Paying Tax

[sheila27]

Hi im newly registered and i have two mindees starting soon, im a little confused about paying my tax. Should i go through my recipts weekly or monthly to keep on top of them? Also i have read it depends on the hours you work how much expenses you can claim for household bills but if i have different mindees on different days but it totals to 40 hours altogether does that class as a 40 hour working week?

[tulip0803]

Hello and welcome

I try to do mine weekly as it then only takes a few minutes. I use the NCMA accounts book but you can record them anyway you want as long as it is logical IYSWIM. You need to record your incomings and outgoings and keep your recipts for items over £10 (under it does not matter but keep them anyway if you can). You should also keep a record of any journeys that you make and claim the 45p a mile mileage for. And your utility bill receipts and itemised phone bills showing calls made for the business.

As to the hours it is the amount of hours that you work regardless of how many children are in on that day - you cannot count 2 children for 10 hours each on the same day as 20 hours as it is only 10 hours that you have worked.

for example if you have mindee A for 10 hours each monday and 10 hours Tuesday and mindee B for 10 hours Wed and 10 on thursday then you have worked 40 hours and can claim the full percentage allowance (Gas & elec 33% of weekly bill. rent, water & council tax 10% of weekly)

But if you have mindees A & B for 10 hours monday and 10 hours tuesday although you get paid the same amount as above you have only worked 20 hours. so can only claim the percentage for 20 hours (Gas & elec 17% of weekly bill. Rent, water & council tax 5% of weekly bill)




Good luck

[sheila27]

Thanks thats really helpful i feel confident with everything else but not keeping track of the tax!!!

[tulip0803]

Thanks thats really helpful i feel confident with everything else but not keeping track of the tax!!!

If you ever have any queries just ask and someone will help you.:thumbsup: You will soon get more confident with it:)

[tulip0803]

It just occured to me that if you have the 2 mindees on the same day but they come and go at different times you just take the time you start with the 1st (say 0730) and the time you finish with the last (say 1830) and that would be the hours you have worked on that day (11 hours). Sorry I did not say that in my first answer.

[sheila27]

Also I have bought things at car boot sales while I was waiting to become registered and the things I bought I didn't get a for would
I be able to put these down as expenditure or not?

[MrAnchovy]

Yes. Just write down the date and place you bought it and what it is. If the tax man ever comes to look at your books there might be some 'discussion', but as long as you tell the truth and don't create any documents that are not what they appear to be (so don't write out something that looks like a receipt a seller would give to you) you will not get into trouble.