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Credit deflation and the reflation cycle to come (part 2)


spunko

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7 hours ago, MrXxxx said:

What about AAF?...from memory it seemed reasonable in SPs coma scores.

I'll have a dig up of the XL file when I'm on my PC tmrw.Jsut looking now.Goodwill is larger than equity.

With goodwill you have to have a proper dig as some brands are worth having and there's value in the brand name in some sectors,so I'd never write them off and maybe I'd put a small holding in as they offer access to an exciting market place of teh future.

Also worth noting that low equity levels are common across the sector.

BT compared below appear to be in better shape,intangibles will likely include some weighty IP and tech knowledge,so in time,we;'ll bulk up on BT and set a small runner off on airtel amongst others.

Dyor natch.

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Talking Monkey
4 minutes ago, Harley said:

Only for missed years.  That's what I meant by extra years - years extra to what you have paid - like for when you were working overseas. And time limits apply in which you can make such payments.  I did some a while back and want to do more.  

I think its straightforward you can check the missing years online, then ring them up telling them you want to pay, they send you a letter with what to pay, though you can only go back a certain number of years so if they were over 10 years in the past then you cant pay them

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17 minutes ago, Talking Monkey said:

I think its straightforward you can check the missing years online, then ring them up telling them you want to pay, they send you a letter with what to pay, though you can only go back a certain number of years so if they were over 10 years in the past then you cant pay them

I think the charge is about 750 pa to top up lost years. (I might be wrong not Che ked for a few years). You lose your student years as you're not working so there 3 or 4 gone if you went to uni for starters. 

I cant quite understand why anyone would volunteer to pay an additional tax now, for something you might get back at 67 (or 68 or 70 or 75 or maybe even not at all if they change the system). 

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Talking Monkey
6 minutes ago, Green Devil said:

I think the charge is about 750 pa to top up lost years. (I might be wrong not Che ked for a few years). You lose your student years as you're not working so there 3 or 4 gone if you went to uni for starters. 

I cant quite understand why anyone would volunteer to pay an additional tax now, for something you might get back at 67 (or 68 or 70 or 75 or maybe even not at all if they change the system). 

I suppose as an insurance policy in case you fuck up badly when you are old and run out of money

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7 hours ago, leonardratso said:

RE:SP, mine says i cant buy old missed ones when i was a contractor because they are too old, too long ago.

But... maybe someone can correct me, when i looked a coupla years back im sure the max for full SP was 30years, im on 33, but kept reading its 35years, is that correct did they add another 5 years on, or am i going biden with my memory.

Its 35 now.You can get free years if you look after grandchildren,specified chilcare credits,or simply go sole trader and sell one second hand shirt on ebay making £2.50 then on your self cert pay the class 2 stamp,about £160 a year,that gets you a years credit.No need to pay £700ish whatever for a year.Im on 34 years this year,but will claim the next 10 as childcare credits for my grandkids,just in case they increase to 40 years or allow you to get pension early with 40 years etc.

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5 hours ago, Green Devil said:

I think the charge is about 750 pa to top up lost years. (I might be wrong not Che ked for a few years). You lose your student years as you're not working so there 3 or 4 gone if you went to uni for starters. 

I cant quite understand why anyone would volunteer to pay an additional tax now, for something you might get back at 67 (or 68 or 70 or 75 or maybe even not at all if they change the system). 

Go sole trader self cert,make £2.50 a year profit but pay the class 2 NI on your self asses form,about £160 quid for a years credit instead of £750,no reason at all to pay £750,anyone can go sole trader ,HMRC might ask you to remove yourself after a few years if your not making anything,but even then youl have racked up a good few years on the cheap.Iv got NI from being 16 YTS must of counted in the 80s xD

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1 hour ago, DurhamBorn said:

Go sole trader self cert,make £2.50 a year profit but pay the class 2 NI on your self asses form,about £160 quid for a years credit instead of £750,no reason at all to pay £750,anyone can go sole trader ,HMRC might ask you to remove yourself after a few years if your not making anything,but even then youl have racked up a good few years on the cheap.Iv got NI from being 16 YTS must of counted in the 80s xD

Thanks for the tip. More info here. 

https://www.gov.uk/set-up-sole-trader

Now I know why there are so many off these people making home crafts  and selling at craft fairs 😂😂

I assume that if you earn less than your tax code you pay minimal nics and zero tax over the year. Then just top up the 160 at year end on their portal? 

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working woman

Re State Pension payments.

For the last 15 years i have been making regular voluntary top ups.

For diversity, I usually have two part-time jobs and have done so for the last 15 years.  I was told I needed to work 3 days in one job before I paid NI via payroll. I have usually done two days a week in each job.

It used to be so easy, you could ring up, ask if you had any gaps in your payment record, what you needed to pay and send a cheque off.

Now you make an enquiry online, they send you a letter with how much you owe and do an online transfer. 

I have never had to pay more than £250 a year. I can't remember what class I pay,  there is one specifically for voluntary contributions I think

My husband was a mature student in his mid-30's so we made sure to pay for his three year gaps as well.

You can only make-up gaps going back a few years. You have a few years to pay it at one price, then they increase it a lot and then there is a cut off date. 

Big problems are coming in the future.

Working as a Retail Sales Assistant used to be a full-time job. Now, (maybe thanks to Tax Credits), the contracts offered are for silly hours - 4 / 8 / 12 / 16 hrs. You are very lucky if you get 20+ hours, that is more for a more senior sales assistant role.  Many of my colleagues, myself included,  also have other ways of earning money such as cleaning, ironing, Ebay.

If I ever get into a conversation with a colleague about money, I let them know that they probably aren't paying any or enough NI to qualify for the full State Pension and that they can pay if they want to. All the ones I have spoken to are totally unaware.

 

 

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working woman
21 hours ago, NogintheNog said:

However lots of anger over Furlough, very unfair so I can see the rest of the plebiscite getting increasingly angry over that! 

I wouldn't get too angry as most people are not receiving a fortune. I work in retail and most of my sales assistant colleagues and myself are on 4/8/12hr a week contracts on minimum wage of £8.72 an hour. So on furlough at 80% that is £27/£55/£83 a week. Most stores have a Manager and Assistant Manager who are on good money and will probably get £300-350/week. To get to their positions they have worked hard for many years and paid their Tax and N/I. 

I did initially think that maybe the Govt shoud have given us a break from paying the basics, such as Utilities and Council Tax etc as they may have been cheaper, but based on the above, I think what they have done is the cheaper options for sales assistants.

I would rather be working and not going through the stress and uncertainity caused by this Covid mess.  Lots of my colleagues have had their hours cut, I was asked to cut mine on my last shift just before lockdown was announced. Luckily I said I needed to discuss it with my other half first. 

 If the company survives (it already went bust this year and set up a new company to carry on trading), there will be a consultation (due to being a large company) and redundancies in the New Year. 

As per my above post about the issue of Sales Assistants not paying any/enough NI, if they are made redundant, without N/I contributions for the last two years they will be shocked to find out they can't "sign on * ". What a flippin' mess.

* I have always worked, and only needed to "sign on" twice in my life for a few months max. Last time over 20 years ago. No idea how to go about it now.  I think I will start a new thread in the Covid Pandemic Thread "How to sign on".

 

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working woman

Been thinking about this for a while.......Here's one solution to the upcoming high unemployment problem. Why doesn't the Govt. change the age from when you can take your Private Pension from the current age of 55, back to 50, which it was a few years ago. I'm 54, my husband 52, it would suit us. He has been paying in since 18, so was very peed off when it changed from 50 to 55 as he sees it as his money. I tried to explain you rarely get something for nothing. (Tax Rebate)

Lots of wins:

Freeing up jobs for younger people, debt and mortgages may get paid down, people may downsize, freeing up houses for young families, good for people's health, can do voluntary work, time to set up a small business, lots of money to spend, plus the Govt. get their cut via Tax.   

Another contributor to the forthcoming "Roaring 20's".

I wonder if they will do it. I bet they are thinking about it. 

I guess share prices will go down in the short term. 

Hhhhhhmmmmmm.......

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5 hours ago, DurhamBorn said:

Go sole trader self cert,make £2.50 a year profit but pay the class 2 NI on your self asses form,about £160 quid for a years credit instead of £750,no reason at all to pay £750,anyone can go sole trader ,HMRC might ask you to remove yourself after a few years if your not making anything,but even then youl have racked up a good few years on the cheap.Iv got NI from being 16 YTS must of counted in the 80s xD

@DurhamBornThank you so much for this information... I was looking to pay back some of the years that I've missed, and this could save a fortune.
I've done a bit of research and apparently I can do this even though I'm non-resident in the UK.
So, presumably...
1. I set up an ebay account.
2. Set myself as a sole trader with the address of a family member
3. Buy some tat over here (Taiwan) and sell it on ebay.co.uk
That's it? Almost sounds too easy!

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geordie_lurch

Just a heads up for those looking to make up missing National Insurance contributions from years gone by for the state pension.

It seems the Government changed the rules and HMRC told me on the phone today that even though I can see an amount to pay online to make up some shortfalls in the past, the recent changes mean any of these pre 2016 will likely not count anyway! The lady was really helpful and was willing to give me a 18 digit reference number to pay them but said best to check with the pensions service first who I tried to ring but aren't dealing with any enquiries unless you are within 6 months of retirement :wanker:

More here for those like me who didn't know any of this: https://www.moneyadviceservice.org.uk/en/articles/the-state-pension-rules-and-changes-explained

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RDSB and BP both with massive spikes

14 minutes ago, leonardratso said:

wtf happening to every chart i look at, they all gone vertical

 

Looks a lot like people are selling gold and silver to buy oil this morning

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whats the vaccine new? i didnt see anything major?

edit, ah, pfizer - sorry i just got up, got work texting to see if im alive still. hahaha.

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Pfizer have developed a 90% effective vaccine, news came out a few hours ago.

Gold and silver prices have both nosedived, as people liquidate assets to reinvest in equities I imagine.

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working woman
6 hours ago, DurhamBorn said:

Go sole trader self cert,make £2.50 a year profit but pay the class 2 NI on your self asses form,about £160 quid for a years credit

DB - Thank you for that. I know you have posted about it before. ,As well as a p/t retail job, I also became a sole trader last year, a small cleaning business. I know I need to pay NI for that but haven't got round to sorting it out yet. I think my first Self Cert Deadline is January 2021 and may have been extended due to Covid.

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working woman
36 minutes ago, geordie_lurch said:

Just a heads up for those looking to make up missing National Insurance contributions from years gone by for the state pension.

It seems the Government changed the rules and HMRC told me on the phone today that even though I can see an amount to pay online to make up some shortfalls in the past, the recent changes mean any of these pre 2016 will likely not count anyway! The lady was really helpful and was willing to give me a 18 digit reference number to pay them but said best to check with the pensions service first who I tried to ring but aren't dealing with any enquiries unless you are within 6 months of retirement :wanker:

More here for those like me who didn't know any of this: https://www.moneyadviceservice.org.uk/en/articles/the-state-pension-rules-and-changes-explained

GL - Thank you for that. I'm not suprised. It seemed to good to be true to only be paying a few hundred pounds in voluntary contributions to make up the gaps. I did have a letter from them in the last couple of years saying I had paid in about 34 years, but will now double check. Don't even get me started on SERPS. I think that is even more complicated. 

I am not banking on getting to State Pension age, as both my parents died in their early 60's, but will continue to pay in on the off chance.

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If David Hunter is right, then after today's rises, possibly 6%, there's another 34% to go and silver to $35.

Then there's the 80% drop from the all-time high for equities

I thought the rises were a mistake when I first logged in.

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