Verification of income for bursary

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PrettyWoman
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Verification of income for bursary

Post by PrettyWoman »

Hi - quick question.

I am completing a statement of financial circumstances form, hoping for a bursary. I am self-employed and in the box marked verification of income it asks for documentary evidence in support of the income figures.

It asks for the self assessment tax calculation for y/e 04/2009. Now as my tax return is not due until 31st Jan I have not compiled the figures yet. I always submit on-line and for the last few years I usually submit on the 28th/29th Jan. It takes me about a day to pull my figures together and so its usually the last Saturday before year end when I do it. I am a childminder, everything is on my laptop and nothing is particulary complicated. I just have to create the spreadsheets. I don't use an accountant as my accounts are very basic.

This form has to be in by 22nd January and I don't have time to pull together the spreadsheets and submit my tax return to be able to provide it. Should I send last years which I can pull off the IR website and say this years will follow when I have submitted it? In terms of income there will not be much difference.

This is harder than I thought and I now wish I hadn't left it until 3 days before deadline :roll:
I used to be plain, but when I married Mr Pretty I became PrettyWoman and now have 2 Pretty children!
Ed's mum
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Post by Ed's mum »

Should I send last years which I can pull off the IR website and say this years will follow when I have submitted it? In terms of income there will not be much difference.
I'm not self-employed, but I think that is what I would do - if it was impossible to provide the more up to date figures. I would also probably contact the bursar for advice.

Good luck.
T.i.p.s.y

Post by T.i.p.s.y »

I don't know either but I have always noticed that they normally ask for last years paye tax slip, so that would be ending in April 09. So would send in the slip May 08- Apr 09. I would send in the previous one with a letter of explanation. It's actually rather silly that the bursar hasn't worked out that this would be a problem. :? Hope the outcome is good! :)
PrettyWoman
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Post by PrettyWoman »

Thanks - having just printed off last years tax return, all 14 colour pages of it - I looked at the accompanying notes!

It says - provide as much documentary evidence as is available at the time of the application. Please note if any evidence is not available at the time and forward it in due course but do not delay the submission.

:oops: Doh - if only I had a brain I would have read that before posting on here. Still somebody else might read this and not feel quite so silly as me. Guess I'll be doing my tax return this weekend then :(
I used to be plain, but when I married Mr Pretty I became PrettyWoman and now have 2 Pretty children!
yoyo123
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Post by yoyo123 »

aaarggghh!!!!!!!!!!

tax returns

I am a master of prevarification, but really must get on with it.
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PrettyWoman
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House contents

Post by PrettyWoman »

Me again. I have now got to capital assets. The question asks for approximate market value of other possessions including house contents, car, collections, paintings, jewellery etc

Our house contents are insured for £30,000 as this is the standard amount on the policy. Do I put this figure in this box? We don't have collections, paintings (except ones from Next) or jewellery. It then asks why we can't use our assets to pay fees. The house contents are all pretty essential things like beds, sofas, towels etc etc. So do I say that it would be unreasonable to expect us to sell out house contents. We have to send a copy of the house insurance certificate as well.

It also asks about life assurance and why we can't use that to pay fees but ours only pays out if 1 of us dies so is it reasonable to say that we are not prepared to die to pay fees?

Have I been filling this form in for too long now? :wink:
I used to be plain, but when I married Mr Pretty I became PrettyWoman and now have 2 Pretty children!
Ed's mum
Posts: 3310
Joined: Mon Aug 13, 2007 11:47 am
Location: Warwickshire.

Post by Ed's mum »

No, I never put the sum insured. I tot up the things they ask me to include. It never comes to anything like that!

Just say that the life insurance does not include fee payments. To be honest I don't really understand that question.
T.i.p.s.y

Post by T.i.p.s.y »

This is odd! We filled in an Eton bursary and they asked for house (don't have one) value, car make and condition and if we had any valuables but not house content value and never why can you not pay fees from life insurance.

Just asked OH and apparently you can sell your life insurance policy. So for example, lets say it would be worth £500k on death, you can sell it to a company for £100k and on death they will get your £500k. Not sure the ins and outs to be honest but I suspect, like most people, you haven't had it long enough for it to be viable.
PrettyWoman
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Post by PrettyWoman »

Didn't even know you could do that with life assurance. Ours is a decreasing term so that it pays off the mortgage if one of us went :cry:

At least that way the remaining family still have a roof over their head.

Anyway I'm off to bed now and going to look at this again tomorrow. Luckily OH can drop it in on Friday as school is round the corner from where he works - one of the reasons we like it :)

Thanks for all your help - I'm sure there will be more questions tomorrow!
I used to be plain, but when I married Mr Pretty I became PrettyWoman and now have 2 Pretty children!
PrettyWoman
Posts: 112
Joined: Tue Oct 14, 2008 10:04 pm
Location: Tewkesbury, Gloucestershire
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Post by PrettyWoman »

I finished the form. I've put it in an envelope with all the supporting documents.

I'm now worrying - did I write too much or not enough in the 'additional details' box.

Basically I gave our reasons for wanting to send DS1 to the school rather than our local comprehensive. I stayed within the box so didn't gush and I decided against sending a covering letter as they didn't ask for one.

The form was 10 pages so if they want any more information I'm sure they will ask for it.

Just got to get DS1 through the test now, there has been no mention of an interview so I don't think they do them at this school. One less thing to worry about anyway!
I used to be plain, but when I married Mr Pretty I became PrettyWoman and now have 2 Pretty children!
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