Be Excellent To Each Other

Just doing something on my blog and I need to double check I have the terminology right. Am I right in saying the following:

owe my creditors - Anything I owe to anybody else, loan, mortgage, credit card, HP, whatever comes down as "owed to creditors".

Assets - Anything I physically own, house, car, oil paintings, rare stamps. Even if I haven't finished paying it off (therefore a mortgage on a house is both owed to creditors, but also an asset).

tax liabilities - Amount tax man says he owes me, whether he is right or not (I might be in dispute)

Pension fund - If my pension fund is worth £1m, what exactly does this mean? I can draw a pension of £1m per year?

Owed to creditors and assets are fine. Tax liabilities - I'm not convinced that's right. ApplePie is your man there.

Your total pension fund is £1m. What you usually do is then 'buy' a combination of lump sum and annuity using this figure. Eg. You might get a £100k lump and then £30k pa until you die. It all depends what the fund offers.

If the tax man owes you it's an asset not a liability.

Tax liabilities are the amounts you are liable to pay the tax man.

I think that's probably what he meant to say

If it's in dispute, it's probably not worth counting as either a liability or an asset - unless you're certain what the dispute outcome will be.

The tax man wins. Always.

Tax liabilities - What I reasonably believe I owe the tax man (or he owes me).


Under self assessment its up to you to determine what you owe and them to challenge it, and you also have to pay in advance, so the odds of HMRC determining you owe a significant amount tax are low, compared to you taking a view that you owe X, unless you've screwed up or are behind on payments.

I had a somewhat insane tax situation last year where I managed to pay both too much and too little tax in the same year. I've got a tax code this year that means I pay less tax to make up, and then one next year which means I pay more.

It-a make-a no sense!

Under assets, you should put down your eyes. You have lovely eyes, you know.

It was!

Cheers. To the Blog-o-Tron!

OK, then.

Based on the exploits of Sean Fitzpatrick, find out how much you can borrow before declaring yourself bankrupt and walking away.

What a cunt!How can you be bankrupt with that many assetts?

Somehow got assets of €50m. That €50 includes €45m of "investments".

His salary over 7 years was just over €2.5m.

Bloody hell! That quote at the end of the calculator is ridiculous as well. I can't believe we thought Fred was bad.

Shocking.

No wonder the world is fucked.