Childminding and another job

[Jo1988]

I am just about to start childminding and I have just registered with HMRC.

I work 16 hours a week in another job and earn around £100 a week from doing that. So I don't pay any tax or anything on that. I am going to carry on working in this job until I get enough coming in from childminding.

I don't have a clue what I will do about tax and national insurance though?? Can someone please help me!!!! xxxx

[Wheelybug]

Last year I worked in a pre-school for a couple of months. Although they taxed me on my money at the pre-school, when I came to complete my self-assessment if I remember rightly there is a box for you to put in any additional income you have earnt. This is where I put my pre-school earnings. I was then given a tax bill that took this into account and also the tax I had already paid.

[TAZ]

Hi
I worked 3 days week and then started childminding on my 'days off'!
When you come to fill in you self assessment tax form there are different sections for employment and self employment.
In the employment section you will fill in the earnings from your other job (assuming employed, not self employed for that) You should receive a 'P60' from your employer which is a summary for the year of earnings, Tax paid, NI paid and it isthose details that you put on your self assessment form.

In the Self employment section you will fill in earnings and expenses from childminding.

HMRC will then calculate total tax owing for both jobs & Class 4 NI.

NI as a self employed Child minder you pay class 2 at £2.65/ week regardless of earnings (unless income under £5595) & class 4 which is worked out by HMRC on completion of your tax form (but is 9% of earnings over the exempt limit of £7605)

Being employed you normally pay class 1 NI but not if you earn less than £107/week

Hope that helps!!!!!!!!:)

[Bluebell]

If you are worried about owing too much taz at the end of the year then the tax office can change your tax code on your payroll so that you can start paying tax - ie they would tax you as if it was your second job. But if you are likely to be under the thresholds I can imagine you may pay too much and although a rebate would be nice I'd prefer not to be out of pocket!
Good luck - I hope it picks up so you can leave your job soon!

[Jo1988]

Thank you guys for your help! I think I understand it's not too far away the end of the tax year so I'm sure I will be back on here with more questions soon enough! But that sounds fairly simple to do! Just need to make sure I keep my accounts up to date etc is there a deadline for doing your tax returns?

Also, I won't be able to give my job up in the near future as I have 2 under 5's of my own so I can only have 1 other at the same time. When my eldest starts school in September though I am hoping it will be an option!!!! xxx

[TAZ]

Thank you guys for your help! I think I understand it's not too far away the end of the tax year so I'm sure I will be back on here with more questions soon enough! But that sounds fairly simple to do! Just need to make sure I keep my accounts up to date etc is there a deadline for doing your tax returns?

Also, I won't be able to give my job up in the near future as I have 2 under 5's of my own so I can only have 1 other at the same time. When my eldest starts school in September though I am hoping it will be an option!!!! xxx

Deadline for 2012-2013 is October 31st 2013 for paper returns, January 31st 2014 for on-line (you have to get a pass code prior to this so don't leave it to the last minute):)