New childminder, need info please

[chezzagriff]

Hi everyone, I am thinking about starting childminding and am going on the council run course this week and next. I currently work in a nursery so I am confident in the paperwork side and looking after children but I am unsure about the financial side of things. I have an 18 month old and due to have another baby in May and I know they will be counted towards my ratio and my house is not very big so cant see me being allowed more than 4 altogether. I was wondering if there is anyone who only has a few children and still making ends meet?I am worried as I wont be able to return to work as I will be working to pay for childcare and I would love to start childminding anyway but Im just not sure that after expenses, tax and national insurance if there would be enough to pay for my own bills and provide for my family.
Thanks all :)

[mushpea]

hello,, when I first started both my children were counted as my under 5's so I had one under 5 and 3 over 5 spaces,, I used to have a baby and a schoolie which for me was ok as OH was on a good wage,, when they left I began to panick thinking I would have no work then I ended up with a family of 3 and a nother single child starting and it took off!
I guess it depends on your current finacial situation as to wether you can make it work .

[Wendybird]

I also have my own two under 5 - so can only have one other under-five. I haven't had any enquiries for schoolies as we have cheap after-school clubs at the schools near me. I am earning as well as I can at the moment as I have a variation for siblings two days a week, another one on a full day and could fill my other two days pretty quickly if I wanted to as I'm turning enquiries away. However, it could all change if my siblings gave notice and I'd be very nervous doing this if we didn't have my husband's income as our main money. You won't pay any or very little tax with just one full-time space - expenses really add up (most of it I would get for my own anyway, but as I use it for minding it is all a tax write-off). I suggest you do a bit of research to see what your local rates are, then do the calculations about how full you would have to be to make ends meet. Of course, if you don't have a choice there isn't much sense worrying about it. I figure I earn a very good wage as I add the money I'm saving us in childcare to what I earn in actual money in hand ;)

[chezzagriff]

I have done some research and its £30-£40 per day in my area. So at the moment Im basing any calculations on 2 full time places both £150 a week (I know this might not be the case, but every childminder in my area is full so think I have a good chance of filling 2 full time places) when tax and NI is deducted I would still have enough for my family but then its the extra expenses of food and extra on bills as I will be using more electric than when I was at work. Does any of this come as tax deductable? I have a lot of resources already with having my own little one. The reason Im worried is because I have to make the decision whether to start childminding or not work altogether and I would rather start childminding as its something I have been thinking about for a while.

[Wendybird]

If you are due to have another baby in May, you will only be able to have one other child under 5 - which is one full-time space, not two. Then you are able to have 3 in the 5-8 range which is generally just before and after school. Or have I misunderstood something?? You are able to write off some of your household expenditure, how much depends on how much you are working I think. I can't remember how much it is exactly, but you can google it and it will come up.

Good luck!

[chezzagriff]

Sorry yes your right so it will be one full time place and one 5-8 year old. I will know more after the courses and after having OFSTED visit I guess just wanted to know if there are other childminders in a similar situation. I am planning on using this year to sort everything out and hopefully start in Jan so plenty of time to research.
Thanks for your help :thumbsup:

[tulip0803]

As Wendybird has said childminders are allowed to care for 6 children under the age of 8. Of those 6 no more than 3 can be under 5 years and in England no more than 1 of those 3 under 1 year old. These ratios also include our own children so you would only be allowed a space for 1 child between 1 & 5 years and then 3 between 5 and 8 years.

As you said if you went out to work you would have to pay for childcare x 2 so would not be bringing any money in anyway. At least with childminding you would be getting money and not paying for child care and spend time with both your children. You can also claim a percentage of household bills and items to be used by the business against your tax liability (although you may not have one anyway).

When I first started childminding I only cared for 1 full-timer and 1 school age children and I managed to make a reasonable amount of money particularly as I did not have to pay out childcare for 2 children! With only 1 under 5space you would not earn anywhere near what you would working but you are not paying any childcare either!