August 2012

What Can a Bailiff Take

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What Can a Bailiff Take
One of the scariest aspects of debt is the bailiffs and this is the real manifestation of the debt nightmare. You’ve failed to pay off your debts, and now you have someone at your door threatening to take away the things you love the most. Avoiding this at all costs is of course crucial, and it’s very important that you know your rights with regards to having your items taken to pay off your debts.
Debts that can be referred to bailiffs include those that are subject to a county court judgment, tax debts such as poll tax, council tax and self employed tax, and this will be preceded by a distress warrant. The bailiff will then have the legal rights to enter your home and take your belongings.
However the bailiffs will not have the rights to take all of your belongings and its important to know about these. For instance the bailiffs may not take anything that does not belong to you – so that means rented DVDs or the book your friend lent to you. While it’s risky, if you have a friend who is happy to help then now might be the time to …

January 2012

How to Pay Less Taxes

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How to Pay Less Taxes
None of us enjoys taxes, and each time we get sent a bill, or see them printed on our wage slip this hurts quite a bit. However while no one enjoys tax, for some of us it is even worse than it is for others. For those in debt, specifically taxes are the last thing we need and this can sting particularly badly each time we have to part with the money that we badly need.
There are countless places our taxes come out, but thankfully there are some ways you can reduce your costs and pay less taxes thereby saving more money to use for other things. Here we will look at how to pay less taxes and where precisely we are losing the most money.
Council Tax: Council tax is tax you pay for having or living in your property. The concept is that you are living in a property in a certain area and that means that you will be enjoying the amenities and benefits in that area such as roads pavements clean streets and public toilets. Thus you’re paying for that.
This is also based on your property however, and it is thought that those …

May 2011

Claiming Back on Your Tax Return

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Tax Return Check
If you’re self employed and in debt then like anyone else it is highly important for you to start looking at ways to reduce that debt and pay back what you owe. The good news is though, that as someone who is self employed, you also have a few advantages over other people struggling with debt and can use a range of techniques that take advantage of your position to get you back in the green. For instance those who are self employed can save a lot of money on their taxes – and by claiming back various expenses it is possible to drastically reduce the amount you owe at the end of the month.
However it is also important here to make sure that you do not try to claim back more than you are entitled to, and that you can back up all of the claims you make. Otherwise you can find yourself getting audited and having to pay back more of that tax at a later date – in other words you can find yourself in more debt instead of being better off.
So how do you decide which taxes you can claim back when …

April 2011

What Taxes Are For

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What Taxes Are For
When we look at taxes and their various guises (council tax, road tax, income tax, value added tax etc etc) it’s very easy to get frustrated by these things. Tax at this point seems like the bad guy and we dream of a world where they didn’t exist.
However what can soften the blow of taxes is to know where they come from and what taxes are for – so we at least realise our money is going to a good cause and that the alternative wouldn’t be a whole world better.
Essentially to answer the question of what taxes are for, all you need to do is to look around you. If you’re in an urban area then you are going to see roads, pavements, monuments, phone boxes, bins and more. Of course this stuff didn’t just magically appear and left to its own devices it would rapidly deteriorate. Thus in order for all those things to stay use-able, it is necessary for the local council to have the money to buy the raw supplies and pay for the labour. These are your council taxes and things like road tax. That’s just a small part what taxes …

March 2011

Financial Modelling and Your Tax Return

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Financial Modelling and Your Tax Return
Tax returns are a stressful time for anyone who runs their own business or is otherwise self employed. Essentially this tax is a debt that you have to pay off at the end of the year and it’s normally a very significant one. You can put money aside in the hope that you will be able to pay this tax debt off very easily, but in many cases you will find yourself getting a nasty shock when the amount comes through and often this tax debt can become a real debt as we are forced to borrow money to pay it off – and this then can become a slippery slope that sees our finances really start to struggle.
As a result it’s crucially important to think about your tax debt before you have to fill out and pay your return. One good way to do this is with something called ‘financial modelling’. For those who are not familiar with that term, financial modelling is essentially the act of creating ‘models’ of your finances in spreadsheets, financial modelling software or programming languages. From here you can then change the data to see how you …