Accounts LIttle query

[mummyemma]

Hi all

I have just been looking through the accounts book that came with my pacey registration and cant see how you can add costs you may have already incurred like buying toys, so set up costs really ?

ant ideas ! does this just get added to your tax return or something ?

Thanks Emma

[loocyloo]

its a looooooong time ago that I started,

but in my first week of 'trading' I would enter a payment called 'set up costs' and put the total figure. I would then have a 'receipt' written out with all your start up costs on it, ready to keep as reference.

then at the end of the tax year, when you work out your income/expenses etc, it will be taken off your income as an expense.

hope that helps

xx

[catswhiskers]

So mummyemma, for this year the Pacey accounts book starts at week beginning Monday 6th April 2015.

I have one in front of me and have been using NCMA/Pacey accounts books for nearly 15 years.

You obviously won't need to start filling anything in until you get to the August page when you've started childminding.

If you've paid out for stuff along the way (and I hope you've kept receipts but don't worry if you have not) then just put the amount in the Toys and Equipment column.

So if you've spent say £200 then put that amount. You don't need to break it down but to have receipts is good. Then just carry the amount along to the Total amount column near the end.

[mummyemma]

Thanks for the replies Gals,

Catwhiskers - Thanks and I see what you saying, I think our books are different purely because mine doesn't have any months printed on the pages. I guess because if you started mid way through a year half your book would go to waste ! unless you can roll it over !.... anyway again thank you, shame I don't have receipt's because most of the stuff is second hand (car boots). Did you put things down such as your LA course, First aid, DBS ETC ? Also at the mo im only working 8 hours with one child so I don't spoze any of the expenses are applicable for Council Tax, Water Rates etc ?

Thanks Emma

[catswhiskers]

Hi Emma. The books are the same if it's the Pacey accounts book. I use one book for the tax year April to April so yes, you would have to start in the middle of the book but then next year you would use a full book so it wouldn't go to waste, if you see what I mean.

You write in the week beginning part i.e. Mon 6th April, then the following weeks until you come to the end of the month, and fill in that part with the figures.

Obviously you won't have any figures until you get to the week beginning 3rd August and then fill in the weekly expenditure and allowable expenses amounts. As you say because you're doing just 8 hours at the moment I'm not sure if you can put any figures for heating, lighting, council tax etc. The least hours is 20 hours per week is when you can put figures in these columns but I may be wrong.

In the accounts book it says there's a Working Hours Factsheet you can refer to if you're not sure.

I put everything from batteries for toys, paper, bleach, magazines I get for the kids, my Nursery World and EYE magazines, blue tack, anything I buy from Pacey i.e. invoice books, the account book, attendance register, right through to DBS checks, First Aid (I've not had to pay yet but will soon and would put this down), LA courses, doctors letters. There's so much we buy just to use for the childminding.

It does say in the book keep receipts for all amounts OVER £10 but I try to keep all but it's not a must. I also buy bits off a local forum and obviously don't get receipts but I just write out something on a piece of paper i.e. date, who I bought it from, and the amount. I buy bits from jumbles and boot sales and do the same.

[mummyemma]

Cool that's brill thank you catwiskers for your replies very much appreciated

Have a great day Emma

[Simona]

Hi all

I have just been looking through the accounts book that came with my pacey registration and cant see how you can add costs you may have already incurred like buying toys, so set up costs really ?

ant ideas ! does this just get added to your tax return or something ?

Thanks Emma

You can start filling your accounts ledger from the moment you are registered and your business is registered ...even if you do not have any children the expenses can still be recorded

Whatever you buy you can enter in your books now.
Don't forget to claim your Start up grant as a cm...hope you got that sorted?

[mummyemma]

Hi simona

Mmmm trouble is it took me about 2 years to get going ! I was so worried about it all I kept giving up.... so I think I've missed the boat on the old start up funding. Silly me, Because really there isn't that much to worry about :rolleyes:.

I now have to remember and round up those two years so I can record it, again silly me.

Thanks for your reply.

Emma

[Simona]

Hi simona

Mmmm trouble is it took me about 2 years to get going ! I was so worried about it all I kept giving up.... so I think I've missed the boat on the old start up funding. Silly me, Because really there isn't that much to worry about :rolleyes:.

I now have to remember and round up those two years so I can record it, again silly me.

Thanks for your reply.

Emma

The deadline to apply for a Start Up grant for cms has been extended...the only way to find out if you can still claim is to call the DfE
The grant has also been increased to £1000 if you take SEN/disabled children
Your LA EY team should be able to help you with that but personally I think the DfE is best.

The issue of what you can put through the books for your business is separate issue but you could get advice on that...my understanding is that invoices can be claimed after a certain date....check it out and keep everything safe!

[rickysmiths]

Thanks for the replies Gals,

Catwhiskers - Thanks and I see what you saying, I think our books are different purely because mine doesn't have any months printed on the pages. I guess because if you started mid way through a year half your book would go to waste ! unless you can roll it over !.... anyway again thank you, shame I don't have receipt's because most of the stuff is second hand (car boots). Did you put things down such as your LA course, First aid, DBS ETC ? Also at the mo im only working 8 hours with one child so I don't spoze any of the expenses are applicable for Council Tax, Water Rates etc ?

Thanks Emma

What I do is carry a slim notebook around with me for when I go to Car boots sales etc that don't normally give receipts. I write what the item is and the amount, date and place, the stall holders name and get the stall holder to sign it. This is so I remember to put the items in my books and I have a record.

You can put a % of your heat light etc through your books for any hours you do. There is no minimum % there is a maximum % once you go over 40 hours working a week. So from day one you can work out a %

[mummyemma]

Thanks Rickysmith where will I find info on how to work out the % However small I may as well !

Thanks Emma

[Simona]

Similar practice here RS...always filled in my own invoice when traders did not supply me with one...perfectly acceptable and legal to do so.

On the question of the percentage we can claim I do think that cms are stuck in the past....time to review our deal with HMRC which was struck ages ago....finances change every year due to the Budget.

Our maximum claim is if we work 40 hours per week...why when many cms actually work up to 50 or even more or even overnight?...time to get a few changes in!!
our associations should push for change

If a nursery was open for 50 hours they could claim all their expenses....not clear why cms are limited to 40 hours?
The best advice would come from an accountant when it comes to benefits cms can claim...worth every penny!

[rickysmiths]

Thanks Rickysmith where will I find info on how to work out the % However small I may as well !

Thanks Emma

There is a list on the HMRC website. I think there is a list in the Free Resources on this forum but here they are anyway!

Full Time 40 hours or more a week: Heating and lighting 33% Water Rates 10% Council Tax/Rent 10% Wear and Tear 10%

Part Time 20 hours per week " 17% " 5% " 5% " 10%

Part Time 30 hours a week " 25% " 7% " 7% " 10%




Adjust the % according to the number of hours you work. Just because 20 hours is the least in the table.

[rickysmiths]

[QUOTE=Simona;1410837]Similar practice here RS...always filled in my own invoice when traders did not supply me with one...perfectly acceptable and legal to do so.

On the question of the percentage we can claim I do think that cms are stuck in the past....time to review our deal with HMRC which was struck ages ago....finances change every year due to the Budget.

Our maximum claim is if we work 40 hours per week...why when many cms actually work up to 50 or even more or even overnight?...time to get a few changes in!!
our associations should push for change

If a nursery was open for 50 hours they could claim all their expenses....not clear why cms are limited to 40 hours?
The best advice would come from an accountant when it comes to benefits cms can claim...worth every penny![/QU

[mummyemma]

Im a bit confused.... I was just thinking about the accounts book and have a question. My partner worked out the percentage for me on the council tax etc. He worked it out from the monthly bill for each, Now when I record this in my accounts book am I recording it each week or is it per month because it was worked out from a months amount !!?

If so ive balls'd my book up already.

Also ive just thought the gas and elec bill will fluctuate so im guessing this would best be worked out from last years total !

Any answers greatly received.

Emma.

[mumofone]

There is a list on the HMRC website. I think there is a list in the Free Resources on this forum but here they are anyway! Full Time 40 hours or more a week: Heating and lighting 33% Water Rates 10% Council Tax/Rent 10% Wear and Tear 10% Part Time 20 hours per week " 17% " 5% " 5% " 10% Part Time 30 hours a week " 25% " 7% " 7% " 10% Adjust the % according to the number of hours you work. Just because 20 hours is the least in the table.

Thanks for posting this, I've been wondering about this lately too :-)

[mummyemma]

My partner has worked out the percentage I just need to know if I use that each week because it was based on a monthly amount.