Two CMs - One account?

[monicandave]

My friend & I are waiting for our certificates, so we haven't actually started yet. When we do, I am thinking about setting up a joint account to use for all the income and expenses. We will take our pay from this account too? Is this reasonable? Is that what others do? :huh:

[sarah707]

I suggest you take advice from an accountant and the tax office before doing anything that might cause you problems in the future.

:D

[Chatterbox Childcare]

Lots of variables here

Are you working from one premises or 2? IF 1 that person would in my opinion claim more expenses for the premises

If you are co minding have you had your Ofsted certificates changed to reflect this

Have you registered as a partnership as you have to submit a tax return for this

As Sarah said it would be best to consult an accountant or ring Business Link or the HMRC for advice

[monicandave]

We are both working from my house. This is new for both us, so Ofsted know we are minding together. I suppose I will look in to finding an accountant. There are so many things to think about isn't there?:eek:

[Bunnymoo]

In my opinion it is a good idea to set up an account (joint) for business purposes only. You should set the account up with you both being signatories to ensure you are both aware of what goes on with the account.
I also agree with the previous advice of ensuring you have someone knowledgeable managing your finances and can advise you on tax/vat implications and general business.

[Chatterbox Childcare]

Childminding accounts are not hard to do but like most things in life it is the starting point that is confusing. Once it is all set up for you I am sure it will become clear and you will be able to do it yourself but if not the professionals are there for you