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mum2two
07-05-2009, 01:58 PM
Well, I've finally got round to submitting this years tax return, only to be stung by the NI class 4 I didn't realise got added onto your tax bil... :angry:

But, I have been really good, and opened a Cash ISA with my bank, and set up a standing order to cover the bill in Jan, (as I know I'll spend it if I try to keep it anywhere else...)

Then, whilst I was on my 'good girl' moment :D , I've also opened a savings account too, which I will put the money in saving for our new kitchen, hols etc...

God, I feel so organised! :clapping: Never had a savings account before :blush: , it normally gets left in my account until I've got enough to pay for something, but it always ends up taking me way longer than I intended, as it's too tempting to spend some if it's there.

But my savings are there, and easy to transfer, should I need some money urgently for something. (Don't want to touch ISA account, as kitchens etc can wait - the tax man wont...!)

Lets hope my good intentions continue - and pay off!! :thumbsup:

xx

Toothfairy
07-05-2009, 02:50 PM
:thumbsup: Your very organised, you put me to shame :blush:

rickysmiths
07-05-2009, 02:54 PM
Well done you! I save in a cash isa for my tax bill as well. Its a nice feeling when the money is there ready in Jan to pay the bill.:thumbsup:

Demonjill
07-05-2009, 03:18 PM
Well done you have it all under control. :thumbsup:

Tily Bud
07-05-2009, 03:21 PM
Sorry to sound stupid but what is class 4 ? I havent earnt enough to pay tax ( just under ) but have earnt £50 over the class 4 threshold :eek: what will this mean ???

atmkids
07-05-2009, 03:28 PM
If your profits are above the lower profit limit of £5715, (2008-2009 £5435), you may be liable for Class 4 National Insurance contributions. The rate if 8% of your net profits above the lower profit limit.

(This is taken from the HMRC Information for Childminders booklet).

Andrea08
07-05-2009, 03:43 PM
I ay £2.60 week NI by Direct debit we wont get a pension anyway lol

TheBTeam
07-05-2009, 06:00 PM
I finally put mine and dh's tax return on too last night, but call me stupid, i paid both of our bills straight away, can not get my head around waiting till january, i like to have it all done and dusted! Still they didn't want anything on account for next year so i can forget about it for another year!:clapping:

I save into a savings account and adjust it from time to time if my income changes but it is a good feeling when i have usually put a bit too much by and have some left over.

mum2two
07-05-2009, 09:02 PM
I would have loved to have had the money to pay it off today, and not have to think about it a few weeks after xmas... but like I said, I'm not the worlds best saver, so haven't saved any of my earnings yet, so have to save between now & nxet Jan.

But, I've got on top of it, and I will have it all sorted when it's due & avoid extra penalties!! :thumbsup:

xx

uf353432
08-05-2009, 09:47 AM
a woman after my own heart - I have little online savers galore - about 15 I think! they are all for different things xmas, birthdays, paying for car maintenance, house insurance etc. Just set up 3 more for childminding - one for income, one for deposits and one for tax and ni contrib. Honestly say I feel better knowing the money is safe and accounted for as I go along.