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lashely
12-01-2014, 06:33 AM
Hi

I am new to this and am wondering if you could give me advice on when tax has to be done and how to do it?

I've done my finances they are up to date with the PACEY book thing but honestly don't have a clue!

ja-lula-belli
12-01-2014, 07:47 AM
I am in the same board. Jumping in on thread. Thanks lol x

Ja-Lula-Belli Childminding

MessybutHappy
12-01-2014, 08:40 AM
When did you start minding?

tinka77
12-01-2014, 09:05 AM
If you do your accounts on paper then 2012-2013 accounts had to be into the taxman Oct 13. Online submissions need to be submitted by 31st January 2014

Smiley
12-01-2014, 09:14 AM
I'm assuming you have informed the tax office of your self-employment status. If so, you should receive a tax return in the post in April.

Simona
12-01-2014, 09:38 AM
It also depends when your tax year starts and when it finishes
As an example mine starts 6 April and ends March so my tax return is filed by the accountant after that...other CMs will have different dates.

It would be good if you could access a short training just to get you started...tax returns are important and a bit tricky but once you know what to do it should be easy
Many associations have webinars for initial training....some LAs still have IR training sessions...l would do a little research

lashely
12-01-2014, 09:44 AM
Thanks I started April 15th last year and tax year runs April to march.

I have registered self employed and do paper finances. Will I get tax return through the post?

I'm online now but it's so confusing as to what I have to do etc

Kiddleywinks
12-01-2014, 10:02 AM
If you started on the 15th April last year, you are still in the current tax year (2013 - 2014) which ends on 5th April this year, so you don't need to be panicking about filing by Jan 31st as that deadline is for the 2012 - 2013 accounts.

Step away from the computer :laughing:

lashely
12-01-2014, 12:45 PM
Haha oh thank goodness I've been worried sick!!


So will they send what I need in the post or will I have to hunt it out anyway?

Ill be looking for a course to help me out as its so confusing!

ja-lula-belli
12-01-2014, 12:49 PM
If you started on the 15th April last year, you are still in the current tax year (2013 - 2014) which ends on 5th April this year, so you don't need to be panicking about filing by Jan 31st as that deadline is for the 2012 - 2013 accounts.

Step away from the computer :laughing:

Can I ask too? I started Oct this year. So when would I need to fill out my Tex return by?

Ja-Lula-Belli Childminding

tulip0803
12-01-2014, 12:54 PM
Haha oh thank goodness I've been worried sick!!


So will they send what I need in the post or will I have to hunt it out anyway?

Ill be looking for a course to help me out as its so confusing!

Our local tax office were very helpful and used to run short courses on accounts and the self assessment form. Maybe yours does too? Our Childminder Worker will also help newly registered childminders (if your LA still has them). If you are a member of Pacey they have been running Webinars with HMRC.

You will be sent notification in the post in about May. You can either use a paper based form that has to be returned by end Oct 2014 or you can register on government gateway on-line and they will send you sign in details by post, this can be submitted by end Jan 2015. They are very simple you only need you total income, your total expences (including 10% wear and tear) and your income after expences and it will work any tax out for you :thumbsup:. If you are at a loss you can carry over to next year to reduce any tax:). If you have any other income - 2 nd job etc you can put that on too

Chatterbox Childcare
12-01-2014, 12:57 PM
I would advise running your tax year from your start date to 31st March and then 1st April to 31st March each year. Much easier than working out part income and part expenses in the final and first months

tulip0803
12-01-2014, 12:59 PM
Can I ask too? I started Oct this year. So when would I need to fill out my Tex return by?

Ja-Lula-Bell*****minding

If you have registered as self employed you will also receive notification around May 2014 - If you choose to do paper form you have to submit between then and end of Oct 2014. If you choose to do on-line you can register on government gateway (they send sign in info by post so leave plenty of time to receive them) and submit by end of Jan 2015. If you are at a loss rather than profit you can carry over to next year to reduce you tax liability next year

Agree with chatterbox above do a short year this year Oct- end Mar