amyk
07-05-2008, 10:09 PM
hi there,
may i apologise in advance for probably sounding daft and thick lol. but i just need to get my head around a few things, and would really appreciate some advice.
i started mindin my first mindee a few weeks ago, and obviously im keeping all receipts for items ive bought exclusively for minding, and ive calculated all my allowable percentages off council tax and water, and im using the ncma accounts book to write it all down. what i want to know is:
1) how do i know how much to take off for gas and electrics? because with council tax and water, i have a bill with a fixed yearly amount displayed, however with my gas- i get a quarterly bill, and it will always be different? so how do i know what to deduct and when? and with regards to electrics- we have a prepayment meter, so i can see how much i spend on the receipts, so i think im okay there, but its really the gas thing thats bugging me, and whats worse i wont receive my bill for another month!!?
2) i will be taking on a baby and a little boy both full time within the next month, so my income for the year, without ANY expenses or anything allowed for, is around 17k, and in the NCMA booklet it says that in some cases, a minder who gets a TURNOVER of over 15k must keep a full business account, but isnt that what im doing anyway??! so what i want to know is- what do they mean by TURNOVER and will my actual taxable income be over 15k do you think? bearing in mind i obv will be spending quite a bit on food/toys/equipment etc, so i guess after all my allowable expenses have been accounted for, there is no way my turnover will be even close to 15k eh?? so am i right to just carry on as im doing? i keep all receipts anyway, regardless of whether theyre over £10 or not.
3) do you think i should get an accountant to do all this for me? does anyone else use an accountant and if so, roughly how much do they charge?
oh god im so so sorry for the million daft questions! i just really need to get my head around all this before i go and cock up all my accounts!!
many thanks
Amy x
may i apologise in advance for probably sounding daft and thick lol. but i just need to get my head around a few things, and would really appreciate some advice.
i started mindin my first mindee a few weeks ago, and obviously im keeping all receipts for items ive bought exclusively for minding, and ive calculated all my allowable percentages off council tax and water, and im using the ncma accounts book to write it all down. what i want to know is:
1) how do i know how much to take off for gas and electrics? because with council tax and water, i have a bill with a fixed yearly amount displayed, however with my gas- i get a quarterly bill, and it will always be different? so how do i know what to deduct and when? and with regards to electrics- we have a prepayment meter, so i can see how much i spend on the receipts, so i think im okay there, but its really the gas thing thats bugging me, and whats worse i wont receive my bill for another month!!?
2) i will be taking on a baby and a little boy both full time within the next month, so my income for the year, without ANY expenses or anything allowed for, is around 17k, and in the NCMA booklet it says that in some cases, a minder who gets a TURNOVER of over 15k must keep a full business account, but isnt that what im doing anyway??! so what i want to know is- what do they mean by TURNOVER and will my actual taxable income be over 15k do you think? bearing in mind i obv will be spending quite a bit on food/toys/equipment etc, so i guess after all my allowable expenses have been accounted for, there is no way my turnover will be even close to 15k eh?? so am i right to just carry on as im doing? i keep all receipts anyway, regardless of whether theyre over £10 or not.
3) do you think i should get an accountant to do all this for me? does anyone else use an accountant and if so, roughly how much do they charge?
oh god im so so sorry for the million daft questions! i just really need to get my head around all this before i go and cock up all my accounts!!
many thanks
Amy x