View Full Version : claiming tax credits?
:panic:
how do you claim tax credits as a childminder??
how do they work it out??
esp at first when they expect you to make a loss??
Chatterbox Childcare
29-01-2009, 04:50 PM
Give the IR a ring - they will let you know what you can and cannot claim
I would expect you to earn below the taxable allowance figure.
Mollymop
29-01-2009, 04:53 PM
HI hun,
WHen I renewed last year to see if I could get pitance from them as usual, I told them I had no idea how much I will earn this year. They told me to guess.:rolleyes:
Anyway at the time I was earning about £1000 a month, so I told them it would be about £12000. ( cos I started minding in April - so Apr to Apr) I have no idea how much I would earn even now i don't know to be honest - no one does:rolleyes: :)
FizzysFriends
29-01-2009, 04:54 PM
Work out what you will take from parents and call IR and tell them that figure and that the income is from childminding and they will work it out for you, then at the end of the tax year you will have to declare your actual income as normal.
singlewiththree
29-01-2009, 04:55 PM
I haven't had my first tax credit as a childminder yet but I rang them up and they asked my start date and I had to give how many wages I have already had from my employer and then how much I expected to earn by April 2009, I said nothing or a loss but they wouldn't put a minus figure. Friday I will get my first payment from them but I'm not expecting it to change from what it is now as I've told them I'm working 16hrs which is what I was doing before.
Will let you know if its changed.
FizzysFriends
29-01-2009, 05:00 PM
I haven't had my first tax credit as a childminder yet but I rang them up and they asked my start date and I had to give how many wages I have already had from my employer and then how much I expected to earn by April 2009, I said nothing or a loss but they wouldn't put a minus figure. Friday I will get my first payment from them but I'm not expecting it to change from what it is now as I've told them I'm working 16hrs which is what I was doing before.
Will let you know if its changed.
Tell them as soon as your hours go up as you get a bonus for working over 30 hours.
i will be working over 30 hours as my youngest mindee is a full timer :laughing:
singlewiththree
29-01-2009, 05:13 PM
i will be working over 30 hours as my youngest mindee is a full timer :laughing:
Looks like your in for more money then :) I'm not doing full time until Sept/Oct and then its 50hrs
singlewiththree
29-01-2009, 05:14 PM
Does anyone know how it works with hours. If you tell them 50hrs a week but then sometimes you have 2-3 children and usually you would say 50hrs at 3.50 an hour but some hours will be more money. This is sooo confusing.
HomefromHome
29-01-2009, 05:16 PM
i claim inc my db - its done jointly on both wages - when the renewal thingy comes i just add about £750 to mine each yr - i keep it to just below the tax threshold (just over £6000 this yr). but cos we're over the £20,000 joint income we get bout £10/week!!!!!! do wonder why i bother - i'd get 10 times that a week if i was on my own!!!! just about fills my car up with fuel each month!!!:o
SimplyLucy
29-01-2009, 05:55 PM
I think every childminder should inform Tax Credits they are doing over 30 hours a week.
How many hours do you tick up doing paperwork? - evenings, weekends.
How many hours do you tick up shopping for resources/snacks?
How many hours do you tick up tidying and preparing your house?
As a self empolyed person all these hours count in your working week, it's NOT just the hours you have children.
As for your income, it's hard to guess. Best way is to add up roughly how much the parents are paying you then take off about 40%. Thats what I did the first year and it worked out perfectly.
It's best if you are up to date on your accounts so you can give and exact figure in April for you renewal. You can get your tax return done and out of the way then too!
I think every childminder should inform Tax Credits they are doing over 30 hours a week.
How many hours do you tick up doing paperwork? - evenings, weekends.
How many hours do you tick up shopping for resources/snacks?
How many hours do you tick up tidying and preparing your house?
As a self empolyed person all these hours count in your working week, it's NOT just the hours you have children.
As for your income, it's hard to guess. Best way is to add up roughly how much the parents are paying you then take off about 40%. Thats what I did the first year and it worked out perfectly.
It's best if you are up to date on your accounts so you can give and exact figure in April for you renewal. You can get your tax return done and out of the way then too!
never thought about that thanks :thumbsup:
marion123
29-01-2009, 09:12 PM
i get £10 a week dont know why i bother
Mollymop
29-01-2009, 09:34 PM
As for your income, it's hard to guess. Best way is to add up roughly how much the parents are paying you then take off about 40%. Thats what I did the first year and it worked out perfectly.
It's best if you are up to date on your accounts so you can give and exact figure in April for you renewal. You can get your tax return done and out of the way then too!
But you have to give tax credits your income before tax not after, don't ya???
i think they want to know income minus allowances but before tax :panic:
think i need a diploma in maths :laughing: