Allowance help..
Thanks Thanks:  0
Likes Likes:  1
Dislikes Dislikes:  0
Results 1 to 13 of 13
  1. #1
    Join Date
    Dec 2008
    Posts
    1,239
    Registered Childminder since
    sept 05
    Latest Inspection Grade
    Good
    Post Thanks / Like

    Default Allowance help..

    Im trying to do my tax return..despite having done many over the years im always confused!

    I have put my amount through..put my expences (that aren't 100% done at the mo but almost there) through and assumed due to a fairly high personal allowance (10k) we have that it would be a lot lower than its come in at? Does anyone know where this bit comes off as doesn't show on the form?

    Thanks

  2. #2
    Join Date
    Feb 2010
    Location
    at the mad hatters' tea party
    Posts
    1,620
    Registered Childminder since
    Sept 90
    Latest Inspection Grade
    Good
    Post Thanks / Like

    Default

    If I remember correctly you put in 2 figures - total income and total expenses and the website does the rest, it will then show how much tax and national insurance due hope this helps
    Cath

  3. Likes FloraDora liked this post
  4. #3
    Join Date
    Aug 2013
    Posts
    1,962
    Registered Childminder since
    Nov 13
    Latest Inspection Grade
    Outstanding
    Post Thanks / Like
    Blog Entries
    1

    Default

    I sort of knew before I completed the form, but at the end they worked it all out and also took into account my other earnings. The final screen gave me their suggestion of the tax I owed - Have you gone this far ? If it is saying more than you think is it because of NI 2&4 ?

  5. #4
    Join Date
    Nov 2013
    Posts
    601
    Registered Childminder since
    pre-reg
    Post Thanks / Like

    Default

    For some reason this year mine had a list of different expense categories so I ended up putting amounts for car and transport costs, wear and tear, utilities in their seperate boxes and anything I couldn't put in their categories into the other box...it added up to the same total I had so hoping I've done it right.

    I came in around £10k after expenses and had just £140 to pay, I'm assuming this is NI, although it seems low, does anyone know if it's about right? So worried I've done something wrong

  6. #5
    Join Date
    Aug 2013
    Posts
    1,962
    Registered Childminder since
    Nov 13
    Latest Inspection Grade
    Outstanding
    Post Thanks / Like
    Blog Entries
    1

    Default

    Mine came in at £1.60!( I made such a loss last year that I can carry it forward to this and next year.i have already paid tax on my other incomes!) I tried to pay and they said I did not owe anything - a week later I received a summary via email - that I owed £1.60 so it was a confirmation that the online system was working!

    The summary did outline how I owed the £1.60 though so you should find out where the amount owed is coming from.
    There is a system now where you choose the method you enter details - I went for the simplest way of income and expenses so didn't fill in the finer detail - I have this though in my own accounting paperwork. Perhaps you opted for the other way, hence your need to put in the detail?
    Last edited by FloraDora; 01-01-2016 at 08:57 PM.

  7. #6
    Join Date
    Dec 2008
    Posts
    1,239
    Registered Childminder since
    sept 05
    Latest Inspection Grade
    Good
    Post Thanks / Like

    Default

    Hi
    Thanks fir the replys.

    I had another job up until dec 14 so have put my employed p45 amount (not as much as previous years)
    I then put my childminding bit and expenses..

    As a whole as an example say if I'm left with a taxable amount of say 16k..shouldn't £10k be knocked off that making it 6k then plus the n.i contributions (that I was paying by DD till not long ago?

    Thanks

  8. #7
    Join Date
    Dec 2008
    Posts
    1,239
    Registered Childminder since
    sept 05
    Latest Inspection Grade
    Good
    Post Thanks / Like

    Default

    Hi,
    Im still struggling with this..cannot get through tot he tax office though.

    As said above I have put my employed income through..this was my last bit as left so my p45 amount

    I then did my expences and knocked my wear and tear then expences off..im pretty close to your figure alex17.. im wondering why my bill is so high?

    as a made up figure..earnings of 17k..shouldnt 10k be disregarded leaving you working with a 10k income? or am I missing something?

  9. #8
    Join Date
    Feb 2010
    Posts
    3,857
    Registered Childminder since
    Oct 97
    Post Thanks / Like

    Default

    Have you tried the online chat to hmrc
    https://online.hmrc.gov.uk/information/helpdesk. An automated response comes up and if that doesn't help they should put you onto someone live

  10. #9
    Join Date
    Jun 2012
    Location
    at my computer, of course
    Posts
    4,987
    Registered Childminder since
    Nov 11
    Latest Inspection Grade
    Outstanding
    Post Thanks / Like

    Default

    Quote Originally Posted by alex__17 View Post
    For some reason this year mine had a list of different expense categories so I ended up putting amounts for car and transport costs, wear and tear, utilities in their seperate boxes and anything I couldn't put in their categories into the other box...it added up to the same total I had so hoping I've done it right.

    I came in around £10k after expenses and had just £140 to pay, I'm assuming this is NI, although it seems low, does anyone know if it's about right? So worried I've done something wrong
    £140 would roughly tally with a year's Class 2 NI. But the Class 2 NI for 2014-15 should have already been collected through direct debit or 6-monthly billing requests. Btw, that system is changing and IIUC the Class 2 NI for 2015-16 will be lumped in with the payment demand we'll receive around this time next year.

    IIRC, you'd pay 20% income tax on profits above £10k and Class 4 NI at 9% if your profits exceed £8k.

    My best guess would be that you've made a little bit over the £10k personal allowance, and the £140 is most likely made up of a combination of income tax and Class 4 NI.

    It's a really bad time of year to be trying to phone HMRC. I'd be inclined to pay such a small amount, and then make a telephone enquiry to check in a few weeks when the lines are less busy. If it's wrong, it may take some time to refund. OTOH if you don't pay and find it was due, then you'd potentially be faced with additional penalty charges.

  11. #10
    Join Date
    Dec 2008
    Posts
    1,239
    Registered Childminder since
    sept 05
    Latest Inspection Grade
    Good
    Post Thanks / Like

    Default

    Thanks Bunyip.

    I see from another posters amount on 10k its a couple if hundred..mines coming in a just under a thousand?! I just don't understand it tbh.

  12. #11
    Join Date
    Aug 2009
    Posts
    4,097
    Registered Childminder since
    sep09
    Latest Inspection Grade
    outstanding
    Post Thanks / Like

    Default

    Your ersonal allowance has probably been taken into account ith your employed wages , you cant have it twice x

  13. #12
    Join Date
    Aug 2009
    Posts
    4,097
    Registered Childminder since
    sep09
    Latest Inspection Grade
    outstanding
    Post Thanks / Like

    Default

    Did you get it sorted jellybaby?

  14. #13
    Simona Guest

    Default

    Jelly baby...check your Tax Code form the PAYE from your employer...by the ned of this tax year they should give you a P60 detailing your earnings and tax deducted for this current financial year

    It should be 1060L where they take 20% of your wages at source as per PAYE
    That allows you to earn £10,600 tax free per annum and pay tax on the rest.

    The current NI weekly contribution is £2.80 for the year 2015 to April 2016....so that comes just over £140 per annum....something like £145.60
    Have you paid those by Direct Debit so far to HMRC?

 

 

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Quick Links and Advertisements

Important Information Links
Some Useful Quick Links
Advertisements

 

You can also find us on:
Allowance help.. Allowance help.. Allowance help..

We use cookies to make this site as useful as possible. They are small text files placed in your browser to track usage of our site but they don’t tell us who you are.
By continuing to use this site you are consenting to cookies being placed on your computer. Find out more here: Cookies in Use

Childminding Help and the Childminding Forum are part of Childcare.co.uk