hi can anybody tell me whether they put a weekly salary on their weekly accounts or have i been doing wrong all this time:idea: :panic:

Hi
HMCR inspector gave our County Assoc a talk and explained that as a self employed person you cannot give yourself a salary.
Christine

I agree with Christine!

Your income, minus expenses, is your salary - out of that you decide how much to plough back into your business and how much to spend on your annual holiday etc :D

I'll move this to tax and book keeping as this section is for problems with the forum. :)

I agree that you cannot pay yourself a salary.

I agree but we cant give ourselves a salary

I agree but we cant give ourselves a salary

I was told that you can give yourself a wage each week by the hmrc and put this in my accounts ever week. I'm i missing something? i try to make the wage the same each week.

John.

I was told that you can give yourself a wage each week by the hmrc and put this in my accounts ever week. I'm i missing something? i try to make the wage the same each week.

John.


I've been at meetings when we have been told that you can't. If you are self employed you cannot put a weekly wage for yourself down as expenses if you were employing an assistant then you could put theirs down.
Christine

So how do you take a wage out and show in your books that you taking part of the childminding money as a wage? as everything you take in childminding needs to be accounted for. The last Inland rev i went to said yes your doing it right and showed them my accounts book. So how is right?

John.

I've just looked at an old posting about wages on this forum, and one said:

11-01-2008, 06:38 PM
June
Full Access Member
Registered Childminder since: Registered Jan 1994
Ofsted Grade: Good
Join Date: Oct 2007
Location: Just where I want to be!!
Posts: 420

Re: Wages?

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Kate, Carolyn and I went on a business course too and it said to pay yourself a wage They said it was good practise

The page is: http://childmindinghelp.co.uk/forum/showthread.php?t=1440

John.

Perhaps we are at crossed purposes here, there is nothing wrong in paying yourself a wage. I too have been on a business course where they suggested you paid yourself a wage (decide on so much for you and so much to plough back into your business) but you cannot deduct it as an expense against tax. Earnings are taxable.

Christine