financial disclosure and savings
Moderator: Moderators
-
- GE (Great Erasmus)
- Posts: 197
- Joined: Tue Mar 23, 2010 3:51 pm
- Real Name: Sally Slade
- Location: Lincolnshire
Re: financial disclosure and savings
Yes - when our daughter started, we had to file it all in the July, I think...or was it May? It definitely was not this early. I know I had to include my end of year stuff such as P60 and P11D. Still do!
-
- Deputy Grecian
- Posts: 454
- Joined: Fri Feb 06, 2009 12:42 pm
- Real Name: Jo
Re: financial disclosure and savings
Sejintenej wrote:
I don't think that your savings have a huge impact on the fees payable in any case, unless you've got really serious amounts stashed away. In fact, I've just had a quick play on the Ready Reckoner which calculates that if we had £100,000 of savings (I wish!!) our current fees would rise by around £1,300; interestingly, it would take an increase in our annual household earned income of just £2,500 to put our fees up by the same amount!
I don't get this at all! Surely as telephone. electricity, car maintenance bills etc etc are not counted as allowable outgoings for the purposes of assessment, when and how you pay them shouldn't make any difference?Going back to early posts I understand that someone had saved money towards specific bills which wil become payable in the future. Inj such case then the liability for such bills will have already started to accrue (for example so many months telephone standing charges and telephone usage, rates, electricity stannding charges etc. ) and these should be declared as debts against the savings even if you have not yet received the bill..
I don't think that your savings have a huge impact on the fees payable in any case, unless you've got really serious amounts stashed away. In fact, I've just had a quick play on the Ready Reckoner which calculates that if we had £100,000 of savings (I wish!!) our current fees would rise by around £1,300; interestingly, it would take an increase in our annual household earned income of just £2,500 to put our fees up by the same amount!
Re: financial disclosure and savings
Re the earned income vs savings, is that because it's the interest that's taken into account?
-
- Grecian
- Posts: 564
- Joined: Mon Oct 31, 2005 5:36 pm
- Real Name: Andrew Palmer
- Location: Northumberland
Re: financial disclosure and savings
Atticus wrote:Re the earned income vs savings, is that because it's the interest that's taken into account?
Looks like it, interest at 2.5 % (about the going rate) on £100,000 would give an annual income of £2,500 so I guess that is the thinking behind the calculations.
-
- Deputy Grecian
- Posts: 454
- Joined: Fri Feb 06, 2009 12:42 pm
- Real Name: Jo
Re: financial disclosure and savings
Oh I see - I hadn't thought of that!Atticus wrote:
Re the earned income vs savings, is that because it's the interest that's taken into account?
Looks like it, interest at 2.5 % (about the going rate) on £100,000 would give an annual income of £2,500 so I guess that is the thinking behind the calculations.
The difference would be, of course, that with £100,000 in the bank you'd have something to pay the increased fees with...
-
- Deputy Grecian
- Posts: 455
- Joined: Fri Jun 11, 2010 11:57 am
- Real Name: Helen
- Location: Brighton
Re: financial disclosure and savings
so I'm in the process of filling out the form
Husbands March payslip and p60 do not match I think this is because he gets a travel allowence. I'm sending off both the payslip and P60 anyway, should I write the lower figure (from the p60) on the form? It's only about £700 difference
And just as a by the by, they've asked for Council tax/water bills etc from last year so 2010/11.
Husbands March payslip and p60 do not match I think this is because he gets a travel allowence. I'm sending off both the payslip and P60 anyway, should I write the lower figure (from the p60) on the form? It's only about £700 difference
And just as a by the by, they've asked for Council tax/water bills etc from last year so 2010/11.
Re: financial disclosure and savings
Bills and statements are submitted for the previous year & fee payments are assessed on those. If there are any major changes during the school year, just let them know.
Are you looking at last years P60? I don't get mine until the middle of May usually and have to send it on so perhaps that would explain the difference between March's payslip.
Are you looking at last years P60? I don't get mine until the middle of May usually and have to send it on so perhaps that would explain the difference between March's payslip.
-
- Deputy Grecian
- Posts: 455
- Joined: Fri Jun 11, 2010 11:57 am
- Real Name: Helen
- Location: Brighton
Re: financial disclosure and savings
no not looking at last years, husbands always comes on time. tax and NI are the same as the payslip
-
- Deputy Grecian
- Posts: 454
- Joined: Fri Feb 06, 2009 12:42 pm
- Real Name: Jo
Re: financial disclosure and savings
Hi PinkhebeHusbands March payslip and p60 do not match I think this is because he gets a travel allowence. I'm sending off both the payslip and P60 anyway, should I write the lower figure (from the p60) on the form? It's only about £700 difference
Because the cost of travel to work is not an allowable expense, I would guess that the school will want the higher figure including your husband's allowance. It is always difficult to know exactly what to write on the form where your payslip and P60 don't match, but the Counting House know what they need and will presumably base their calculations on the documents rather than the form.
-
- Deputy Grecian
- Posts: 455
- Joined: Fri Jun 11, 2010 11:57 am
- Real Name: Helen
- Location: Brighton
Re: financial disclosure and savings
That's what I thought. thanks.
-
- GE (Great Erasmus)
- Posts: 157
- Joined: Mon Feb 07, 2011 11:36 am
- Real Name: Fil Reid
Re: financial disclosure and savings
I am just curious to know why in the suggested scenario of having £100k in the bank in savings, the family would not be expected to liquidate the lot and use it for school fees. I think at some other schools offering bursaries, this would be the case. And I even read of one that was asking for equity in property to be used. Presumably in your main residence. Scary thought.
-
- Deputy Grecian
- Posts: 454
- Joined: Fri Feb 06, 2009 12:42 pm
- Real Name: Jo
Re: financial disclosure and savings
From the school website:
Meanwhile, for those current and new parents just filling in their financial declaration forms for September this year, it is very unhelpful to have no access to the Ready Reckoner. Last year, following a change in our family circumstances, there was a big discrepancy between the fees notified to us by Mrs Young and the estimated contribution we had obtained online ; it turned out that the Counting House had made a significant error in the calculations, but we'd never have spotted this if we hadn't been able to check their figures against the Ready Reckoner.
So who knows, perhaps from next year families with substantial savings or assets will be expected to use their capital to pay fees, rather than just the interest or income generated by these assets!Ready Reckoner
We are currently revising the methods by which we assess eligibility for bursaries and the Ready Reckoner is being updated to incorporate the changes that will be introduced with effect from September 2012. Should you have an urgent query, please contact our Contributions Assessment Manager, Mrs Janet Young
Meanwhile, for those current and new parents just filling in their financial declaration forms for September this year, it is very unhelpful to have no access to the Ready Reckoner. Last year, following a change in our family circumstances, there was a big discrepancy between the fees notified to us by Mrs Young and the estimated contribution we had obtained online ; it turned out that the Counting House had made a significant error in the calculations, but we'd never have spotted this if we hadn't been able to check their figures against the Ready Reckoner.