Realy stupid question

[Squiby]

So I have finally finished my expenses and have worked out what my income is minus all my deductions and my personal allowance, so do I take my personal allowance off when I declare my deductions of leave it as part of my net income??

As I said totally stupid question!!!1

[sarah707]

You don't need to do anything with your personal allowance ... Inland Revenue will deal with that bit!

You need -

Total income from childminding

Total expenses for childminding

Total income less expenses

Total income from bank interest / other sources.

Hth :D

[Chatterbox Childcare]

If you want to know if you will pay tax, on paper take off your personal allowance and that will be your taxable income. If you are being taxed have another look at your expenses, feel free to PM me if you need any help

[carlen222]

thankfully i only started minding in aug 09 so not got a tax return to do yet but just noticed you mentioned bank interest, do we have to go through bank statements to add up every bit of interest??? just an enquiry so i know for when i do have to do the dreaded return!! xx

[TheBTeam]

Yes there is a separate section to add in savings/investment income and rental income etc.

Also there is somewhere to enter any giftaid donations you made, and any pension contributions you have made.

[SusieQ]

With regards to savings etc just keep the annual statement the banks all will send you each april telling you yearly interst earned and use this figure in the relevant section of tax return for next year or estimate if its peanuts as you pay lots of tax on the interest and you get it back sometimes. I gift donate and just estimate this but err on the low side for safety sake