Tax

[deb24]

How much do you normally put down roughly for expenses each year?
If you don't owe any tax do you still have to put your expenses through so they know?

[sarah707]

You get a tax return in April... you need to put down your total income, your expenses, any other income and a final figure...

So yes you do! :D

[tulip0803]

Hi

Expenses will vary depending on how many children you are registered for and how many hours you work for. It is roughly said to be up to 2/3 of your gross income. Many of the expences are percentage based on the hours that you are working.

Most of the Expences that can be claimed are on the forum on http://childmindinghelp.co.uk/forum/showthread.php?t=2734

You have to keep a record of all your income and expenditure and submit it every year even if you do not have to pay tax.

I always used the NCMA accounts book as I found it really easy to use but there are lots of childminders who use computer programmes or their own accounts books.

I made sure I completed it every week then I don't worry when the self assessment comes through as it is all there. You don't have to send in your accounts unless requested. All you need is the 3 figures at the end of the year. Gross income - expenditure = net income. These are put in your self- assessment and providing your net income is under your personal tax allowance you will not need to pay tax but the tax office still want to know.

Julia

[Cheeky Chops]

I use the ncma account book too, as I struggle a little with figures, its easy peasy and makes life a lot easier! But of course you could always do a similar system on the comp etc etc! xx