be a mistake somewhere.

PennysIntoPounds

Sorry for your loss.

And ouch to the tax bill. It's maddening that HMRC have closed down their phoneline until Sept, I really don't understand how it's legal to not allow people to ask you why you're demanding large sums of money from them!
Are you in a position to switch current account? Could be a way of getting a couple of hundred quid quickly

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PennysIntoPounds said:

Sorry for your loss.

And ouch to the tax bill. It's maddening that HMRC have closed down their phoneline until Sept, I really don't understand how it's legal to not allow people to ask you why you're demanding large sums of money from them!
Are you in a position to switch current account? Could be a way of getting a couple of hundred quid quickly

I've done it twice this year already but we are waiting for £175 from FD for DH's switch. Its been 4 weeks Friday and they haven't paid up yet, I got mine in 3 days.

Jrcoal5

outoftheviciouscircle said:

Jrcoal5 said:

DH is also over the moon about Lewis as he is a massive F1 fan, hoping for a win 🥇 tomorrow! Nightmare about your tax, I have no idea how it works but it doesn’t sound like you should be paying that much tax on that much earnings.

thank you for the info regarding the emails I will comment on there as I found them a reminder to check in xx

We are both massive fans, we went to the Monaco Grand Prix for our honeymoon. I loved the atmosphere but you don't really get to see the actual race lol!!

Is there any news on you getting the keys to your house. I hope living with your mother is going well.

Well he would love to go to Monaco but he’s only managed Belgium and silverstone (4 times)

he always says the same though atmosphere brilliant but the cars are just a flash past every now and again 😂

no news on keys but aiming to have them by the end of the year, living with the parents is going ok, so far haha bit cramped and it’s been less than a month but every day is a day closer to keys day haha not that I’m wishing away the rest of the year or anything!

so sorry to hear about your friend sending lots of love xx

enthusiasticsaver

Is your tax bill so high as you are a higher rate taxpayer so 40%? You have another job as well as your earnings on the side don’t you? Are you offsetting any business expenses you have against profit?  

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enthusiasticsaver said:

Is your tax bill so high as you are a higher rate taxpayer so 40%? You have another job as well as your earnings on the side don’t you? Are you offsetting any business expenses you have against profit?  

I don't earn £50k. £39k from main employment and my profit after expenses was £5k

outoftheviciouscircle

What a difference, I slept like a baby last night. Only reason I'm awake is because DH told me he was working at 6am, 6:15 I could hear banging about. He'd overslept and in his rushing, he couldn't remember to keep quiet.
Tax plan is going well so far, the target to get to £2.15 by next Monday may be looking possible. I picked up a small MS on my way home from work last night and did a few surveys. So if I count what I actually have so far:
British Airways Refund- £44.12 (in account this morning)
Prolific- £8.99
Pinecone- £3
MS- £17.65
£72.76 so far and 7 full days to go, I can do this!!

TV payment came out this morning, so thats a little bit off the debt.  The biggest chunks will come the end of this week. I hate when my 4 weekly pay cycle ends up with payday at the end of the month. I feel like I haven't achieved anything all month. However Thursday will be a day of celebration as the Virgin CC will be cleared just 4 days before the 0% deal ends. At its highest, that card was at around £7k.
DH closed his Amex card down yesterday before the annual fee for it goes on the next statement. We decided to turn any points into an Amazon voucher as there would never me enough for a flight and we were pleasantly surprised to find they were worth £50. 
YNAB was getting a new category in August for a house alarm fund. We wanted one before we go away next April. The one he wants is £300 on Amazon but I've set myself a challenge to get it all in Amazon vouchers. I have 6 months!! DH has this fitness app through work and earns coins for steps and taking challenges, he never remembers to do it, its on my phone now and I won't forget, I bet I can get a fair few from there.

Funeral today, I had to buy a new dress as I had nothing suitable, luckily I haven't been to a funeral for years. I also didn't account for a few drinks at the wake but I do have some categories that won't be fully spent this month so I'll have to have a jig around on Monday.

I think I've gone on long enough for this time of the morning. Have a good day everyone!!

outoftheviciouscircle

I didn't manage my early morning check in, let's just say I was a little worse for wear this morning. I've nipped home from work a little early and jumped straight in my PJ's.
Not a lot to report really, it pay day eve, so tomorrow I'll be up early sorting out all my YNAB pots. I think next month will be a bit tight as I have so much I need to spend on work. I know Ill get it back but I don't want to spend money I don't have!!

I was hoping to pick up some MS's that were being released today but someone beat me to to it and got all the ones in my area!! I'll have to find some other ways to make a little money....

outoftheviciouscircle

Good evening everyone!! 
Today was payday and the virgin CC is now clear!!!! It feels so good and I am now down to 6 creditors. It feels so good and now I can't help but think I want to get rid of all the smaller debts now. Not sure how that will work with the urgency there is for paying back FIL.
I have also paid £200 off the Sainsburys CC which is the next one on the list, currently £7700 to pay by next September, this means paying off £550 a month for the next 14 months.
Lots of thinking and planning to do this weekend, I think.

Baileys_Babe

Congratulations on clearing the virgin card.

Looking forward to hearing about your plans to clear the next card.