Buying things back from yourself

[Tatjana]

As i understand it we can buy things back from ourselves to use for cm purposes, apart from toys does this apply to things like travel cots and buggies?

I have both a travel cot and double buggy from when my two needed them, is it ok to buy these back? As i don't have the original receipts anymore how can i put them through the books as it would amount to more than £10?

How do you decide how much to charge for such items? Is it a percentage? If a toy originally cost £20, would £5 be reasonable?

Think perhaps i should have posted this elsewhere but can't seem to copy and paste atm!?

xx

[Pedagog]

Just think of the price you would be happy to sell it for, and make yourself a receipt.

[Tatjana]

Sounds simple enough, thank you!

xx

[Chatterbox Childcare]

If you want evidence of a price check ebay or the local papers.

[Tatjana]

If you want evidence of a price check ebay or the local papers.

Good idea, thank you!

xx

[Helen79]

Sorry if I've misunderstood, I didn't realise you could do this.
We've got equipment that we bought when dd was small (she's 4 now & I've only been minding since Sept) like travel cot, pushchair, blankets etc that I use for minding now.

Does this mean I can do myself a receipt & put them through my books?

[Tatjana]

Sorry if I've misunderstood, I didn't realise you could do this.
We've got equipment that we bought when dd was small (she's 4 now & I've only been minding since Sept) like travel cot, pushchair, blankets etc that I use for minding now.

Does this mean I can do myself a receipt & put them through my books?

Yes! I had no idea either until i read it on this forum...i'm constantly learning from this forum!

xx

[youarewhatyoueat]

Heard this before but before I write out receipts to myself where is the official guidance for this written, I would just like to show my husband as he is querying it. Is it inland revenue guidance? Has anyone got a link where it is written,please.
Caroline

[pumpkinsmum]

NO WAY!?!?!?!?!?!:idea:

I had no idea about that one! Blimey!

Like Caroline, I too would like guidance or something, please.

Write my own receipts?! I'm going to be veeeeeeeeeeeerrrrrrrrryyyyyyy busy this weekend then!

I love this site :thank you:

[huggableshelly]

I didnt know until I joined here too but its just the same as buying equipment.

remember when you come to sell it the money from the sale goes into your books as incoming earnings as it is no longers yours for personal use to part with it is a business item.

[hectors house]

I look at it as if my husband took things we didn't need for our own children to a car boot sale and I went and bought them back for childminding - only we cut out the middle man (car boot sale) - so with regards prices, charge yourself what you would hope to get at a boot sale and write yourself a receipt if it makes it easier for your accounts.

[venus89]

:eek: I had no idea. Half the stuff I use for minding is my kids old stuff.....

How would it work, then? Does any money have to change hands? I don't have a business account so would this apply to me?

[Tatjana]

:eek: I had no idea. Half the stuff I use for minding is my kids old stuff.....

How would it work, then? Does any money have to change hands? I don't have a business account so would this apply to me?

You put it down as an expense, just as if you bought something.

xx

[Kelly]

'Inspectors will allow as deductions from childminding income expenses which are reasonable in amount and which are directly attributable to childminding' The inland revenue will not tell you where to purchase your toys and equipment and therefore it is exceptable to sell items you no longer require to your business. At least you know the history of the items!!

I have been on courses run by the inland revenue and they were the one's that told me it is fine to do this.

[FussyElmo]

So the box of barbie, sindy, bratz dolls which my dd convinced me she needed and never played with, can be sold back to myself:)

[youarewhatyoueat]

'Inspectors will allow as deductions from childminding income expenses which are reasonable in amount and which are directly attributable to childminding' The inland revenue will not tell you where to purchase your toys and equipment and therefore it is exceptable to sell items you no longer require to your business. At least you know the history of the items!!

I have been on courses run by the inland revenue and they were the one's that told me it is fine to do this.

But how can it be an expense when you don't have to buy it because you've already got it? I realise that it its unlikely to be picked up by the inland revenue but it just seems a fiddle to me, and childminding must be one of the only business to get away with it, long may it continue!!!

[venus89]

But how can it be an expense when you don't have to buy it because you've already got it? I realise that it its unlikely to be picked up by the inland revenue but it just seems a fiddle to me, and childminding must be one of the only business to get away with it, long may it continue!!!

I like the idea of doing this - about 50% of what I use for minding used to belong to my kids but I would like some written evidence that this is OK.... Does anybody have any?!

[ORKSIE]

I must admit i didnt know we could till now:blush:
but I have done this in the past:)

[youarewhatyoueat]

I've sent my husband into work today to find out as he works for the inland revenue and he's never heard of it, he's going to have a word with one of the inspectors, mind you he did say he's never heard of a childminder being inspected as we don't earn enough for anyone to bother.Caroline

[venus89]

I've sent my husband into work today to find out as he works for the inland revenue and he's never heard of it, he's going to have a word with one of the inspectors, mind you he did say he's never heard of a childminder being inspected as we don't earn enough for anyone to bother.Caroline

Oh, it will be good to hear from a man who knows (or a man who knows a man who knows).... I'm sure that if I did it and it was wrong they'd suddenly decide to inspect me and then I'd get into trouble.....

[venus89]

Did anybody ever disover anything more about this?

[The Juggler]

Sorry if I've misunderstood, I didn't realise you could do this.
We've got equipment that we bought when dd was small (she's 4 now & I've only been minding since Sept) like travel cot, pushchair, blankets etc that I use for minding now.

Does this mean I can do myself a receipt & put them through my books?


God, me too. could have claimed a small fortune in expenses if I'd known that!

[TheBTeam]

I was told this on the childminding inland revenue evening and when the new business adviser came to my home. He said that if you weren't childminding you would sell on the toys/equipment that your children outgrew, so it is therefore valid that you can keep them and charge them to your business.

I look on ebay at take an average of prices to work out what to sell my stuff for, especially items like train track and lego which sell for a good price, why should it become an asset in your business for free.

I just write what it is in my accounts book (don't waste paper on receipt as such just not that sold personal items to business and what they were in NCMA accounts book).

This applies to blankets/sheets that you use for mindees bedding etc too, that if you didn't have you would have to go and buy, cheaper and nicer to use stuff when you know where it has been than paying for new.

[Chatterbox Childcare]

I didnt know until I joined here too but its just the same as buying equipment.

remember when you come to sell it the money from the sale goes into your books as incoming earnings as it is no longers yours for personal use to part with it is a business item.

Mine all gets broken!

[Chatterbox Childcare]

You definately can sell back to yourself - be sensible though and justify it if you can - i.e. old DVD £1 etc...