Arghhh accounts

[Littleglees]

Just been reading some of the posts on here :-(

I got registered last August and was told to take out insurance and register with hmrc ASAP which I did and I didn't have any children start until October and this was only school runs, day children December 12.

I had a NI bill which was to be paid end of January which i duly paid

I didn't realise you could claim for mileage what is the procedure ?

I keep petrol receipts and shopping receipts such as bread, juice, fruit, lunch food, loo roll, surface wipes etc.

What do I do for electric, water and phone bills.

Yes I had training but help please.

Love from a useless minder with figures lol Sare x

Sarah

[bunyip]

Call the HMRC Business Education & Support Team on 0114 29 69 431. Ask them to send you a free copy of "Childminders - information about tax and National Insurance 2012-13". Then make a note in your diary to get the new version before doing your next tax return. This helps with most areas of tax and NI.

There are 2 different ways of claiming for vehicle expenses. These are explained in the above guide. If you're still stuck on anything once you've read the guide, come back on here and ask. Please note that expenses such as travel relate to your tax return and income tax payment. They don't relate to NI payments unless you reach a point where you make so much profit that you have to pay the NI level for higher earners. That is unlikely until you really get going with plenty of clients.

As you registered in August with HMRC then took on lo's from October, I wouldn't worry that you did it too early. You could've waited until October, but no real harm done.

You will need to do a tax return by self assessment each year, including from when you started trading until April 2013, even though that's only a part-year. You can include you start-up expenses in this too. NB: you must do an annual self-assesment tax return even if the amount you earn is below the level at which you'd actually pay tax.

If your profits are low, you can apply to HMRC for a 'small earnings exemption' so you don't have to pay NI contributions for a year or so until you're earning more. BUT it may be worth you keeping up with NI contributions anyway, so as to gain entitlement to various contributary benefits, state pension, etc. (I can't remember the threshold figure, hopefully someone will be here later to tell.)

[Littleglees]

Thank you kindly


Sare :-) x

Sarah

[*daisychain*]

If you go on the hmrc website you can listen to webinars that give you lots of useful information , I listened to a live on last Wednesday and it was really useful :)

[Littleglees]

Thank u x

Sarah

[Chatterbox Childcare]

Are you with NCMA as they have a webinar on tax

[Littleglees]

I'm not, ill have a look about how to join x

Sarah