Expenses per week?

[vix84]

Hiya, just wondered how much you all put down for expenses for a full time week? I have 2 children almost full time - and at a guess about £30 a week, and parents pay for the food on top of that.

[Tired]

I put down what I actually spend.

Some weeks this is very little, just a few 50ps for toddler groups. Other weeks its loads, eg £75 for a new stair gate.

Then I add the mileage I did that week, and the cost of the food I have bought.


Does that help? not really, I guess, but it is what I do.

[miffy]

I put down what I spend too.

I keep all my receipts (even small ones) because I've a memory like a sieve and would forget half of what I'd spent.

Whatever figures you put down for expenses you have to be able to justify if the tax man asks

Miffy xx

[jelly15]

I puy down everything individually i.e. milage, playgroup fees and equipment, toys or craft stuff, worked out weekly % of council tax, water rates, oil and electric. As for food I put down £3 per child per day but it is probably more as we go out to a cafe once a week.

[Chatterbox Childcare]

You can't put a figure on it - you need to put down all that you spend and that will depend on where you live, where you go, how many children, how many miles etc.

If your income is £300 per week then £30 isn't enough and you will pay tax.

[sarah707]

Think about all the little extras you buy...

Comics - £3.99 each

Professional magazines - £4.50 each

Lunch out - £8

Entrance fees - £2

Those books at the charity shop you couldn't resist - £3

a cushion for the playroom - £6

A bag for a story sack bought from EBay - £7

Paper for drawing - £3

Trip to the toddlers, the shops, friends houses etc in the car @ 40p a mile... etc.

It will add up at a scary rate :eek: :D

[vix84]

Im just trying to figure out what Im missing! Just did accounts up to now and have an income of £12,750 and expenses of £1498.75 - I know that the average expenses for childminders are up to 2/3rds of income so I am way way off!

Im actually going to get an accountant to go over my books as she said there will be loads I have missed that I wouldnt have thought of ..... well worth the fee if it knocks off the £730.25 tax I owe!

[jo f]

% of council tax bill, water rates, gas/ electric
% for internet connection, house phone, mobile phone
ink cartridges and all stationary
dont forget to deduct 10% wear and tear!

[Alibali]

A very large percentage of mine is mileage, 100 miles a week = £40.00

[newbie]

My Sky bill is approx £50 a month and that covers my TV, internet and home phone. My mobile phone is about £40 a month. I have never put anything through on these for expenses......what % would u do for each???

[Chatterbox Childcare]

My Sky bill is approx £50 a month and that covers my TV, internet and home phone. My mobile phone is about £40 a month. I have never put anything through on these for expenses......what % would u do for each???

To claim any of your phone bills you need to get them itemised and see what percentage is business and then work it out against the cost of the bill.

Sky would be on the channels that you normally wouldn't have. I add on my disney as my children don't watch it and it costs me.

Internet - how much do you use to work? I have two internet connections and claim 1

[mammumof4]

im just wondering how much is too much?:rolleyes: say for example i earn 120 this week but my expenses come to 90, wouldnt the tax man think 'why is this woman working for 30 quid a week?? sorry, just a ittl confused :rolleyes:

[Minstrel]

No they don't look at your expanse weekly they will just see your totals for the year and assuming you won't be doing this all year then it will even itself out.

And if this does happen to be what happens then as long as you have all the receipts etc, in case you are investigated then there's no probs. :)

[MarpleJollytots]

im just wondering how much is too much?:rolleyes: say for example i earn 120 this week but my expenses come to 90, wouldnt the tax man think 'why is this woman working for 30 quid a week?? sorry, just a ittl confused :rolleyes:

Agree with others here about the taxman looking for the yearly figures. Also don't forget that some of the things we claim for are unique to childminders and have been set by the Inland Revenue and are an incentive to keep people childminding with lower tax bills. I would think they are expecting low profit for people working as childminders.

[Jelly Baby]

See the year i first started i forgot loads..the second year i knew more.. last year i found a great list on here to go by and put loads down i had forgotten about so i think mine varies hugely..i do keep everything though so not fussed if they check me but could do without the hassle! I never know if what im claiming is too much or less but i know it is what i paid out so?!!

[jojane]

what list is that if you dont mind??

[Lesley P]

hi ya i would be interested in this list u found if it brings my tax bill down
:clapping: :clapping:

[funfunfun]

hi ya i would be interested in this list u found if it brings my tax bill down
:clapping: :clapping:

Can i ask a question

If your going to put down wear and tear ??? wear and tear on what exactlly and hpw do you calculate that (confused about that )

[estrelas]

Can i ask a question

If your going to put down wear and tear ??? wear and tear on what exactlly and hpw do you calculate that (confused about that )

wear and tear is automatically 10%:)

[Winnie]

http://www.hmrc.gov.uk/MANUALS/bimmanual/bim52751.htm

10% of your income can be put against wear and tear.

[funfunfun]

wear and tear is automatically 10%:)

10% of your annual ??

[estrelas]

10% of your annual ??

yes :)
Thats about my knowledge of tax lol, my heads wrecked with the rest, just working through mine now :panic:

[funfunfun]

http://www.hmrc.gov.uk/MANUALS/bimmanual/bim52751.htm

10% of your income can be put against wear and tear.


Thankyou so much .....the link is v helpfull

[Chatterbox Childcare]

Note that the 10% is off your total income relating to childminding and when I spoke to the tax office I was told to include any grants or other generated childminding income and claim it off that too. Obviously your expenses will cancel out the grant but you still have the 10% as a bonus in your accounts.

[RedDragon]

Note that the 10% is off your total income relating to childminding and when I spoke to the tax office I was told to include any grants or other generated childminding income and claim it off that too. Obviously your expenses will cancel out the grant but you still have the 10% as a bonus in your accounts.

Can you explain that to me in basic terms Debbie please? :D

Say for example I received £10,000 grant and it went into my bank and then straight out again?

My out goings are usually nearly 2/3rds of my income (should be this year too) but if say I received a grant and I was able to do the 10% that would bump my outgoings over 2/3rd - this is accounting for every penny earned and every single thing spent on CM. although it wouldn't matter too much if you were below the tax threshold it would make quite a difference when claiming for tax credits wouldn't it because the overall net would be lower.

[Chatterbox Childcare]

Can you explain that to me in basic terms Debbie please? :D

Say for example I received £10,000 grant and it went into my bank and then straight out again?

My out goings are usually nearly 2/3rds of my income (should be this year too) but if say I received a grant and I was able to do the 10% that would bump my outgoings over 2/3rd - this is accounting for every penny earned and every single thing spent on CM. although it wouldn't matter too much if you were below the tax threshold it would make quite a difference when claiming for tax credits wouldn't it because the overall net would be lower.

eg grant of £10,000 would go into income
expenses of £10000 would go out of expenses
10% wear and tear off of £10000 would increase your expenses by £1000 and hence less tax to pay

Does that make sense?

[Jelly Baby]

Hi if anyone wants the list i can email it over later..let me know your emails.

[jollygreen-2008]

hi is it possible to have the list my email is xxxx thanks

Edit by Pauline, for you own safety it is better to send a private message with your email in, rather that give it out in public. :)

[button68]

EEK!!! I've done the wear and tear thing wrong for the last 2 tax returns :eek:

I thought it was 10% of your expenses not 10% of your income!! Oh well only diddled myself not the tax man so I guess he won't care :)

Is it 10% of your income after deducting expenses?

[Goatgirl]

EEK!!! I've done the wear and tear thing wrong for the last 2 tax returns :eek:

I thought it was 10% of your expenses not 10% of your income!! Oh well only diddled myself not the tax man so I guess he won't care :)

Is it 10% of your income after deducting expenses?

Nope, 10% of total income, before any expenses :thumbsup:

[Chatterbox Childcare]

Income minus expenses is profit you need 10% of your total income