SHORT TAX FORM
Thanks Thanks:  0
Likes Likes:  0
Dislikes Dislikes:  0
Page 1 of 2 12 LastLast
Results 1 to 20 of 26

Thread: SHORT TAX FORM

  1. #1
    Join Date
    Apr 2009
    Location
    On another planet !!!
    Posts
    2,693
    Registered Childminder since
    June 09
    Post Thanks / Like

    Default SHORT TAX FORM

    A friend of mine said there is a short tax form when doing accounts where you can put your account details in less pages and only takes about 10 mins rather than 40-60 mins like the long one is that right and of so what does it come under ?

  2. #2
    Join Date
    Apr 2008
    Location
    Merseyside
    Posts
    539
    Registered Childminder since
    sept 04
    Latest Inspection Grade
    good
    Post Thanks / Like

    Default

    It depends on how much you earn (i think) ....... i am not sure on the earning tho. sorry not much help.
    CWR

  3. #3
    Join Date
    Dec 2006
    Location
    Cheshire
    Posts
    37,504
    Registered Childminder since
    1994
    Latest Inspection Grade
    Outstanding
    Post Thanks / Like
    Blog Entries
    21

    Default

    You have to earn a heck of a lot or have complicated tax figures to fill out a long tax return.

    A normal childminder / self employed short tax return is 4 pages... well mine is anyway.

    My partner has 4 pages for self employed then a few more for employment.

    Hth

  4. #4
    Join Date
    Apr 2009
    Location
    On another planet !!!
    Posts
    2,693
    Registered Childminder since
    June 09
    Post Thanks / Like

    Default

    Quote Originally Posted by sarah707 View Post
    You have to earn a heck of a lot or have complicated tax figures to fill out a long tax return.

    A normal childminder / self employed short tax return is 4 pages... well mine is anyway.

    My partner has 4 pages for self employed then a few more for employment.

    Hth
    Think did the wrong one last year. I know I had to break everything down and alot I couldnt complete so will look and try and do the short one. Anyone know what it will come under? or how to find it ?

  5. #5
    Join Date
    Sep 2008
    Location
    Somewhere West of Watford!!!
    Posts
    9,085
    Registered Childminder since
    Aug 94
    Latest Inspection Grade
    Good
    Post Thanks / Like

    Default

    You have to earn over £68,000 per year before you have to fill in a long Tax return if you are self employed and there is nothing extra which you need to include.

    If you use the NCMA account book you end up with the figures you need to put on your return.

  6. #6
    Join Date
    Apr 2009
    Location
    On another planet !!!
    Posts
    2,693
    Registered Childminder since
    June 09
    Post Thanks / Like

    Default

    Quote Originally Posted by rickysmiths View Post
    You have to earn over £68,000 per year before you have to fill in a long Tax return if you are self employed and there is nothing extra which you need to include.

    If you use the NCMA account book you end up with the figures you need to put on your return.

    I have my own spreadsheets that I use on EXCEL. When I do it tomorrow I will look for the short one and hopefully get it done in 10 mins and not have to pay the tax man anything.

  7. #7
    Join Date
    Aug 2008
    Location
    not where I should be...
    Posts
    10,845
    Registered Childminder since
    Aug 94
    Latest Inspection Grade
    Good
    Post Thanks / Like

    Default

    When you first log on online it will ask which form you wish to complete.

    If you are claiming for your car as capital expenditure I believe you will do the long form
    Debbie

  8. #8
    Join Date
    Dec 2007
    Location
    Northants
    Posts
    1,254
    Registered Childminder since
    Mar 10
    Latest Inspection Grade
    Good
    Post Thanks / Like

    Default

    Quote Originally Posted by It's a small world View Post
    I have my own spreadsheets that I use on EXCEL. When I do it tomorrow I will look for the short one and hopefully get it done in 10 mins and not have to pay the tax man anything.
    Use the guidance in the free downloads section of the forum. It tells you what you can claim for council tax, gas, etc. You shouldn't pay tax as I think I have more children than you and didn't pay anything.

  9. #9
    Join Date
    Jan 2011
    Location
    Kingston upon Thames
    Posts
    951
    Non childminder member
    Accountant
    Post Thanks / Like

    Default

    Quote Originally Posted by DebbieS26 View Post
    If you are claiming for your car as capital expenditure I believe you will do the long form
    The short form has a section 'Tax allowances for vehicles and equipment (capital allowances)' - the business use portion of the writing down allowance for a car goes in box 24 'Other capital allowances.

  10. #10
    Join Date
    Jan 2011
    Location
    Kingston upon Thames
    Posts
    951
    Non childminder member
    Accountant
    Post Thanks / Like

    Default

    Quote Originally Posted by rickysmiths View Post
    You have to earn over £68,000 per year before you have to fill in a long Tax return if you are self employed and there is nothing extra which you need to include.

    If you use the NCMA account book you end up with the figures you need to put on your return.
    Actually you don't quite (at least, not in the versions I have seen although they do change it from time to time).

    You need to take the total of everything shown as expenses in the NCMA book, add on the 10% wear and tear allowance and put that figure in as "Total Allowable Expenses" (box 19 on the 2010/11 return).

    Your total income (before the 10% wear and tear allowance) goes in "Your Turnover" (box 8 on the 2010/11 return). Any start-up grant you have received goes in box 9 (make sure you claim the corresponding expenditure too).

    The difference goes in "total taxable profits" or "net business loss" as appropriate.

  11. #11
    Join Date
    Apr 2009
    Location
    On another planet !!!
    Posts
    2,693
    Registered Childminder since
    June 09
    Post Thanks / Like

    Default **still confused **

    Ok redone all food accounts after finding some of my lost month. Redone phone accounts (hope thats right)

    Now tomorrow I can do my tax return . Just gone onto HMRC and logged in with ID and password and its taken me to a section for this years tax return. Now last year it took me ages and there were lots of papers and I had to break everythig down. Just gone into my form and there are 8 sections is this this the right form as been told should only take 10 mins to complete and dont want to get stuck spending hours again like last year.

    Paperwork and accounts really get me down in this job :-( and dont earn enough to use an accountant x

    Oooh just been flicking through website and found this

    SA103S - Self-employment (Short) (2011)

    I know it says short but is the one thats a few pages long --definitely earn less than £70,000 a year
    Last edited by It's a small world; 19-07-2011 at 09:39 PM.

  12. #12
    Join Date
    Jan 2011
    Location
    Kingston upon Thames
    Posts
    951
    Non childminder member
    Accountant
    Post Thanks / Like

    Default

    SA103S is the right one, it is only two pages long and make sure you note the bit that says "If your annual turnover was below £70,000 you may just put your total expenses in box 19, rather than filling in the whole section."

    You also have to fill in the main tax return as well, but unless you have dividends or other income or need to claim any tax relief for pension payments etc. that is just your name and address which is pre-filled plus a few ticks and a signature.

  13. #13
    Join Date
    Apr 2009
    Location
    On another planet !!!
    Posts
    2,693
    Registered Childminder since
    June 09
    Post Thanks / Like

    Default

    Quote Originally Posted by MrAnchovy View Post
    SA103S is the right one, it is only two pages long and make sure you note the bit that says "If your annual turnover was below £70,000 you may just put your total expenses in box 19, rather than filling in the whole section."

    You also have to fill in the main tax return as well, but unless you have dividends or other income or need to claim any tax relief for pension payments etc. that is just your name and address which is pre-filled plus a few ticks and a signature.
    Thank you x

  14. #14
    Join Date
    Apr 2009
    Location
    On another planet !!!
    Posts
    2,693
    Registered Childminder since
    June 09
    Post Thanks / Like

    Default

    Anyone know what you would pay on earnings of £6800 ? think I need to find some more reciepts

  15. #15
    Join Date
    Jan 2011
    Location
    Kingston upon Thames
    Posts
    951
    Non childminder member
    Accountant
    Post Thanks / Like

    Default

    £151.

    If you can find £325 of expenses that would get it down to £60 - have you claimed all the mileage you can? What about mobile phone costs? Subscription to this forum ?

  16. #16
    Join Date
    Apr 2009
    Location
    On another planet !!!
    Posts
    2,693
    Registered Childminder since
    June 09
    Post Thanks / Like

    Default

    Need to dig out some gas /electric bills someone told me today I can claim even though dh pays the bill I'm still working in the home is that right ??

  17. #17
    Join Date
    Jan 2011
    Location
    Kingston upon Thames
    Posts
    951
    Non childminder member
    Accountant
    Post Thanks / Like

    Default

    In order to claim against your income, you must have incurred the expense. If the bills are in your husband's name or he has paid them and is financially independent from you this is going to be difficult to establish.

  18. #18
    Join Date
    Apr 2009
    Location
    On another planet !!!
    Posts
    2,693
    Registered Childminder since
    June 09
    Post Thanks / Like

    Default

    Quote Originally Posted by MrAnchovy View Post
    In order to claim against your income, you must have incurred the expense. If the bills are in your husband's name or he has paid them and is financially independent from you this is going to be difficult to establish.
    Getting fed up of this now. Keep getting told different things from different people so confused. Several people have told me I can claim electric etc as working from home (regardless of whether hubby pays bills or not im still having to use it as part of my business) Also got told can claim for MOT /Service of car- despite me saying I claim for mileage as works out better for me as car also used for personal usage. People claiming for decorating, carpet cleaners etc. When I thought this would come under wear and tear !! and to top it off been told today I will not get funding for NVQ Level 3 as I have a degree and it was suggested to get a job in the area my degree covers. Err tried that but couldnt work around my children as no family to help with childcare and unlikely to get tax credit help towards childcare because of his income.
    This accounts is a pain. So many things mentioned on here about what you can and cant claim but I know people are claiming and been told the reason they are claiming is because theyve been told cm's dont get chased often unless theyve had a very high income and expenese super exceed income making them suspicious... ..Fed up know feel like all Im doing complainig about one thing or another... heres to the weekend and a nice cold drink

  19. #19
    Join Date
    Apr 2009
    Location
    On another planet !!!
    Posts
    2,693
    Registered Childminder since
    June 09
    Post Thanks / Like

  20. #20
    Join Date
    Jan 2011
    Location
    Kingston upon Thames
    Posts
    951
    Non childminder member
    Accountant
    Post Thanks / Like

    Default

    Quote Originally Posted by It's a small world View Post
    Keep getting told different things from different people so confused.
    I am afraid this will happen - much of tax is a grey area which people sometimes try to oversimplfy into black and white. And sometimes things are taken out of context and misreprestented.

    There are only three things you can rely on:
    • information on the HMRC web site (I often link to this when it is not widely known or easy to find)
    • a statement made by an HMRC official (which should be confirmed in writing to avoid any confusion over exactly what was said)
    • advice given to you by a qualified accountant or tax consultant under a contract for professional services and backed by professional indemnity insurance


    Several people have told me I can claim electric etc as working from home (regardless of whether hubby pays bills or not im still having to use it as part of my business)

    Give HMRC a call. In future it would be better if you have the bill in your name, you pay it and he pays you back.

    Also got told can claim for MOT /Service of car- despite me saying I claim for mileage as works out better for me as car also used for personal usage.

    No - if you claim mileage the only other motoring cost you can claim is interest on a loan/HP to buy the car.

    People claiming for decorating, carpet cleaners etc. When I thought this would come under wear and tear !!

    The 10% allowance is "to cover the wear and tear of furniture and household items", not cleaning, maintenance or decoration.

    Can't help you with the rest I am afraid, except the nice cold drink for the weekend

 

 
Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Quick Links and Advertisements

Important Information Links
Some Useful Quick Links
Advertisements

 

You can also find us on:
SHORT TAX FORM SHORT TAX FORM SHORT TAX FORM

We use cookies to make this site as useful as possible. They are small text files placed in your browser to track usage of our site but they don’t tell us who you are.
By continuing to use this site you are consenting to cookies being placed on your computer. Find out more here: Cookies in Use

Childminding Help and the Childminding Forum are part of Childcare.co.uk