Ok Very Lost

[Little Pumpkins]

I am very lost just doing my accounts

to start with where should I put all my set up costs or do they just get deducted off the year?

Also how do I work out how much tax I should be putting away.

I am very confused

I am trying to get ready to do the tax return which I am told is on its way to me.

I have had two other jobs this year (April 07 to April 08) and have paid alot of tax already.

I have had a month off and started childminding the second week of February so obviously I am going to be at a loss when I do my return as all the set up costs are easilly going to outweigh the little I have earnt

so any help would be greatly appreciated I am driving my husband mad

[Monkey1]

Sarah posted agreat thread about this earlier and it tells you what you can write off against tax! You will find it very helpfull x

[crazybones]

I think you put all your expenses down on your form for this year along with your earnings from Feb to end of March. There is also a part on the form for other earnings from other jobs. If your expenses are more than your earnings from c/m you may get tax back that you paid from other jobs. That last bit was just me guessing but it makes sense to me. Bear in mind I am on second glass of wine already.

Annie x:o

[flora]

I am very lost just doing my accounts

to start with where should I put all my set up costs or do they just get deducted off the year?

Also how do I work out how much tax I should be putting away.

I am very confused

I am trying to get ready to do the tax return which I am told is on its way to me.

I have had two other jobs this year (April 07 to April 08) and have paid alot of tax already.

I have had a month off and started childminding the second week of February so obviously I am going to be at a loss when I do my return as all the set up costs are easilly going to outweigh the little I have earnt

so any help would be greatly appreciated I am driving my husband mad

When doing your accounts, your set up costs have to be put down for the tax year that you spent them.So list all your expenses and costs that you have incurred to set up as a cm and take this away from your earnings. As you say you will probably make a loss for cm. Are the other jobs paye or self employed. If you were self emplyed you may be charged tax on account for the yr 08/09.This only applies when you earn above a certain figure. Cost such as council tax, heating water and elctric can all be deducted ata acertain % depending on your hours. You should reckon on putting a third of your annual earning away to pay the tax when it's due
Hope this helps, feel free to pm me if you have any ?
As suggested take a look at Sarah's post she is the forum's "font of all knowledge" and she knows her stuff. :thumbsup:

[sarah707]

As suggested take a look at Sarah's post she is the forum's "font of all knowledge" and she knows her stuff. :thumbsup:

Gosh! Thank you! :blush:

Tbh it's stuff I've picked up and put together from many years of working in this job!

You are most unlikely to pay tax this year if you have set-up costs and your other jobs have had tax deducted at source. As Flora says, it is good practice from April to put away up to 1/3 of your income, just in case - think of it as a nice nest egg for the next year if you don't need it for the tax man! :D