Recording summary · December 2023
[2023-12-01] my Financial Situation is NOT looking good [a7iWbGzGeI0]
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Overview
Daniel received a tax assessment requiring payments of £5,793 for 2021, £1,500 for 2022, and an estimated £700 for the subsequent year by December 28, bringing total owed taxes to £15,000, having previously paid £7,600 using borrowed money from his mother.
Daniel plans to settle the tax liability by liquidating stocks and selling tech devices like a phone and laptop, while contesting the advance tax, keeping £10,000 reserved for potential penalties, and awaiting a determination regarding 2019 UK tax residency.
Daniel reflects on financial management, embraces a minimalist approach to curb future taxes, and considers contingencies like staying home for over six months or working at a petrol station if penalties wipe out savings, while anticipating it might take until 2025 to restore net worth.
Daniel reflects on alternative expenditures such as a five-year Thai Elite Visa or travel to Japan, maintaining a goal to eventually purchase an abandoned house (akiya) in rural Japan for $5,000 to $10,000 after rebuilding funds.
Themes
Tax balance and payment deadlines
Stock portfolio and planned asset sales
Selling personal tech gadgets
Debt repayments to Daniel's mother and cash flow projections
2019 UK tax residency status review
Adopting minimalism and future travel plans
Developments
Tax authorities sent an email detailing tax check findings and outstanding balances to Daniel.
Daniel paid £7,600 toward tax obligations using funds borrowed from his mother.
Daniel received an assessment specifying £5,793 owed for 2021, £1,500 for 2022, and £700 estimated for the next year, payable by December 28.
Uncertainties & gaps
Whether the tax residence team will conclude Daniel was a UK tax resident for the 2019 tax year.
Whether tax authorities will impose penalties on top of interest charges and the £15,000 tax balance.
Whether Daniel's mother will require rent payments while staying at home for a family wedding.
Daniel remains uncertain about how to regain entry into Thailand after departing.