Making a loss on cm business but paid tax when employed

[claireodon]

Just wondering if you get a lump sum rebate if you pay too much tax during a tax year? I reg as a cm in July but up until that point had been employed and paying tax. Due to set up costs and expenses I will have made a loss this year - will they rebate any tax I paid between Apr and July? Also, to complicate matters further, if I give up childminding and become employed again before April what will happen about paying tax?

[Allie]

Don't know about your situation but they certainly give me back money when I have paid too much due to reduction in numbers (they also take more when the reverse is true)


Allie

[Chatterbox Childcare]

Being employed and self employed are treated separately.

However if you made a loss of your childminding you carry that forward to next year against any potential profit that you make and it will reduce your tax liability then

AND

if you haven't earnt over the tax allowance of £6435 this year when employed any tax paid will be refunded or if you are over it a new calculation will be done and any monies due refunded. If you only worked until July I would think all tax paid when employed will be refunded.

If you start work again this will be added to your total employed income and worked out as above.

If you want to talk specific numbers just pm me

Hope that isn't too complicated but call out again if you need to.

[izzy23]

I've a similar situation and a bit confused. I started minding in January 2009 after finishing employed work on 19 December 08. I have my Tax return to complete for financial yr 08 up to april 09 and as I see it I just declare my earnings and outgoings for 12 january 09 to April 09? Can anyone help me if this is correct, I am flummoxed enough as it is and don't want to end up entering the incorrect info and losing out or having to pay more than I should

Thanks

Izz

[sarah707]

Your tax return will run from April 2009 to April 2010.

It will ask you for all your income -

One section for income / tax paid from employment

One section for income / expenses from self employment.

If you don't get a tax return that asks for that information, give them a ring and ask for one!

Just fill it all in and they will calculate whether they owe you or you owe them.

hth :D

[Chatterbox Childcare]

Your tax return will run from April 2009 to April 2010.

It will ask you for all your income -

One section for income / tax paid from employment

One section for income / expenses from self employment.

If you don't get a tax return that asks for that information, give them a ring and ask for one!

Just fill it all in and they will calculate whether they owe you or you owe them.

hth :D

Sarah - ignore this I thought you were replying to the thread above this one - sorry

Sarah she is still in 08/09 year

You will have to complete two sections of the tax form - 1 is for employed and the other self employed and you are correct with the dates Jan09 - April 09

[Chatterbox Childcare]

I've a similar situation and a bit confused. I started minding in January 2009 after finishing employed work on 19 December 08. I have my Tax return to complete for financial yr 08 up to april 09 and as I see it I just declare my earnings and outgoings for 12 january 09 to April 09? Can anyone help me if this is correct, I am flummoxed enough as it is and don't want to end up entering the incorrect info and losing out or having to pay more than I should

Thanks

Izz

you need to complete a return for 08/09 and 2 sections - 1 for employed and 1 for self employed (carry your self employed loss forward to 2009/10 return)