Doing a budget is a positive and important step
Please fill in the following details. We do not save the information you add to Your personal details. You will need to re-enter this information each time you load the budget.
If you live with a partner, only add their details here if you are dealing with your debts together.
This section should only be completed if you have a property that you rent out to other people. If you have more than one property please make sure that you add each property separately. If you have 10 or more properties please do not compete this budget and speak to an accountant to calculate your post tax income before calling us for advice.
IMPORTANT – There are specific Tax rules for rental properties. If the mortgage on your rental property is a Capital Repayment Mortgage you will need to know how much of your monthly repayment goes towards the capital of your mortgage, and how much goes towards interest. If you do not know the split for this then please do not complete the budget until you have spoken to your lender to find out as it will affect the tax calculation. If you are not sure how to complete this section please call us for advice first
Do you have any buy-to-let properties?
This section looks at the income received by your business.
Use your business accounts, books and bank statements to work out how much money you have taken in sales over the last three months. Do not include money for work you have done or things you have sold but have not been paid for.
If your business is seasonal or has large differences in income from month to month, you may want to look at your business income over a longer period (up to a maximum of 12 months). Don’t forget to change the How often? box to show the total number of months you have used to work out your business income.
The budget will automatically change your income to calendar monthly at the end of this section.
Work out your business outgoings (costs) over the same period you used to work out your business income in the last section. This means if you used your previous three months’ figures in the last section, you will need to use the same three months in this section.
Don’t include any payments to debts or arrears in this section.
Only use this section if your business needs to keep the banking service or you have a debt with the bank that is secured against goods or property.
Fill in this section if you employ other people
This section is for business transport costs only. Do not include any personal travel expenses.
The budget estimates how much tax and National Insurance you will have to pay. This amount should be set aside every month to pay your tax and National Insurance bill.
Speak to a bookkeeper or an accountant for a detailed calculation of your personal tax liability.
Most people use a tool like this to work out their tax and National Insurance automatically. However in some situations, your tax and National Insurance is worked out differently. This includes if you have a buy-to-let property, you pay tax through the Construction Industry Scheme (CIS), you have more than one job, you are over State Pension age, you are a foster carer or you are a fisherman. If this applies to you, use the Change? checkbox next to the Amount box. Before doing this we recommend that you contact us for advice. Your adviser will help you work out what tax and National Insurance figures should be put on your budget.
This section shows the amount your business can afford to pay you. This is based on the details you have provided and our estimate for tax and National Insurance.
If your business outgoings are more than your business income, the business will not be able to afford to pay you anything. Check whether you can increase your business income or reduce your business the outgoings.
Include all types of income coming into your household.
Remember to include any dividends you receive from the limited company after deductions for tax.
If you live with your partner and you are not dealing with your debts together, contact us for advice about completing this section.
If money is being taken directly from your benefits to repay debts, for example rent or council tax arrears, contact us for advice.
Assets are things like savings or the value of property such as your home or car.
Creditors will not normally expect you to sell these to pay off your debts but it is a good idea to show that you have at least considered this option.
If you live with a partner and you are not dealing with your debts together, contact us for advice before completing this section.
If you have added any additional outgoings when previously working with the budget sheet, can you sum the values and add them into that section's Other amount box.
Don’t include any payments to debts or arrears in this section.
If you live with a partner and you are not dealing with your debts together, contact us for advice before completing this section.
If you have added any additional outgoings when previously working with the budget sheet, can you sum the values and add them into that section's Other amount box.
Don’t include any payments to debts or arrears in this section.
We will tell you if your spending seems higher than average.
* Your communications and leisure outgoings seem higher than average. Double check your figures. If they are correct, it will help to let your creditors know why your outgoings are higher than average in this area.
Enter the information in the box below. These notes will appear on your budget.
* Your food and housekeeping outgoings seem higher than average. Double check your figures. If they are correct, it will help to let your creditors know why your outgoings are higher than average in this area.
Enter the information in the box below. These notes will appear on your budget.
* Your personal costs outgoings seem higher than average. Double check your figures. If they are correct, it will help to let your creditors know why your outgoings are higher than average in this area.
Enter the information in the box below. These notes will appear on your budget.
You can include an amount of money for savings in your budget. This can be up to £25 if you have enough money left over. So if you have £25 left, you can save up to the whole £25. If you have £5 left over, you can save up to £5.
The £25 per month cap applies to your whole household. A single adult can save up to £25. A couple can also save up to £25, they do not get to save £25 each.
Priority creditors have stronger powers to get their money back than non-priority creditors and so must be dealt with first. Common priority debts include rent, gas, council tax and income tax. When you add a priority debt, click in the debt type box for a list of priority debts to choose from. If you are not sure whether you debt is a priority or a non-priority, contact us for advice.
Non-priority creditors have less power to make you pay. Common non-priority debts include credit cards, unsecured loans, unsecured overdrafts and catalogues. When you add a non-priority debt, click in the debt type box for a list of non-priority debts to choose from. If you are not sure whether you debt is a priority or a non-priority, contact us for advice.
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Use this space to tell your creditors anything else that you think they might need to know. These notes will appear on your budget.