First ever self employed tax return I'm a nervous wreck
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  1. #1
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    Default First ever self employed tax return I'm a nervous wreck

    Happy New Year everyone.

    Eek I'm a nervous wreck I've never done a tax return before and don't know where to start, I have a spreadsheet downloaded from the very helpful Happytoddlers and to be honest haven't been updating it weekly, I know I know BAD GIRL not listening to all the help offered on here.
    To be truthful there isn't much to fill in either as business is very very slow.

    Would I be best buying the pacey accounts book until I am a little wiser to it all and I remember someone once mentioning an accountant on here who specialises in childminders accounts but can't really afford one if expensive at the minute as everything seems to be going out and not much coming in!!
    Do I put down my gold membership for childcare.co.uk as an expense only we don't get a receipt for it so how do I prove such memberships etc, I get confused with hours worked and contracted hours, for arguments sake do I add my accounting, cleaning, promoting my business etc into my hours worked as tax credits says only hours actually worked so is it with the children or everything we do in our job? and is it different again for HMRC of how hours are calculated.

    Another thing I think I do wrong is from my total income I take a wage instead of working out weekly costs first and then seeing what I can really afford to pay myself, would it look odd if I paid myself different amounts each week depending on outgoings or is that normal or would you stick to a regular amount as an average wage?

    PLEASE ANYONE CAN YOU ADVISE ME BEFORE I GO DOLALLY TAP

    As usual sorry for the waffle

  2. #2
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    I have the Pacey account book and I really like it, layout is easy to understand and straight forward (I have been filling it in weekly though - this is where my background in banking is helpful). I believe that it's only the time working with children (and that's what I have been basing mine on) I'm not sure about the gold membership I have included it as an expense under marketing but not sure about supporting evidence?

  3. #3
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    Quote Originally Posted by natlou82 View Post
    I have the Pacey account book and I really like it, layout is easy to understand and straight forward (I have been filling it in weekly though - this is where my background in banking is helpful). I believe that it's only the time working with children (and that's what I have been basing mine on) I'm not sure about the gold membership I have included it as an expense under marketing but not sure about supporting evidence?
    I either copy renewal emails or letters for things like childcare.co.uk or print and highlight relevant bits of bank statement (whilst blacking out anything else)
    I have a weekly envelope that I write on each days expenses, mileage etc and put receipts in. I then work out totals for that week and staple it in my pacey account book, putting the total in the 'box' for that week for the month.
    I put each payment in the the monthly income box and can quickly do it each month ( but often forget! )
    I like the pacey book too!
    I don't pay myself a wage ... all income goes into my account, I spend what I need to spend for childminding related activities, I put some into an account for tax and if I have any left over I spend it or save it!

  4. #4
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    Firstly take a deep breath

    I am going to moan as I do with anyone else in your situation - if business is slow why have you left it so long? That is it, now lets help you.


    Quote Originally Posted by mum67 View Post
    Happy New Year everyone.

    Eek I'm a nervous wreck I've never done a tax return before and don't know where to start, I have a spreadsheet downloaded from the very helpful Happytoddlers and to be honest haven't been updating it weekly, I know I know BAD GIRL not listening to all the help offered on here.
    To be truthful there isn't much to fill in either as business is very very slow.

    Would I be best buying the pacey accounts book until I am a little wiser to it all and I remember someone once mentioning an accountant on here who specialises in childminders accounts but can't really afford one if expensive at the minute as everything seems to be going out and not much coming in!!

    If you have started with one system, stick to it or you are doing double the work

    Do I put down my gold membership for childcare.co.uk as an expense only we don't get a receipt for it so how do I prove such memberships etc

    You should of got an invoice, alternatively you would of paid by card, put a copy of the statement in your accounts,

    I get confused with hours worked and contracted hours, for arguments sake do I add my accounting, cleaning, promoting my business etc into my hours worked as tax credits says only hours actually worked so is it with the children or everything we do in our job? and is it different again for HMRC of how hours are calculated.

    Hours worked are when children are physically with you

    Another thing I think I do wrong is from my total income I take a wage instead of working out weekly costs first and then seeing what I can really afford to pay myself, would it look odd if I paid myself different amounts each week depending on outgoings or is that normal or would you stick to a regular amount as an average wage?

    You are self employed so you do not get a wage. Take what you want, it is yours but it does NOT go into your expenses as wages unless you are a limited company

    How much have you done towards the 13/14 tax return due at the end of this month?


    PLEASE ANYONE CAN YOU ADVISE ME BEFORE I GO DOLALLY TAP

    As usual sorry for the waffle
    Debbie

  5. #5
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    Thanks for your replies everyone.
    So pacey book it is then.

    I will start leaving money in my account from now on a take what needed when needed for childminding.

    Sorry Chatterbox promise to behave from now on and keep on top of things thanks for the kick up the bum! lol

    I wasn't minding until April 2014 so only paperwork I have for that would be start up payments etc, I was employed by the council up to end of April, so my tax year for 13/14 will be from that income. I started keeping on top of accounts from April 2014 when started childminding up to about 3 months ago, did a bit here and there but not weekly (didn't have children through summer holidays usual mum cancelled them mid July so other parents had already found care by then) but will catch up and start doing it weekly from now on.
    Have spent more time on courses and getting right paperwork together for obs, tracking, welcome packs etc instead of spreading time out evenly for all paperwork/accounts.

    I have read Sarah's blog on time management and it makes so much sense. Have decided once business picks up more to try and keep a morning/afternoon free for paperwork or at least have an early finish otherwise will be in real poo poo when time comes for tax return etc.

    Again thanks for the replies and help I really appreciate it

  6. #6
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    I keep all my receipts together for the week and then Sat morn spend 15 mins updating the account book "simples" ;-)

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