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View Full Version : a bit disapointed in my first year's profit



mozarella
11-03-2010, 04:39 PM
Since I am now on Maternity leave I thought I would do all my accounts,

Bearing in mind it is from June till mid february and I worked 22 hours per week, but i sitill feel really disapointed after all the hard work

It seems like my profit is just under £4k !!!!!!

What was your first year like? I am hoping to resume in september and work 5 days a week as this year was difficult due to me being pregnant but still....

Moz

Blaze
11-03-2010, 04:44 PM
I think you're doing well to make that as a profit in you're first year IMHO:)

mozarella
11-03-2010, 04:49 PM
really ! I am in London though

Blaze
11-03-2010, 04:52 PM
I'm in Surrey - London is only a bit more expensive (depending on the part)...remember you have a lot of starting up costs in the first year too.:)

Fabby
11-03-2010, 05:17 PM
Stop spending :laughing: :laughing: :laughing:

TheBTeam
11-03-2010, 05:20 PM
Also remember that although your accounting profit is only £4k the actual expenses part of your income is some of the expenses you would have incurred anyway, like heating/lighting/council tax and water rates, also the mileage claimed is generally more than the miles to actually drive them, ie not many cars use 40p per mile for petrol and they would depreciate anyway. So your actual profit is higher iyswim.

Fabby
11-03-2010, 05:23 PM
Also remember that although your accounting profit is only £4k the actual expenses part of your income is some of the expenses you would have incurred anyway, like heating/lighting/council tax and water rates, also the mileage claimed is generally more than the miles to actually drive them, ie not many cars use 40p per mile for petrol and they would depreciate anyway. So your actual profit is higher iyswim.

what does iyswim mean???? :blush:

Minstrel
11-03-2010, 05:31 PM
what does iyswim mean???? :blush:

if you see what i mean :thumbsup:

Jelly Baby
11-03-2010, 05:35 PM
I agree with thebteam..

Last week i claimed £122.00 for fuel costs..i never put that in, in a month tbh so surely we do ok with that alone? (i do have to drive to school and back numerous times and then days out) but fuel is always something i think is a big chunk we never get close to.
Again heating etc is goign to be partially used anyway so?
£4k is pretty good i think x

The Juggler
11-03-2010, 05:40 PM
Also remember that although your accounting profit is only £4k the actual expenses part of your income is some of the expenses you would have incurred anyway, like heating/lighting/council tax and water rates, also the mileage claimed is generally more than the miles to actually drive them, ie not many cars use 40p per mile for petrol and they would depreciate anyway. So your actual profit is higher iyswim.

I was going to say similar. You need to add quite a bit back on to calculate your true profit - if you think that you deduct 30% of utility bills combined and 10% of your total earnings before you have your accounting (for tax) profit.

SimplyLucy
11-03-2010, 05:45 PM
Hey thats fab, You made a profit and it's below the tax allowance.....thats what I'm aiming for!

newandlearning
11-03-2010, 05:47 PM
I think this is a good profit .. I didnt earn that much in my first year.. I spent too much.:laughing:

mozarella
11-03-2010, 06:58 PM
thanks for your replies, yes at least I wont pay tax, i probably didnt realise all the cost it would involve

crazyhazy
11-03-2010, 07:35 PM
Completely o/t but are you mozarella on the pp aswell?

Chatterbox Childcare
11-03-2010, 08:20 PM
I agree with thebteam..

Last week i claimed £122.00 for fuel costs..i never put that in, in a month tbh so surely we do ok with that alone? (i do have to drive to school and back numerous times and then days out) but fuel is always something i think is a big chunk we never get close to.
Again heating etc is goign to be partially used anyway so?
£4k is pretty good i think x

Remember that the money you claim for the .40p covers everything not fuel
alone

Chatterbox Childcare
11-03-2010, 08:22 PM
add back on to this profit:

10% wear and tear
lighting and heating costs claimed
water and council rates
toys and equipment you would have brought for your own child anyway

This is just a small example of the costs in your home that you are using as expenses. I know that they are legal but you would be paying them anyway so the profit is more.

Keep an eye on what you are claiming next financial year, otherwise your tax bill is going to be sky high

mozarella
11-03-2010, 10:09 PM
Completely o/t but are you mozarella on the pp aswell?

hi,

yes I am , who are you there ?

crazyhazy
11-03-2010, 10:37 PM
hi,

yes I am , who are you there ?

sleepydreamer, thought I recognised you :)

Bitsy Beans
12-03-2010, 09:25 AM
sleepydreamer, thought I recognised you :)


Ooooh more peeps from PP! I am Jenbo over there but don't post very much now :o

Moz - I was told on my Cache course when we did the business side of things that many CM's break even :eek: I shan't earn shed loads of money but with 2 children of my own taking up 2 spaces I never really expected to. this is why I live on Moneysavingexpert.com! Always looking for ways to cut my bills and shopping expenses :laughing:

I think you've done really well :clapping:

crazyhazy
12-03-2010, 10:02 AM
Ooooh more peeps from PP! I am Jenbo over there but don't post very much now :o

Moz - I was told on my Cache course when we did the business side of things that many CM's break even :eek: I shan't earn shed loads of money but with 2 children of my own taking up 2 spaces I never really expected to. this is why I live on Moneysavingexpert.com! Always looking for ways to cut my bills and shopping expenses :laughing:

I think you've done really well :clapping:

Hello :) nice to see some familiar faces

doodles
12-03-2010, 10:07 AM
Whats PP? :blush:

Blue Boy
12-03-2010, 02:01 PM
Make sure that you claim for everything that you can. remember you do not have to have receipts for items under £10, they soon mount up over the year.

Lots of love
Mick xx

The Juggler
12-03-2010, 02:06 PM
Whats PP? :blush:

yes, I want to know too:p

mama2three
12-03-2010, 02:19 PM
yes, I want to know too:p

me too , so i googled pp forum!
it could be -
prison planet forum:rolleyes:
public policy forum:rolleyes:
my favourite! practical poultry forum:laughing:

but probably ..puzzle pirates!

so nosey , but at least it wasnt just me this time!!

aly
12-03-2010, 05:01 PM
yes, I want to know too:p

thank god it's not just me thats nosey ;)

PixiePetal
12-03-2010, 05:24 PM
I am nosy too, what is pp?? :blush:

Beetlejuice
12-03-2010, 05:29 PM
Gosh I think my profit was £400 in my first year :blush: I had so many start up costs with buggies/car seats etc etc. I'm in my third year this year and I've actually made a decent amount of money which I will have to pay tax on obviously but I'm working nearly 60 hours a week so I expected my income to be higher.

doodles
12-03-2010, 05:41 PM
I am nosy too, what is pp?? :blush:

Haha, wish someone would reply. Im dying to know :laughing:

doodles
12-03-2010, 05:42 PM
me too , so i googled pp forum!
it could be -
prison planet forum:rolleyes:
public policy forum:rolleyes:
my favourite! practical poultry forum:laughing:

but probably ..puzzle pirates!

so nosey , but at least it wasnt just me this time!!

Practical Poultry :ROFL1: :ROFL1: :ROFL1:

Bitsy Beans
12-03-2010, 06:12 PM
:laughing: :laughing: :laughing:

Sorry not deliberately kept you all in suspenders ;)

PP refers to Purple Place which is a nickname for another forum. If I tell you it's real name I might have to kill you ;)