Tax deductions

[Buzz Lightyear]

I think my brain has just blown up reading all of this Very informative, agreed but also pickles the brain Yikes, dreading my accounting side of things!!

[taiwallis]

Gosh - i hate this time of year - it makes me want to be physically sick!! Does anyone have a spreadsheet that i can put figures into? I have to get it done by friday, and that is alot of receipts to get through - i had been so good to start off with and then it all got sidetracked with everything else i am trying to keep up with !!! Does anyone else find it hard or is it just me? Also, am i just being dim but when (sarah nev) you look at the list that was so informative about what you can claim for - how do you know what percentage of for example, broadband, house insurance, tv liscence, mobile etc??? This is based on me working a 40 hour week - however it feels like i never stop working these days as i am always catching up on the weekend!!

[sarah707]

Gosh - i hate this time of year - it makes me want to be physically sick!! Does anyone have a spreadsheet that i can put figures into? I have to get it done by friday, and that is alot of receipts to get through - i had been so good to start off with and then it all got sidetracked with everything else i am trying to keep up with !!! Does anyone else find it hard or is it just me? Also, am i just being dim but when (sarah nev) you look at the list that was so informative about what you can claim for - how do you know what percentage of for example, broadband, house insurance, tv liscence, mobile etc??? This is based on me working a 40 hour week - however it feels like i never stop working these days as i am always catching up on the weekend!!

I use the percentages on here -

http://www.hmrc.gov.uk/manuals/bimmanual/bim52751.htm

It's 10% for most things for full time (40 hours)

[FizzysFriends]

NCMA says you can't claim TV licence?

[sarah707]

NCMA says you can't claim TV licence?

Do they?

Well it's 10% of £139 which is £13 off your tax bill.

I'm sure I'm not defrauding the tax man too much at that!

My list comes from an accountant who specialised in self employed people before he emigrated.

There are always grey areas I'm afraid, that's what makes it so exciting!

[rickysmiths]

Hi! I agree with Sarah. My accounts were submitted last night and I included a % of the TV. I also include £100 for shoes and trousers and tops for me. I have a stock of tee shirts and trousers I only wear for cm. The number of miles I walk with the mindees every year I wear out a pair of shoes!

[FizzysFriends]

Well most things can be linked to minding in someway, don't think I will risk it though, don't want to push my luck and get audited.

[aly]

Well most things can be linked to minding in someway, don't think I will risk it though, don't want to push my luck and get audited.

At my icp course, we were told we can claim for tv licence or a %age of it anyway. that particular class was taken with someone from NCMA I am from wales too {just to clarify}

[taiwallis]

not wanting to tempt fate, and am nearly there with my returns, thanks to hubby who says its all in hand< the other hand holding 1/2 a drunk bottle of red wine!!! , but has anyone actually ever been audited??? I truly believe childminders should be exempt from tax and all this silly paperwork to do with it - we do enough with the EYFS. I am struggling to fit it all in AND have a family life - anyone the same or is it just me????

[sarah707]

not wanting to tempt fate, and am nearly there with my returns, thanks to hubby who says its all in hand< the other hand holding 1/2 a drunk bottle of red wine!!! , but has anyone actually ever been audited??? I truly believe childminders should be exempt from tax and all this silly paperwork to do with it - we do enough with the EYFS. I am struggling to fit it all in AND have a family life - anyone the same or is it just me????

No it's not just you!

I haven't been audited yet but I do know of childminders it has happened to.

The key is not to flag yourself up.

Don't put through large amounts you cannot justify.

Don't put through things that you don't have proof of purchase for.

Keep to the accepted limits of 2/3 loss to expenses and no more.

If you put through a total of £12000 with £7000 loss to expenses one year, DO NOT put £10000 with £8000 loss the next ... it looks wrong and will shout fraud.

I was always told, we are the small fry but if we do something silly we will be caught.

[huggableshelly]

oohh nice list there are a few ... well alot that I've never claimed for and I've had to pay tax for the last 2 years.

time to go through this years books again and make changes, I shouldnt have paid tax for the past 2 years either but still, ty for the list.

[TheBTeam]

is the 40p a mile supposed to include the cost to keep the car on the road such as mot and insurance and service, as well as depreciation. the only way i thought you could claim then separately was when keeping full business accounts and not claiming 40p a mile, or you used the capital depreciation which is good when buying a new car.?

[sarah707]

is the 40p a mile supposed to include the cost to keep the car on the road such as mot and insurance and service, as well as depreciation. yes

the only way i thought you could claim then separately was when keeping full business accounts and not claiming 40p a mile, or you used the capital depreciation which is good when buying a new car.?

Yes that's right. It is explained in the first post in the thread -


With the car expenses, you either claim the mileage (currently 40p a mile) or the %ages of other expenses... which ever is the biggest amount.

This is clearly stated in the tax link at the top of this post.

[TheBTeam]

sorry being a bit dim, somehow started reading this thread backwards! my car just failed mot on a non working seat belt which is a pain cos the fixing cost is more than the car value, but we really need a second car as we can't get out with all the minded children otherwise!!!

[geordiebunny]

Pain in bum i know with auditing they have a system that they use to flag certain things up ie looking at taxi drivers with income above certain amount, this is done once a year. people working returns also look at large expenses but what we were told was that if it was less than £500 tax consequence to not bother passing through to be looked at as they had enough work and wasn't worth it to them. hope this helps people with their audits dont forget they have a 6 year rule and also a time frame for which they can open an enquiry into a tax return but can't think of it right now.

[SandCastles]

I was advised to claim the full cost of all presents bought for minded children, birthday, xmas, easter etc including cards and wrapping paper. Does anyone buy presents for their mindees?

[huggableshelly]

I was advised to claim the full cost of all presents bought for minded children, birthday, xmas, easter etc including cards and wrapping paper. Does anyone buy presents for their mindees?

yes i do

I've claimed for all of their easter eggs too as I havew 11 to buy for plus the easter egg hunt stuff we used on friday

just remember to keep reciepts for values over £10.00

I averagely spend 5-10 on birthdays and xmas they all get a selection pack of some form

[nic76]

i think i need an accountant

[Chatterbox Childcare]

My tax inspector told me a definate no on the tv licence.

[sarah707]

My tax inspector told me a definate no on the tv licence.

Thanks for that Debbie.

it does seem to depend who you talk to.

It won't make a huge difference to miss it off anyway... so best not use it as an expense