Missy’s full time working mum juggling act MF adventure

beanielou

Just be kind to yourself. Could you maybe find an ad hoc childminder? 

missymoo81

Hey everyone thanks for your lovely kind comments. Just what I needed. I love this forum. You’re all so wonderful and helpful and just caring. I don’t have many friends in RL as just so busy, so it’s nice I can chat and vent on here.

We are going to get rid of the car. We have found 2 others to look at, at around £3-4k more than we can sell my car for, OH will go halves so £1.5 - £2k each. More reputable trust worthy brands!!! Both able to pull a trailer. I am keeping a close eye on my budget to try and factor this in.

I did my books ready for the accountant yesterday, OH is just getting me the last of the info, so I can send it off today. I’m hoping what I’ve got to pay is no more than £1k as that’s what I’ve put aside…

Although it may not look like it but I do have a really good handle on my money at the moment, knowing what I have and what is coming and going. I’m hopeful this will be a good year for saving!

Yesterday ended up being a very productive day. 

I made a roast (with the world’s smallest chicken. There wasn’t even enough for me to have any! That will teach me for thinking it would feed us all! I have saved the carcus (sp?) so I will try and pick some meat from the bones to put into a pie later in the week. I also made banana bread and hobnobs and cooked them all at the same time! Children were very happy about the treats for their lunch box. I was also good and made myself lunch for today. 

I also ate a frog, and messaged ex about having the children whilst I work in the Easter holidays, he will ask his partner he said. but not after he interrogated me as to what I was doing with my time, to make damn sure I was actually working!!!! Idiot. Anyway that’s done at least. Here’s hoping she can have the children and it’s another worry off of my list!  

I’m getting there slowly!

meal plan for this week:

Cowboy stew mon

Stew Tue 

Pizza Wednesday 

Stuffing stew pie - Thursday 

Lasagne - Friday

Chilli - Saturday 

Shep pie - Sunday 

jwil

Well done on messaging the ex, one job done!

I think if you go back to your earlier posts, you'll see you've come such a long way.  You've done really well recently, particularly with sticking to your meal plan and not buying things on the go.

debtfreewannabe321

Most ex's are 🔔🔚s I find and think they have the right to interrogate us as to what we are doing before offering to "help" with their OWN children. Raa. They get on my nerves. Their immediate answer should be of course we will try to have them! I hope you can sort it out though. 

missymoo81

Hi do we have any accounts savvy lovely people on here? I’m just trying to preempt my tax amount. How would I work out how much tax I pay. The accountant will get round to it but I just want to be ready as I have a sneaking suspicion that my £1k isn’t even going to be close. I have no tax allowance as full time employment takes all that. So will be on base rate tax. Is it as simple as adding all of my incomings. Up taking away my outgoings and then the sum left, my tax and NI will be a percentage of that? What percentage is tax and NI? Sorry for the stupid questions. But I could really do with knowing. 

Thanks so much in advance. 

missymoo81

Ok I have spent a lot of time trying to work out my tax but it’s confusing with only having been employed PAYE for 5 months of the last tax year, so I think it’s only taken 5 months of my basic allowance. I think. Either way, I think my tax could be anything between £5,500 - £7,500. I think you pay half in Jan and half in July, so I have £1k put aside for Jan…… Erm… I am either £1750 out or £2750…… I’m not quite sure what to do. I feel sick. But I don’t know if I’m correct. Accountant will look at things this weekend but omg. I just don’t know where I’m going to find the extra money. The car will have to be kept hold of. But if that breaks and it’s one of the bad faults that cost more than the car is worth to fix, then literally I’m without a car or money. I don’t know what to do…. I know you can pay it monthly but that’s another £500+ to find a month. 

I’m a bit speechless. I know I sound stupid. But this is all new to me. I’ve been self employed for 7 years and only worked part time before that. So my tax has always been about £1000, hence me only saving that much. I didn’t think about basic rate tax or about tax at all when I went PAYE. ‘Sigh’

fionaandphil

I usually think tax/NI should be about 25% as a rough guess. If it's for business you may have some deductions your accountant will know about too. Try not to worry too much

t2rry

This is the calculation you need:

PAYE taxable income* + Self Employed profits** + Interest on Savings*** = total taxable income

The first £12,570 (subject to any tax band alterations) is taxed at 0% 
Between £12571 to £50,270 is taxed at 20% unless you made any relief at source**** pension contributions 
Between £50,271 to £125,140 is taxed at 40%

Once you've worked those out, take off whatever tax has/will have been paid via PAYE and you will be left with the outstanding tax due.

You only need to make payments on account (Jan and July) when the tax owed is more than £1,000.

You can ask HMRC to collect it via PAYE (via a tax code adjustment) if it's under £3,000 owed but the deadline for this passed on 30th December (but may be worth noting for the future).

Most importantly for you I suspect:
You can apply to reduce the payments on account if you believe that:
a) your self employed profits will be less and/or
b) your tax deducted at source (via PAYE) will be more
So if in this return (2023-24) you are stung because you didn't use all your 0% allowance via PAYE but that won't be true again this year (2024-25), you have a good basis to reduce your payments on account.  The worst case scenario from doing that is that HMRC will charge you interest on any outstanding amount next year that would have been covered by the POA had you not opted to reduce it.


NOTES:
*For PAYE taxable income check your payslips, they should have the year to date amount and the monthly, to get to the end of the year total (presuming it is salaried and static), just add on the relevant number of months to go

**Self employment profits are income minus allowable expenses

***Interest on Savings has a tax free allowance of £1,000, or £500 if the total taxable pushes you into 40% bracket (but it still takes up part of your basic rate band)

****If the only pension contribution you make is via your PAYE job, it will either be:
a) net pay, in which case it reduces your taxable income and has already been accounted for in the above calculation (you don't need to do anything); or
b) relief at source (also true if you contribute directly into another scheme i.e. SIPP), which increases your basic rate band by the gross amount.

I've missed some details but I've tried to preempt some questions if I'd kept it simpler, hopefully that helps

missymoo81

gosh @t2rry thank you so very much for taking the time to type this. I really appreciate if. I have done some calculations and I think I have an outstanding bill of £8000 for the year including next years on account. And taking into calculations NI. So I need to find £4000…… I am frantically trying to do some sums. I guess we’re keeping the car for now…… 

missymoo81

Have also just been told I am getting a new boss, which is not good news, he is a very grumpy man.