financial disclosure and savings

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pinkhebe
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financial disclosure and savings

Post by pinkhebe » Mon Feb 14, 2011 2:51 pm

I've been looking at the ready reckoner and I'm a little confused about the savings part.
We put part of our salary in a savings acount to pay for car tax, insurance,mot and repairs as well as house insurance and repairs. I initially thought this would be declared as savings, but seeing as half way through the year the balance goes down to zero, after everything has been paid, I'm not sure. I've managed to tie myself up in knots about it, so can anyone here help? :roll:

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Mid A 15
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Re: financial disclosure and savings

Post by Mid A 15 » Mon Feb 14, 2011 3:33 pm

pinkhebe wrote:I've been looking at the ready reckoner and I'm a little confused about the savings part.
We put part of our salary in a savings acount to pay for car tax, insurance,mot and repairs as well as house insurance and repairs. I initially thought this would be declared as savings, but seeing as half way through the year the balance goes down to zero, after everything has been paid, I'm not sure. I've managed to tie myself up in knots about it, so can anyone here help? :roll:
I've not seen the form but, on the face of it, surely all you are effectively doing is shifting some of your, presumably legitimate, outgoings into another bank account.

I would surmise that only any surplus would count as savings. The number of bank accounts you choose to have in order to consolidate your household finances is irrelevant I would have thought unless you are earning an inordinate amount of interest.

If you are earning an inordinate amount of interest please tell me where! :wink:
Ma A, Mid A 65 -72

sejintenej
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Re: financial disclosure and savings

Post by sejintenej » Mon Feb 14, 2011 4:18 pm

Depends where you are going to disclose your "savings". If it is the tax man then he has all sorts of definitions which you are supposed to know and where words mean something totally different to their normal meaning so beware.

IMHO and like Andy writes you are merely placing money aside for known future ordinary day-to-day expenses - not for some as-yet-unspecified purpose or "for a rainy day".

ReallyMissingHer
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Re: financial disclosure and savings

Post by ReallyMissingHer » Sat Feb 19, 2011 8:29 pm

We had/have savings that are kept against our mortgage as a mortgage overpayment. I spoke to them about it and basically I don't think they don't take into account your savings unless it's a serious amount of money!

pinkhebe
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Re: financial disclosure and savings

Post by pinkhebe » Wed Feb 23, 2011 6:51 pm

out of interest, what paperwork do I need to submit?
Credit card statement,
bank statements
C tax
water
building insurance
Pay slips?

We're a bit slack with our paperwork filing, so if we need the following, I'll need some time to find/re order/panic about it

YadaYada
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Re: financial disclosure and savings

Post by YadaYada » Wed Feb 23, 2011 8:05 pm

All of the above, plus mortgage statement. P60 when it becomes available. Don't worry, they send the form well in advance of the return deadline.

pinkhebe
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Re: financial disclosure and savings

Post by pinkhebe » Wed Feb 23, 2011 8:28 pm

damm, I have no idea where all my cc statements are! and one is online, as are the bank statements, best start looking, I assume it's just for the last year, My pay slips are all over the place as well, and as for hubby's, I've no idea!

See you all in a couple of months xx

Volupturaptor
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Re: financial disclosure and savings

Post by Volupturaptor » Wed Feb 23, 2011 10:08 pm

I'm confused...
I was assuming that filling in the financial declaration form, and then doing the swearing thing at the solicitors was to save sending all our paperwork... Do we have to do both then? :?

pinkhebe
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Re: financial disclosure and savings

Post by pinkhebe » Wed Feb 23, 2011 10:27 pm

so far, I'm missing 4 cc statements, 2 payslips and the house ins document seems to be missing :shock:

I've not checked Husbands yet :roll:

Do they really check through 850 odd, wads of financial stuff? (which may or may not have miscellanious food and beverages spilt on them :oops: )

lonelymom
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Re: financial disclosure and savings

Post by lonelymom » Thu Feb 24, 2011 7:58 am

pinkhebe wrote:out of interest, what paperwork do I need to submit?
Credit card statement,
bank statements
C tax
water
building insurance
Pay slips?

We're a bit slack with our paperwork filing, so if we need the following, I'll need some time to find/re order/panic about it
You don't need to submit credit card statements, and you only need to submit the March/April bank statement. Council Tax bill, yes. Water rates bill, yes. Buildings insurance bill, yes. Those are for NEXT year, ie the ones you'll be getting around about now (with the exception of buildings insurance), or in March, so just put them to one side somewhere safe. You will have to submit your final payslip for March 2011, so you won't have that yet, so when you get it you can put it to one side with the bills. Your P60 again you won't have yet. My mortgage statement usually comes around about March, not sure if this is just me, or if its an end of tax year thing and is the same for everyone, but if it is then again, you won't have it yet. So, basically, you can stop panicking, because unless things have changed from the last 4 years that I've been completing these forms, you will be getting most of these things in the next few weeks and won't need to go rummaging.

Volupturaptor - yes, you have to do both, take it with you when you see the solicitor AND send it to the school.
lonelymom :rolleyes:

pinkhebe
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Re: financial disclosure and savings

Post by pinkhebe » Thu Feb 24, 2011 8:27 am

*breathes*
So I just need to find the buildings ins, I think it might be somewhere on the ethernet.... I find it funny that I don't have this years, or even last years filed, just a letter enclosing the policy booklet. A phone call is needed I think.

One little question, I am a rep, and therefore can claim as expenses petrol and telephone calls, which all show up on my pay slip. I assume that these are counted as my wage (for what it is, I don't even earn enough to pay tax/NI) Therefore I have to pay for them, and then this amount is also deducted as an income for the purpose of assesment. Just a grumble.

Our bank statements are online, I take it CH will accept a printed copy.

lonelymom
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Re: financial disclosure and savings

Post by lonelymom » Thu Feb 24, 2011 8:58 am

pinkhebe wrote:*breathes*
One little question, I am a rep, and therefore can claim as expenses petrol and telephone calls, which all show up on my pay slip. I assume that these are counted as my wage (for what it is, I don't even earn enough to pay tax/NI) Therefore I have to pay for them, and then this amount is also deducted as an income for the purpose of assesment. Just a grumble.
I would think so, because I don't think it will be seen as any different from the travel expenses that everyone pays to get to work, whether it's by car, train or bus.

And yes, photocopies are fine, in fact that's what they ask for.
lonelymom :rolleyes:

Volupturaptor
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Re: financial disclosure and savings

Post by Volupturaptor » Thu Feb 24, 2011 9:20 am

lonelymom wrote: Volupturaptor - yes, you have to do both, take it with you when you see the solicitor AND send it to the school.
Oh poo! I sent off my deposit, signing our life away forms, and the financial declaration on Tuesday!
Nowhere on any of the paperwork I have from CH does it say I need to provide "proof", I double checked, because it seemed odd... Oh well they'll be in touch to ask I suppose. :?

pinkhebe
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Re: financial disclosure and savings

Post by pinkhebe » Thu Feb 24, 2011 9:34 am

I wouldn't worry about it, it's the deposit and signing life away forms they need at the moment, we haven't had the financial declaration forms yet, so just send the proof off when they ask for it.

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Re: financial disclosure and savings

Post by lonelymom » Thu Feb 24, 2011 9:43 am

Volupturaptor wrote:Oh poo! I sent off my deposit, signing our life away forms, and the financial declaration on Tuesday!
Nowhere on any of the paperwork I have from CH does it say I need to provide "proof", I double checked, because it seemed odd... Oh well they'll be in touch to ask I suppose. :?
I'm beginning to wonder if CH have introduced a new financial declaration form for new parents because I think this is the first year when a deposit has been requested. As a matter of interest, how did you manage to complete it when you haven't had a week 52/month 12 payslip and a P60 yet, or any tax credits entitlement? Or, for that matter, council tax and water rates bills for 2012? In the past the contribution has been based on income for the previous year (ie 2010/2011) and expenditure for the coming year (ie 2011/2012).
lonelymom :rolleyes:

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