I'm gutted!

[pirateship]

I'm gutted as I've just done my accounts and I have to pay £1600 tax! I even called the helpline because I thought I'd done something wrong but apparently its because I was employed for the first half of the tax year - still don't really understand.

I've been really good working out each month how much tax I should have to pay since I've been childminding and after expenses it worked out that I shouldn't have to pay any and so I haven't been saving anything for tax since I started.

How stupid am I?! Now I have to find £1600 from somewhere, that's £200 a month from now until it's due. Gutted!

[Pipsqueak]

It might be worth contacting an accountant and getting them to do it - they might be able to "lose" more into your accounts and you pay less tax. Thats what accountants are very clever at doing!:D

[crazybones]

I agree the cost of an accountant verses £1600 might definitely work in your favour. Good Luck.

[pirateship]

Can you claim back the cost of an accountant?!

[miffy]

I agree with the others - get an accountant

Don't think you can claim back the cost but it should be a lot less than £1600 tax bill

miffy xx

[pirateship]

I've only been childminding since September so do you really think an accountant would be able make a difference? I use an NCMA accounts book so everything has been accounted for.

[crazybones]

Have you looked through the threads on Tax and expenses on here though. There might be loads of stuff you havent thought about.

[sarah707]

From what you've just said the problem isn't with childminding accounts is it??

If it's with money you've earned from working then the problem is that you've got to pay tax on your total income for the year ... you've paid tax on your earnings from your employer but they have pushed you over the taxable earnings limit for your childminding... am I reading it right?

You pay tax on everything over £5k and unfortunately being employed you've already earned more than that, so every penny you've earned as a childminder is taxable...

If that is the case and you've got your childminding money down as much as possible, then you might not be able to do much more ... but it's always worth trying!!

You should be losing around 2/3 of your childminding income to expenses ... if you are not, then take advice :D

[Alibali]

Remember that although you have that amount to pay, that will be for the whole year and you will have paid some of that already when you were employed. So you can deduct the tax you have already paid from this amount. Hope this makes sense.

Ali x

[Pipsqueak]

Think I have seen an ad for Childminding accountant either on this site and I know there is defo one in the NCMA handbook or the accounts book (phone number)

Yes you can claim back the cost of an accountant.

Might be worth a try:D

[Lou]

I used "only childminding" accountants this yr, they advertise in who minds and also in back page of ncma accounts book.

I should have paid about the same as you, he got it down to £33!!!!!!!!!!!!!

Well worth the £70 he charged me!!!!!! oh and yes thats tax deductable too

I would definatly look into it

[buildingblocks]

Can you claim back the cost of an accountant?!

yes you can it is a legitmate exspense as you wouldn't be employing him otrherwise

I use Brian of Only Childminding

[Pauline]

We have a Forum Friend, Jenny, who is an accountant and works only for Childminders, I'm sure she would be able to help you, nothing to lose in dropping her an email is there?

http://www.childminderaccountancyservices.co.uk/