View Full Version : Wear and Tear question.
button68
15-03-2008, 04:25 PM
Is wear and tear 10% of your profit or 10% of your income before you deduct your expenses?
and wear and tear is an income isn't it?
or have I got this all completely wrong :(
Alibali
15-03-2008, 04:37 PM
The 10% comes off your total income i.e. full amount you get from mindees. It is not income as such, just allowable expenses that are tax deductable the same as toys and equipment etc.
Alison:)
tulip0803
15-03-2008, 04:43 PM
Wear and tear is a tax deduction the same way as the percentages for gas/elec etc. 10% of you total income from minding before you take any deductions off. So if your total income for the year was £10,000, before any deductions, then wear and tear for the year is £1,000. This is taken off in the same way as your other tax deductions. It is not an income it is a tax deduction. Wear and tear is to cover the extra use that all you furniture etc gets through childminding.
sarah707
15-03-2008, 05:39 PM
Yup....! :D
miffy
15-03-2008, 08:59 PM
Wear and tear is a tax deduction the same way as the percentages for gas/elec etc. 10% of you total income from minding before you take any deductions off. So if your total income for the year was £10,000, before any deductions, then wear and tear for the year is £1,000. This is taken off in the same way as your other tax deductions. It is not an income it is a tax deduction. Wear and tear is to cover the extra use that all you furniture etc gets through childminding.
That's it in a nutshell
Miffy xx