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View Full Version : gross income versus net?



Bluebell
28-10-2013, 10:58 PM
If you had to 'guestimate' your net income versus your gross what would you say it would be 25%? more? less?

I know we take 10% off straight away for wear and tear and I reckon we must take off at least another 10% off for other costs - household costs, mileage, resources, outings, professional memberships.

I know it varies from year to year and childminder to childminder but what would you say is yours - if you wanted to estimate what your actual income is?

( I would go by last years tax return but it was pretty poor and I'm hoping I'm earning more this year.)

Also for purposes of your own time and effort spent on paperwork, cleaning etc do you include that time when you look at what your income is? We are obviously not getting paid for training courses, professional development, meetings and paperwork but that is part of our job - time we have taken that if we were employed it is likely we would be paid for?

janminder
29-10-2013, 06:49 AM
I completed my tax form a couple of weeks ago and after deducting everything found that my outgoings were virtually 50% of my earnings :( If I was working out hours spent on childminding I would include all the preparation time, clearing up time, going to courses etc.

Tazmin68
29-10-2013, 07:42 AM
A long time ago a coordinator once said that around 40-50% is the figure that inland revenue are fine with anything over 60% might trigger a tax inspection. It is only what I was told once. My petrol usually is around £30-40 a week. I look after children with special needs under the 2 year funding and pick them up and drop them home and because of the pick up and drop off times I therefore have to use the car also for school runs to pick up mindees and drop them off so I am able to put through fuel costs. I add group fees. The difference between house insurance to cover childminding and yes I do find there is a difference.

Deb