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child_friendly
23-03-2012, 10:27 AM
Hi
I am new to all this and I have only been registered since the beginning of March and haven't got any mindees yet. I have been advertising and am wondering what do i do with regards to tax, expenses, national insurance etc? I have filled out a form on HMRC website for national insurance contributions and to say that i am self employed but am not earning yet. Who else do i need to tell? Should I tell housing benefit, child benefit/ child tax credit, working tax credits and any other benefits now that i am self employed or wait until i am earning? I don't want to be picked up on things later down the line if i haven't done it.

I am just lost on what I need to be doing etc.....guidance and advice would be greatly appreciated. Thank you in advance :)

breezy
23-03-2012, 05:23 PM
Not 100% sure , but I dont think you need to tell any of them until you actually start earning.

Bluebell
25-03-2012, 08:19 AM
Hi
It depends what you were doing before you started - if you were working and claiming tax credits and a childcare element you will need to tell them.

I think they like to be aware of any change of circumstances immediately but it would be annoying for you to tell them you are self employed but not able to tell them what your earnings will be! You could give them an estimate and then phone to change it part way through your tax year. I will be in the same situation because I am giving up my job next week and then will be childminding and will have to estimate how much I will earn less all my expenses! Fortunately its a new tax year so I will have to calculate it on who I'm caring for now and then amend if I start taking less or more but it is the expenses that will be hard to calculate!

I'm not sure about housing benefit but it would be sensible to tell them as soon as you start earning and not a moment later. I don't know how it works - could it be that even if you start earning a little (ie under a certain threshold) you could still be eligible?
You could always phone all these people for information and say 'I am thinking about starting childminding when would i need to inform you - would it be when I start earning?'