The Good News Thread

[Mrs Pingu]

Badoom tish

[Arch]

I got one of those brown envelopes from HMRC yesterday, with a letter saying "I have re-calculated your tax payments for the year...."

I'm due a rebate**. Quite a nice rebate. Almost a months salary*!

I know some would rush out and buy N+1, but it's going into the bank to buffer me, as my spending is currently exceeding my income a little each month, what with train fares, building materials and wanting the occasional luxury like coffee and cake and days out. With a bit of luck, it'll stop me worrying about that until the end of the year.

*a piddly amount to many, but significant to me!

** my work recently took over payroll in house, rather than use the services of an outside organisation, and our finance bod thinks they had me under the wrong tax code.

[hellymedic]

Are smaller portions good news?

They are appropriate for those who are tending to overfeed themselves and can not/will not control their portions by other means.
They are good for minimising waste.
They are frustrating for those who have 'cyclists appetites' after cycling long distances.
They can be profitable.
They're good news for some, not all.

[Cudzoziemiec]

*a piddly amount to many, but significant to me!

Your month's salary may or may not be piddly compared to what many earn in the same time, but a month is a month is a month!

[Mrs Pingu]

Are smaller portions good news?

They are appropriate for those who are tending to overfeed themselves and can not/will not control their portions by other means.
They are good for minimising waste.
They are frustrating for those who have 'cyclists appetites' after cycling long distances.
They can be profitable.
They're good news for some, not all.

That was a joke in response to the last line of the previous post.

[hellymedic]

Are smaller portions good news?

They are appropriate for those who are tending to overfeed themselves and can not/will not control their portions by other means.
They are good for minimising waste.
They are frustrating for those who have 'cyclists appetites' after cycling long distances.
They can be profitable.
They're good news for some, not all.

That was a joke in response to the last line of the previous post.

I looked for 'previous posts' and couldn't find the right one.
I'm lost without a quote...

[mcshroom]

Are smaller portions good news?

They are appropriate for those who are tending to overfeed themselves and can not/will not control their portions by other means.
They are good for minimising waste.
They are frustrating for those who have 'cyclists appetites' after cycling long distances.
They can be profitable.
They're good news for some, not all.

That was a joke in response to the last line of the previous post.

I looked for 'previous posts' and couldn't find the right one.

I'm lost without a quote...

It's the post directly above Pingu's :-

I left some very slightly negative feedback on an e-survey about one of my regular hotels in Stavanger and got a personal email from the manager today offering me 20% off dinner next time

[Arch]

*a piddly amount to many, but significant to me!

Your month's salary may or may not be piddly compared to what many earn in the same time, but a month is a month is a month!

Well, indeed!

I should say that my current rate of spending outstripping salary doesn't mean I'm in the red. After a couple of years where salary outstripped spending, I'm well in the black, just a bit less so each month...

[LindaG]

I swam about 950 metres tonight in a n hour. The first time I've been swimming in about 6 years. And now I feel bloody fantastic. Thanks MrsTiermat!

[Wombat]

I got one of those brown envelopes from HMRC yesterday, with a letter saying "I have re-calculated your tax payments for the year...."

I'm due a rebate**. Quite a nice rebate. Almost a months salary*!

I know some would rush out and buy N+1, but it's going into the bank to buffer me, as my spending is currently exceeding my income a little each month, what with train fares, building materials and wanting the occasional luxury like coffee and cake and days out. With a bit of luck, it'll stop me worrying about that until the end of the year.

*a piddly amount to many, but significant to me!

** my work recently took over payroll in house, rather than use the services of an outside organisation, and our finance bod thinks they had me under the wrong tax code.

Potential "cold water pouring on" warning....

I got that, too.  A very decent tax rebate, of about £1500, and now, a couple of months later, another letter from HMRC saying I've underpaid by £1048, for the very same period as I'd evidently overpaid for... Eh?  I will, of course, attempt to refuse to pay this, by saying they have made a mistake, as no new information has been provided.  There is waffle on the notification about this, but as far as I'm concerned, if they've screwed up (which they obviously have) then they should taske the rap, not me.

[Arch]

I got one of those brown envelopes from HMRC yesterday, with a letter saying "I have re-calculated your tax payments for the year...."

I'm due a rebate**. Quite a nice rebate. Almost a months salary*!

I know some would rush out and buy N+1, but it's going into the bank to buffer me, as my spending is currently exceeding my income a little each month, what with train fares, building materials and wanting the occasional luxury like coffee and cake and days out. With a bit of luck, it'll stop me worrying about that until the end of the year.

*a piddly amount to many, but significant to me!

** my work recently took over payroll in house, rather than use the services of an outside organisation, and our finance bod thinks they had me under the wrong tax code.

Potential "cold water pouring on" warning....

I got that, too.  A very decent tax rebate, of about £1500, and now, a couple of months later, another letter from HMRC saying I've underpaid by £1048, for the very same period as I'd evidently overpaid for... Eh?  I will, of course, attempt to refuse to pay this, by saying they have made a mistake, as no new information has been provided.  There is waffle on the notification about this, but as far as I'm concerned, if they've screwed up (which they obviously have) then they should taske the rap, not me.

I'll bear it in mind. Although I've had similar smaller rebates a couple of times over the last few years. I'll mention it to our payroll chap anyway, he's pretty switched on.

[Greenbank]

I got one of those brown envelopes from HMRC yesterday, with a letter saying "I have re-calculated your tax payments for the year...."

I'm due a rebate**. Quite a nice rebate. Almost a months salary*!

I know some would rush out and buy N+1, but it's going into the bank to buffer me, as my spending is currently exceeding my income a little each month, what with train fares, building materials and wanting the occasional luxury like coffee and cake and days out. With a bit of luck, it'll stop me worrying about that until the end of the year.

*a piddly amount to many, but significant to me!

** my work recently took over payroll in house, rather than use the services of an outside organisation, and our finance bod thinks they had me under the wrong tax code.

Potential "cold water pouring on" warning....

I got that, too.  A very decent tax rebate, of about £1500, and now, a couple of months later, another letter from HMRC saying I've underpaid by £1048, for the very same period as I'd evidently overpaid for... Eh?  I will, of course, attempt to refuse to pay this, by saying they have made a mistake, as no new information has been provided.  There is waffle on the notification about this, but as far as I'm concerned, if they've screwed up (which they obviously have) then they should taske the rap, not me.

Learning how to calculate your own tax due is a useful thing to do. I've got used to doing it thanks to Self Assessment (I'll be back on that next year!).

[tiermat]

<snip>thanks to Self Assessment (I'll be back on that next year!).

Out of interest, have HMRC told you that, or are you just assuming?

If assuming, double check with them.  I thought I should be on SA, waiting for a form, received a reminder from my accountant, rang HMRC and the response was "Why do you think you should be completing a form?"

When I told them, they said "No, you don't, the rules and limits have changed, don't worry about it"

[Greenbank]

<snip>thanks to Self Assessment (I'll be back on that next year!).

Out of interest, have HMRC told you that, or are you just assuming?

Higher rate tax payer, didn't opt out of Child Benefit payments before the deadline.

[tiermat]

Ditto, but you do know what the threashold is for SA now, don't you?

[Greenbank]

Ditto, but you do know what the threashold is for SA now, don't you?

No, have you got a link?

Everything I've read says that I'll need to do Self Assessment again: http://www.hmrc.gov.uk/tools/hicbc/keepchbpay.htm

I can't see any thresholds for SA apart from self-employed.

[tiermat]

Ditto, but you do know what the threashold is for SA now, don't you?

No, have you got a link?

Everything I've read says that I'll need to do Self Assessment again: http://www.hmrc.gov.uk/tools/hicbc/keepchbpay.htm

I can't see any thresholds for SA apart from self-employed.

The last time I spoke to my accountants (April of this year) it was £100K for an employed person.

[Greenbank]

Hmm, I'd be wary of that advice. I think that threshold means that if you earn > £100k a year you must complete a SA. That doesn't mean that if you earn < £100k a year you don't have to. Generally you must fill in SA if you have reason to; the HMRC guidelines on Child Benefit seem to be another reason why you must if that situation applies.

My tax situation is simple enough that I haven't needed to use an accountant. It takes under an hour or so to do my tax return each year as I put all of the relevant paperwork (P60, P11D, tax code letters, interest statements, etc) in a folder as they come in over the year.

For the last few years they haven't asked me to do a SA return so I've only clicked 'Submit' the one time when they owed me money. <---- Good News

[Moultonaught]

not sure if his is really good news but it's a happy thought...

2 years ago today we did this... 



going back to the bandstand we got married in for a picnic tonight... 

[tiermat]

 

Happy Anniversary, Moultonaught

[clarion]

Splendid way to celebrate.  Congratulations.

[Ashaman42]

Got the result for the most recent OU modules. 93% for the exam resulting in 90% for the module overall! Wheee, I'd never go a Distinction before. *Happy dance*

[clarion]

Very good!

[Polar Bear]

Re:  Self assessment.

Firstly, I'm NOT even trying to drum up business here.

Everybody should learn how to calculate their income tax and national insurance.   It's not overly difficult but it can make a big difference to you financially and helps you avoid the shocks of demands from HMRC who don't seem to know how to do the numbers!

If you're on PAYE it should be relatively straightforward even if you have a company car or heath insurance thrown in as each has a tax adjustment amount which probably shows up each month on your payslip.   Also, beware the new child benefit trap for the higher earners here.   

If you are self-employed you should be tracking it carefully anyway and avoiding 'peak' weeks or months where you shell out a shedload of ni only to have barren weeks later on which would have helped balance the outlay.   We advise clients to pay themselves a fixed income of £140p/w to kick in government ni contributions but to avoid paying them themselves.   Depending upon whether you are limited or not will then determine how you supplement your income and how the tax and ni gets applied.   For limiteds of course, it doesn't!   

It's your hard-earned money - you ought to want to legally make the most of it IMO.   

[clarion]

When I (briefly and slightly) went into the higher tax band, I got sent self-assessment forms.  Since I have no other income than my salary (partly on ethical grounds), I think the long list of 'No' and 'Not applicable' answers was too boring for HMRC, as they stopped sending them after two years.