£2000 on expenses...........?

[Npg1]

Does this sound right?

I registered last july, was doing 2 days CM and also working at a nursery 2 days (which I had to register SE!) I now work 3 days a week CM 2 children and have quit the nursery. I have kept up to date records and worked out my expenses.

I have done 2 seperate accounts for both jobs and then am just going to add it all together to fill in the tax return.

From the nursery I earned £4777 and have claimed £1083.60 in fuel back as did alot of miles and then for CM I have earned £4038.71 and have claimed £1176.69.

In total I have earned £8815.71 with £2260.29 expenses.

I am hoping I have done this right, what sort of percentage am i running on?

Thanks

[Tazmin68]

Normally I seem to be around two thirds on expenses in total. But I do mind all 5 days. This year end is was around 16000 top line less expenses my net income was around 7600. This was after deducting, fuel, food, equipment, insurances, wear and tear etc. remember fees for groups, 25 percent phone line rental. I put the difference between normal house insurance and for minding. The relevant percentages for gas, electric, council tax and water. A once in a year valet on the car.

[The Juggler]

expenses depend on the year. in a set up year, they will be higher hon. On here expenses seem to range widely. Mine are about 1/6th of my annual turnover. Some are 1/3rd roughly and some up to half. :thumbsup:

[samb]

That sounds quite low especially for a set up year. Have you had a look in the free resources section at the top and gone through the documents to help you work out what you can claim for?

[Chatterbox Childcare]

I am not 100% on this but I think you need to run separate accounts for both businesses and enter two businesses finances on your tax return.

[Npg1]

Thanks everyone for your help.

I thought I had been quite generous with my expenses lol! I got a grant for the start up so havent really had to pay out much. I brought a doubl buggy but forgot to ask for a reciept from the woman (second hand)

[samb]

You can write your own receipt - I do this if buying second hand ad they haven't got a receipt book.

[hectors house]

I don't understand how when you worked at the Nursery last year that you were self employed - surely you were an employee unless you were an independent assessor or advisor? My expenses seem to be up to 50% of my income, so your figure does seem quite low.

[Emmalou77]

I run a car as part of my business and claim 45p per mile. Do I claim the extra insurance I pay at £7 per month or is it covered by the 45p?

[JoRo163]

I don't understand how when you worked at the Nursery last year that you were self employed - surely you were an employee unless you were an independent assessor or advisor? My expenses seem to be up to 50% of my income, so your figure does seem quite low.

I worked at a nursery which was a profit share arrangement, so was self employed.

[Npg1]

Thanks.

I was self employed because my boss told me I had to be! It was completely wrong as she employed us. She isnt PAYE registered. Im so glad im out of that place

[samb]

I run a car as part of my business and claim 45p per mile. Do I claim the extra insurance I pay at £7 per month or is it covered by the 45p?

The 45p covers everything- fuel, insurance and all other running costs of the car so jut claim the 45p per mile

[Chatterbox Childcare]

I run a car as part of my business and claim 45p per mile. Do I claim the extra insurance I pay at £7 per month or is it covered by the 45p?

Your normal insurance is covered under the .45p per mile but as the additional £7 is soley a childminding cost I would direct you to the HMRC and ask them.

[bindy]

I am not 100% on this but I think you need to run separate accounts for both businesses and enter two businesses finances on your tax return.

No thanks not true.

[bindy]

I mean that's not true lol!