Mortgage Free now aiming for FIRE

LadyWithAPlan

Well done on the passport and the Danish advisor sounds promising - if they know their stuff could save you a fortune long term 

does the first fee include them responding on any queries and a come back response ? 

TallGirl

Thanks LWAP I am not sure how their pricing works so I have asked as I do not think my questions will take 1 hour. I have now also go a phone number for the Danish tax offices foreign department I can just ring them. I should really do this before my meeting with the IFA today but lets see how I get on. I have so many questions but they need to be formulated in Danish with the right translations. 

We also have our leg wax today ready for the holiday. Do not normally bother but felt I should make the effort. 

Anyway lets see if I get time I do have a lot of work on. 

Spends yesterday £20 for me, then normal ASDA order but going away Friday so only £40 incl lots of cat food. Our pool man sent us a link for the part for the pool so I ordered them as they will be here really quick and the Amazon ones will take up to 3 weeks. DG did also insist we got some chocolate when we got petrol. We still need to fill up the second car so it will take us to the airport. Need to do some money shuffles and make sure we get some EURO's at some point. We have been looking into getting breakfast before our flight as airport food is just so grim and neither of us fancies taking a picnic.  We might try a 24 hour McDonalds on the way up but they do not start serving breakfast until 5am and we need to get there for 5.40am. Oh why did we save money and go for the early flight lol. 

TallGirl

I called the Danish Tax office I am very proud of myself as it was really difficult. They do things quite differently for sure.

Re the pension you get taxed when you draw on it which is the same as here so I understand that. He said if you get taxed in the UK you will pay the difference in Danish tax (which is higher). That makes sense hopefully I would just be taxed in Denmark - would make it easier. Yes you have to fill in the L certificate and the provider does as well. You also on top of this pay tax once a year on anything your pension has grown. They do know how to tax! 

For the S&S ISA you pay when you sell your investments and the tax is between 27% and 42% depending on the level you sell aka there is a taper where it increases once you hit that (need to look this up)  It is taxed differently if it investment funds, bonds or shares. He said you can have a special account where you are taxed 17%. You do not pay tax on the actual amount of the investment you take out it is only the increase. 

I cannot really see any advantage of moving money from ISA into the pension apart from the 20% uplift however the Danish income tax is 40% start rate. I would need to try and work out what the difference in the annual tax on the pension increase is as oppose to that of the ISA when you sell that. But then on top you need to factor in the withdrawals from your pension is also taxed as income and the personal allowance is only £6K.

He also said if you just have money in a normal interest account you just pay tax on that so sounds like a savings ISA could be on the cards just to add that into the mix. 

There is no allowance for capital gains but at least he said there is no "wealth tax" as such. You do have a personal allowance so that would work for the pension withdrawals. 

I also looked up state pension and I think both me and DG would qualify for one. We might not get the full one but it would be something which of course you have to pay tax on. 

Why is Denmark and their tax system so bloody complicated!!! At least I saved myself £1k for an hours advice and when I have my call with TP I can ask them about tax how they deal with that or if I would have to leave them at that point. I am glad I called them. 

TallGirl

Morning already feeling stressed as DG has just had a major meltdown because of an IT issue she is also stressed trying to finish things off before she goes on leave but there is still tomorrow so I think it is a major overreaction. 

I spoke to TP yesterday what a royal waste of time it lasted 10 min and he could tell me absolutely nothing. I waited two week for the appointment and I told them I needed my money out before new tax year so that was what the call was about. At the end I ask after having made my own mind up how to I get the money out. Oh you send a secure message to the admin team and they take it from there. So does the usual happen I have to wait for a call from them which I usually miss and then wait for another appointment. In the end he put the through to someone who took me through the questions so I can have my own money. One was do you know you might have to pay capital gains tax. Well could the so called adviser I had just spoken to not tell me about that. Apparently he did not so in the end I could not be bothered to speak to anyone else so just asked for the money out. It is only £8K it has been with them for about 2 years so I cannot have increased that money it goes above the £6K. I do want to get the money out of my money box as well to move over but now I am a bit unsure if that will trigger it. More bloody research needed I do get a bit fed up with this. The money from TP should hit about 9 working days but I have until 5th April to pay it over. I had to spend 20 min on the phone to Royal London to find out how I pay the money into my pension. That has to be done via an email so they are sending me the emails with the payment details so I can pay it. So far it has not arrived so not sure what is going on there. 

Sorry for the long saga but basically the following research is still needed. 

Will I get Capital Gains Tax if I cash in Money Box or am I better off taking the money out of Premium Bonds and then cashing in the Money Box in the next tax year? Might even venture over onto the pension boards but it is a very scary place.

Secondly I have emailed another company that can advice in Denmark but they do look a bit like the expensive one so might not be worth it. I think I need a proper Danish one not just the tax one. 

The project I nominated for the award at work has won so that is really nice less nice was that it was just an email and it is all done remotely and videoed even though we are going in person. Still be nice to go in person. 

I did also sell another dress only £8 on Vinted but it will leave the house today which is great news.

To do list

- Get start date for fence work - hopefully starting today it is sunny
- Paint the front door surround 
- Order hot tub cover cleaner
- Get cleaner for hot tub cover and clean cover
- Book trains in Ireland and bus to airport
-Try clothes on for Spain and pack it - got my suitcase now so can actually pack. 
- Change my address and marital status on DK site
- Research tax on ISA and Pension in DK
- How to pay into my RL pension await email
-Weigh the cats for flea treatment

TallGirl

Did not make the gym this morning but I have done 5 session this week which I am happy with. Still not posted my Vinted parcel and I also need to pick up my prescription tonight. I really cannot wait to put my out of office on and switch off from everything in particular the moving to Denmark as that is enough to drive anyone mad. 

The builder came yesterday to start doing the wall. He had quoted £849 which I am happy with but then we got the insurance involved and he said £1500 to them. I got £1125 so I offered him £1000 to include a couple of bits on the back. He did not reply so now we are having to discuss it today as he wants £1500 for doing the front and back but he only saw what I want doing in the back yesterday. I am not paying £650 for 2 loose coping stones and to fill a hole on top of the wall. Let the negotiations commence later (I do hate doing that). 

Packing not quite done either and we have to leave tomorrow morning at 4am the joy the joys is it even worth going to bed lol.  

TallGirl

morning nightmare trip to the airport due to road closures doesn’t matter which way we travel it’s stressful. Flight great and hotel bus picked us up for free. 

Weather was lovely yesterday and as hotel is not really open went to small town 5min away which had restaurants and bars. So so cheap and lovely food. Also a supermarket so got ice and drinks. Went to bad at 7pm slept right through. 

Rained a lot in the night and forecast more today. Shame but this was more about chilling than doing anything. Might go into Faro today it’s only 10min away. 

Got bill for pool opening and cleaning of tiles £450. We settled on £1250 turns out he under quoted me for the wall. Bit annoying but he’s sent pictures and it looks good. 

Feeling a bit poor bit but money set aside to pay for it so all good. 

savingholmes

Hope the weather settles and you have a lovely break 

savingholmes

Well done on taking control and ringing the Danish tax people too and taking more control of your investments.

TallGirl

Morning all I am back and feeling a bit tired I must admit. Portugal was really nice and cheap by the way where we stayed. It was all in portugese and the food was so cheap and fresh. Drinks were cheap too like 1 euro. We did go into Faro and OMG the prices and the cost a whole different ball game. It was 9 min by Ubet (cost £3) but we paid the same as London for coffee, food etc. Did go to MacD as you could buy beers and DG likes to take a pictures in various around the world. We did sleep 12 hours the day we got there much needed. 

We did also have a really good time in Spain with the golfers it was great to get to know people better I had known for years but also meet new people. I did not play well the first two days but the last day I actually came second. We did play yesterday and my golf was not good but it was muddy and really hard work but lets hope all the practise is going to pay off. 

I do really need a new golf bag mine is falling to pieces and so is my trolly. I lost a headcover in Spain so that was £10 to replace with a like for like. 

Spent our allocated budget on drinks and food while away but not over the top at all but we should have bought a bottle of vodka and soft drinks to have in the room as it does have a fridge. That would have saved us brining drinks up to the room. There is even a small shop on site but we got to that too late. Never mind we just need to move money into the right pots as we settled the bill on the new credit card. I also need to change the DD on that to min payments and then the plan is to keep the cash in Santa. 

I feel quite poor even though I get paid on Monday. DG owes me £2500 for holidays so that will help but I have been thinking about the finances and the moving of money into pensions. 

I want to avoid the issue of the capital gains tax so I will wait for the money from the investments to come through I think it is £8K. Then I will take out £12K from the premium bond and put all of that into my pension for the 20% uplift. I can then ask Money Box to switch my account to a S&S ISA. I need to call Royal London again this will be the third time as they still have not sent me the information I need to make a payment. Apparently when you pay money in it goes into a suspense account that is why you need to email them but there is nothing on their website on how to contact them other than by phone. If they mess around too much I might just pay it into my other pension. 

We had our first pay offer today looks good for me to I will up my pension payments again now that NI has been cut I would rather pay into my pension even if it means I cannot pay as much into the Premium Bonds. The rates have been cut so seems sensible. 

Finally back to work it is but not long now until Easter. Take care all hope the sunshines where you are. 

TallGirl

I could not get my head back into work so called RL and turns out they did send an email but spelled my name wrong on the email address (I mean wrong not just a typo). I have now got the information I need and she asked if I wanted to do a complaint. As I have not heard back from them if I can keep this pension in Denmark (they said last time it was complex that is why they had not answered) I said yes and to include both the hassle of paying in and the late reply to the email. Might get a few pennies for my hassle. 

I then checked my current account and the money from the S&S ISA I cashed in was there. I transferred that to savings and went to cash £12K of my Premium Bonds. Shame I could not leave them there until the draw but I do need enough time to get them into my pension so did not want to risk it. Says it will take 1 to 3 days so that is cool. 

Then checked the M&S card and did not know they charge for paying abroad. £10 added for two bills really annoying but lesson learnt. At least it is interest free. I must get the DD changed over but it requires a form filling in. 

To do list

- Get start date for fence work - due to finish the final bits today but not turned up yet however it was raining. 
- Paint the front door surround 
- Order hot tub cover cleaner
- Get cleaner for hot tub cover and clean cover
- Book trains in Ireland and bus to airport
-Try clothes on for Spain and pack it - got my suitcase now so can actually pack. DON
- Change my address and marital status on DK site
- Research tax on ISA and Pension in DK
- How to pay into my RL pension await email DONE
-Weigh the cats for flea treatment DON just need to collect it. 
- Change DD for M&S card

Finally I got a text and a missed call from my friends who took in my two maine coons when I moved to London. The last one Thomas had been put to sleep that morning. It made me so sad but I think it was more from reading his lovely messages. He also feels it is end of an era but it had brought all 4 of us closer together and that is a really precious thing. Thomas was 14 so not a bad age for a large cat. Very much loved and now missed sad when they have to go but so glad my friend was able to care for them for the final 7 years of his life. RIP my lovely Thomas.