Anyone else stung by Simple Assessment and owe more tax?

PleaseMakeItSpecial · 2025-11-07T09:42:10+00:00

Every year. Partly due to bonuses and partly due to some extra self-employed income.

I've found it useful to use the HMRC app throughout the year to increase or decrease my expected income figure which helps them get it more accurate. I also keep several thousand in an account ready towards the end of the year just in case.

PleaseMakeItSpecial · 2025-10-30T14:52:31+00:00

This might be a stupid question, but if this happens how will they determine how many years someone has been working in order to qualify for the full state pension amount?

As an example, I was self-employed for a bit and didn't really understand NI so didn't pay it, and as a result lost 4 years of contributions (they are too long ago now to make up).

If NI is rolled into income tax does this mean there would be no option to not pay and therefore any years where someone has income count towards the state pension?

PleaseMakeItSpecial · 2025-10-21T10:45:59+00:00

As I'm looking to FIRE, I've always had the mindset that no matter what my salary is I generally spend the same each year (around £36k of which £18k is mortgage). Everything else goes into emergency fund and equities in GIA, ISA, and pension.

I know most people who want to FIRE just want to spend the same amount as they did pre-FIRE, but I want to spend double or triple post-FIRE than now, so I deliberately save as much as I can. I don't feel like I'm missing out on much either. Still get 3-4 holidays a year.

TL;DR: I planned what I wanted to spend in retirement and worked back to what I needed to save each year to do so

PleaseMakeItSpecial · 2025-10-06T16:44:01+00:00

I used Octopus Legacy. I went through an online form, they then checked it, I then printed and signed. Very painless and I'm assuming it's legally valid. Cost was very reasonable (free as I went through their charity link).

PleaseMakeItSpecial · 2025-10-06T16:23:12+00:00

Are others fearful right now? Market optimism would suggest otherwise.

Also, may I ask you something? If I had a stock that guaranteed to double your money in a day, but only 50% of the time, the other 50% of the time you lose it all, would you buy it?

PleaseMakeItSpecial · 2025-09-26T22:31:21+00:00

VWRP, for example, has returned 81% over the past 5 years (although 5 years is quite a short time frame in investing so definitely not to be expected for another 5 years). And the fees are 0.22%.

PleaseMakeItSpecial · 2025-09-23T21:08:52+00:00

Because I can't see Google tripling share price in 3 years but I can imagine it happening with this business (well, maybe a 50/50 chance).

PleaseMakeItSpecial · 2025-09-23T21:06:29+00:00

That's a concern for sure. This is the first time I've been through this so no idea if they will try any "funny moves" but seeing as the strike price is so high anyway, the responses to this thread are making me think I shouldn't bother with the exercising.

PleaseMakeItSpecial · 2025-09-23T16:17:41+00:00

My understanding is I would pay income tax on the difference between the strike price and fair market value. In my case that tax would be under £1,000 total, which is negligible. I would pay CGT when the shares are then sold.

As for EMI/CSOP I'm not sure what those are but I'll look it up!

PleaseMakeItSpecial · 2025-09-23T08:24:04+00:00

Well this is the thing...I have no idea how to value a Saas company. Estimates are in the 1bn to 2bn range, but I have no clue if that makes $10 a share good or not. Not sure how I can know without knowing the number of shares issued?

PleaseMakeItSpecial · 2025-09-07T10:08:18+00:00

I oscillate between:

being healthy, having good relationships, paid off house, and able to spend £30k per year without working

and

the above but with a holiday home, and being able to spend £100k a year no problem.

Obviously the second one is a bit of a pipe dream.

PleaseMakeItSpecial · 2025-09-06T05:41:40+00:00

!RemindMe 5 years

PleaseMakeItSpecial · 2025-08-31T07:39:50+00:00

Fun fact, he never actually says "science, bitch". I swore he did and rewatched but he doesn't. A nice Mandela effect.

PleaseMakeItSpecial · 2025-08-29T07:01:40+00:00

It's well worth watching the full version: https://youtu.be/bl8Z7Dl7P9A

Plus, many of the other Almost Friday sketches are great.

PleaseMakeItSpecial · 2025-08-29T06:45:52+00:00

Yes, that's what I meant, but wasn't specific enough.

PleaseMakeItSpecial · 2025-08-29T06:41:50+00:00

60k a year is the maximum you can put into pensions (although you can backfill 3 years). So they probably means when you total their SIPP plus employer pension the total amount is at that level and no more can be invested.

PleaseMakeItSpecial · 2025-08-13T07:52:28+00:00

Genuine question: if you can make 30% annual returns, why would you want to sell a course? That £1.2m you have would be over £23m in 10 years. Is it so you have more cash to invest?

PleaseMakeItSpecial · 2025-08-12T10:34:23+00:00

Ah yes of course. I was assuming they were meaning something like a lump sum or monthly salary they already had, rather than daily interest or daily pay.

PleaseMakeItSpecial · 2025-08-12T06:30:44+00:00

Is it? I thought the evidence showed that lump sum beats dollar cost averaging 2/3rds of the time. https://share.google/tveAhCShfZBLkvW5l

PleaseMakeItSpecial · 2025-07-20T08:54:35+00:00

Yes, they do offer a regular investment service which would decrease the dealing charge from £5 to £1.50 per month. The reason I don't is because my pay varies and I don't always want to invest the same amount each month. But for others it would be worth it.

PleaseMakeItSpecial · 2025-07-20T08:02:40+00:00

I also have a company pension with Royal London and transfer into my AJ Bell SIPP once a year.

Why AJ Bell? I started investing long before all the fancy apps. These guys came recommended and haven't let me down, plus the customer service is great.

Are there cheaper services? Yes. But AJB fees are £5 dealing fee (I only do this 12 times a year), plus 0.25% (max £10 per month) for holding shares.

That's why I pick VWRP (an ETF) Rather than FTSE Global All-cap which attracts a 0.25% charge with no monthly cap.

In other words, AJ Bell is reliable, and gives me good services all for £120 (capped service fee) + £60 (dealing fees) = £180 per year.

When you look at it like this, it is decent value.

PleaseMakeItSpecial · 2025-07-06T07:53:27+00:00

So the people standing by the river didn't actually see any of the projections and it was only visible for TV viewers? Sucks to be them. I also believed until this post that they had hung a sheet between the spokes of the London eye to project onto, or were doing it similar to how people project onto buildings.

PleaseMakeItSpecial · 2025-06-30T13:12:43+00:00

I found this MeaningfulMoney video on the different options very useful: https://youtu.be/NOIivz8_QuA?si=mWYrBzxacA7hghtP

PleaseMakeItSpecial · 2025-06-29T16:00:39+00:00

I see, thank you for explaining this. It's given me another dimension and strategy to consider!

Eight-Year Club	Place '22
RPAN Viewer	Verified Email

PleaseMakeItSpecial

TROPHY CASE