Aghhh had my tax bill

[LisaH]

yes I told them within in 3 weeks of Childminding I informed them online

Definately call them, same thing happened to me in my first year minding. When I rang them they had no record of me!!


My tax bill is rarely more than about £250 - £300. I don't put anything aside to cover it so would have a heart attack if it was much higher!! Lol

[Trouble]

i havent had this years forms yet should i be ringing them?

[sarah707]

i havent had this years forms yet should i be ringing them?

Yes!!!!!!!!

[emmadines]

Definately call them, same thing happened to me in my first year minding. When I rang them they had no record of me!!


My tax bill is rarely more than about £250 - £300. I don't put anything aside to cover it so would have a heart attack if it was much higher!! Lol

i've only just started minding, from the 11th aygust. other then regerstering myself do i need one of these forms or will that be next year?

[Chatterbox Childcare]

i've only just started minding, from the 11th aygust. other then regerstering myself do i need one of these forms or will that be next year?

If you have registered as self employed with the tax office you will automatically get one in time to complete a return from 5th April each year.

Debbie

[Andrea08]

I cant believe how much some of you have had to pay I dont know how i would find that x Ive been a chiildminder for 5 years now and never had to pay tax x I think i might start putting some away just in cas though x

Hi not sure to post ere or start a new one ,,,
i agree i have never paid tax but for some years now i have only earned £130 a week the last term was £150 wk,

BUT NOW i have three children under 5yrs and thats £450 week and my part timers after school at £50 wk (d most i have ever earned in my LIFE)
SOOOO what will happen how much of this should i spend on the kiddies i have a lot of resources that i need ,,,extra rains and a new double buggie BUT will i end up paying loads of tax ?
id be happier to spend the extra on the children than the tax man?
and do you have to pay the tax in one go after we put in our tax return and its calculated?
ohhh got me knickers in a twist now lol HELP do i save or spent?
xx

[sarah707]

do you have to pay the tax in one go after we put in our tax return and its calculated?

No you pay in installments... but you have to pay on account for the next year as well... best tip is to put away money through the year ... 20p in the pound or £20 per £100 wages... in a savings plan!

ohhh got me knickers in a twist now lol HELP do i save or spent?

I spend rather than give the tax man anything

xx

It's a hard position to be in...

[jellytot]

so you dont pat NI. i thought i had to, my tax is high this yr but alot of it is NI. also what is it with payin some of nxt yr, you dont do that in any job so y shud we

[Andrea08]

mmmm thank you sarah,

it is difficult as next term i might only have one child on my books again?

if i could work out how much i can earn after expences a year i could start to work out if i need to spend or save, think your right i better put some money away just incase i get a tax bill, would like to pay it off in one go and forgett about it,
dont like bills over my head like not to owe any one except the mortgage, dont even have credit cards.

as for NI i pay by DD every month class 2 i think its about £2.30 week goes out the bank monthly.

glad i looked on now many thanks, sorry for thoes who get big bills x

[ruby]

ok not quite getting this

i have had my tax bill for this year its only £160.00

can you tell me Carolyn where does it say about paying next years as i have look and can't find it anywhere



cathy

[sarah707]

My partner had his bill....

He has to pay this years bill in full by 31 January 2009.

Then the same again towards next years bill 'on account'...

1 payment of 1/2 the bill by January 2009 and another payment of 1/2 the bill by 31 July 2009.

[Chimps Childminding]

ok not quite getting this

i have had my tax bill for this year its only £160.00

can you tell me Carolyn where does it say about paying next years as i have look and can't find it anywhere



cathy

Hi Cathy my letter from Inland Revenue reads as so!!

Self Assessment - Tax Calculation says

"Thank you for your tax return blah blah blah!!!

My calculation shows that the tax due under Self Assessment for 2007-08 is £816.90 due by 31st January 2009

Then underneath it says

I also calculate the payments on account towards your tax bill for 2008-09 are!

1st Payment on account £408.45 due by 31st January 2009
2nd payment on account £408.45 due by 31st July 2009"

When I queried how they knew how much I would owe on tax for next year when I didn't know how much I would earn they said they assume it will be more or less the same, and that any deductions/additions to the amount paid will be made after I submit next years self assessment.

So I guess I'm going to have to try and get it done early so I know what I need to find!!!!!!!!!!

Just wish they would let you pay the next years in maybe April and September (not half in January as well as this years) - don't they know we have christmas coming

[ruby]

thank you Carolyn

the first bit is the same but there is nothing at all about next years on my forms

don't know why not sure wether to phone them or leave it


cathy

[J_J]

i think you only pay towards the following tax year if you have earnt a certain amount. a childminder i know has only just started now paying towards the following tax year.
j x

[manjay]

From what I can remember if you have to pay more than £500 you have to pay next years on account

[kellyb]

i've only just started so im all in the good will to do it bit!! fingers crossed thwat i will put it in, im in 2 minds of actually splitting the payments from parents into 3. 1 for tax, 1 for me and 1 for the savings account. (obviously anything i need for the business can come out of the savings pot and then go don as expenses

but like i said.....

wheather thats gonna actually work ................... well thats anyones guess!

This is what I do -

I have on account for my fees to go into, which my salary goes out of into my personal account, I then use the remainder in that account for my expenses, food, fuel, trips, resources etc. Then I also pay an amount a month out of that into my tax acouunt, so when it comes to paying my bill every 6 months, I have the amount of money there ready, it works really well.

[MissTinkerbell]

I have an e-savings account attached to my current account so as soon as parents have paid me I transfer 20% into my tax account and just hope that will cover any tax when the time comes.

[emmadines]

I have an e-savings account attached to my current account so as soon as parents have paid me I transfer 20% into my tax account and just hope that will cover any tax when the time comes.

i have an e savins and an isa. mums/dads transfere money into mt e account, tax into my isa and money for use gose into my main accout if ands whe i need it. i am planning to put some into savings too

[Heaven Scent]

what is an e-savings account?

[roseybev]

girls ive got a account man got his number from the scottish childminding mag he takes 70 a year .1 year i made 15000 and by the time he took everything of i never paid tax.he does everything for you you just give him all your rect,and figures,with your tax form and they do all the work.