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View Full Version : really silly question re 2/3rds expenses



andreaschildcare
17-02-2010, 09:02 PM
Ok sorry my maths is dire, does this mean our profit only needs to be 33% a year?

thanks

miss mopple
17-02-2010, 09:07 PM
Profit is what it is. It should be an accurate account of expenses and not necessarily based on 2/3rds. I can only ever write off 50% of income to tax legitimately so I pay tax on the rest.

Chatterbox Childcare
18-02-2010, 11:20 AM
It all depends on how much your income is. Write off as much as you can with expenses and then take off you allowance of £6435 and anything over that you will pay tax on.

I would have thought that your income would have to be in excess of £20000 to pay tax.

estrelas
19-02-2010, 09:45 AM
It all depends on how much your income is. Write off as much as you can with expenses and then take off you allowance of £6435 and anything over that you will pay tax on.

I would have thought that your income would have to be in excess of £20000 to pay tax.

Really? 20000?
Debbie can you come here for a weekend? I'll provide the wine and food and my accounts book for you :)

Pauline
19-02-2010, 10:14 AM
Really? 20000?
Debbie can you come here for a weekend? I'll provide the wine and food and my accounts book for you :)

Me too, I will provide a bed for the night too :laughing:

huggableshelly
19-02-2010, 10:26 AM
wow I think I went wrong with mycalulations too as I had to pay tax and didnt even manage to hit the £15,000 mark.

Chatterbox Childcare
19-02-2010, 10:29 AM
I write down everything, no matter how small. Keep your parking receipts as a reminder until you have included it in your accounts.

If anyone wants a second pair of eyes I can offer help, strictly confidentialy.

I look at £20000 and would say as an average write off 60%, less the allowance would be £391 tax. Sorry should have worked it out before posting.

huggableshelly
19-02-2010, 10:41 AM
Debbie ... not that i need you but for refence of others do you charge a fee for checking books or is it a free service you are offering?

just thinking about you offering a free service ... next year you will gain umm lets drum up a number ... 3000 books to work though!

Chatterbox Childcare
19-02-2010, 01:25 PM
Debbie ... not that i need you but for refence of others do you charge a fee for checking books or is it a free service you are offering?

just thinking about you offering a free service ... next year you will gain umm lets drum up a number ... 3000 books to work though!

I am happy to look over columns (no charge) to see percentages of what is being claimed. Usually it is obvious to see.

I do not want to do anyone's accounts!