Hurrah, my MFW quest has started

abouttimetoo

I've just done something that is not entirely MSE but I think I'm going to try and do it for the next couple of months and see what I think about it.

It's to do with work expenses; my expenses are both claimed and reimbursed weekly and then I keep the money to one side and pay off in full each month.

I no longer keep the money in a separate account to my money as interest wise its better to keep it with my money as the higher balance all in one place attracts better interest IUSWIM

Anyway, I've just decided that for the next month or two I'm going to pay the expenses to the credit card as soon as I receive them so that I always know when I look at my accounts that it is 'my' money and so have a better grip on things and have less future payments to deduct from what I think is mine.

With paying parents back, Christmas approaching, lump sum to pay to tax man and credit card I just feel its a bit neater that way

What does anyone think? Do you think it's mad and not MSE

abouttimetoo

Well I spoke to the tax man last night

It turns out that lots of what I was told last month was wrong...

I had expected at £300 refund to be paid in my salary this month (which I couldn't see) and to then be sending them a cheque for about £600 to clear the 10/11 underpayment. They've now said I shouldn't have been told this and it can't be done, in addition the £300 refund does not exist as it was altered across July, August and September...

I'm also now being told that I can't just 'make up the difference' I have to send them a cheque for the full amount owing (£1254) and then they will send me a refund of £731.50 that I have already paid them back via them deducting monthly payments from my salary.

For anyone following my tax saga this is probably confusing and believe you me you are not alone, I'm confused too...

I was very upset after the call, I know the bottom line is that I don't owe them anymore money which is good but I'm just so worn down by the changing numbers and messages and had thought I just had to find another £220 to pay them back but now its £1254 before they will pay me back the £731.50 I've paid over 7 months since April this year.

What a way to run a system

TallGirl

So sorry to hear your are still having problems with the Taxman that does sound totally bonkers to my mind. Would it be worth paying an account or tax specialist to look at it? I know I am lucky as DH has one and I can use him and the company pays if I need it. The tax office uses very old rubbish software which has never worked (or so I have been told) but still if it was a private company it wouldn't last 12 months the way its run.

I think you are right about the expenses I use a company credit card but loads ends up in cash or cheque so I have to claim it back. I am forever wondering what is my money and what is theirs.

abouttimetoo

Thanks TG, I have considered paying someone but I'm just loathe too spend money when it really shouldn't be that complex

Just about to write the letter to them now including the cheque. Have borrowed £1000 from long suffering parents but they can have that back when tax man refunds me next month, note how confidently I say when not if...

abouttimetoo

Just a mid month update (yes, I know it's the first but I make my main OP's on the 20th so this is nearly mid-month for me )

• I've just renewed the landlords insurance on the BTL which was £121.46 so quite pleased with that
• Credit card stands at £3585
• £300 monthly repayment made to parents so o/s balance now stands at £2900
• I've done a bit of research for car insurance renewal quotes but I've not had the renewal quote in yet from current insurers so really need that before I can do too much more

Im just about to write the letter to the tax man sending the £1224 for 10/11 so got a tight month this month

Hope you are all doing well with your plans

abouttimetoo

Well I decided to bite the bullet this week and cancel my monthly work share option. I put £250 per month into it (taken from salary before tax) and the balance stood at £4500. I worked out that by the time it had ended I would have paid a total of £9000 into it but the share price has fallen so much that I could by the £9000's worth for £5,500 at todays share price IYSWIM.

So, I've cancelled the option and the £4500 should be back with me within the week. I have then bought £4500 of the shares back at todays prices (did the transaction yesterday, not today of course as it's Saturday). The other £1000 I have bought with the hopes of there being a short term spike which I don't think is not out of the question - said very confidently lol, if things went to plan I would keep the £1000 worth to trade with

This of course also means that I will have the £250 per month back in my salary though of course it will be a wee bit less as it will have been taxed so this will help the monthly cashflow and plans; I can always sign back up to next years share options if I want to

Keep your fingers crossed for me

abouttimetoo

Well, my cheque for £1254 went off in the post this week so if all goes to plan this will fully clear my remaining debt with me and they will then refund the £731.50 in this months pay though I guess I have to accept that they not get it done in time so it could come back next month. That won't be too much of a disaster but it will mean delaying repaying my parents the £1000 that I borrowed for this last bit

abouttimetoo

Well I've had a busy week or so with accounts. I have opened a Halifax Rewards account for the sole purpose of getting the £5 per month. So all I'll do is cycle £1000 each month between that account and my main account which is elsewhere

I've also opened a Halifax Rewards account for my mother so that she can get the £5 pm month too and I've also opened her a Halifax Saver with the sole purpose of registering her for the monthly prize draw that they are doing. I like the idea of it as it's a normal account that gets interest (not the best, not the worst) but you get entered into a montly prize draw, there are three montly prizes of £100k, some of £1000 and some of £100. To me it's better than the lottery or premium bonds as you get something back come what may every month. For anyone that is interested you have to have £5000 with Halifax (does not all have to be in the same account) for a full calendar month and you just register for the draw monthly

abouttimetoo

I've also submitted my quarterly gas and electric meter readings this week. I'm with British Gas and they seem to have made a system enhancement which I thought was rather good and that is that as soon as you put your readings in it tells you the amount of the bill

So, I know my gas bill is going to be £84.98 and my electricity is £46.05. I've just tried to have a look to see how that compares to the same time last year but the 'historical' bit of the system is down at the moment but off the top of my head I think the gas is about the same and the electric is probably about £5 more but I have been home a lot more this year than last so that's not at all unexpected

abouttimetoo

Just a small utilities update. I have now swapped my tariff with British Gas from a standard one to an on-line rate. The main benefits are a fixed 4% discount until April 13 and a free electricity monitor which I'm really looking forward to getting as I've always quite fancied one but never wanted to pay for it

To be honest I think I could have got more of a saving if I had moved to NPower but I just can't face the likely switching hassle and you do hear some horror stories when it comes to switching these things