Tax Credits query

[Bendy]

Hi

Hope someone can help, I have not as yet completed a full 12 month tax return and want to know what would be a reasonable amount of expenses to claim. The last one I did was for 6 months and had a lot of start up costs.

I need to complete a tax credit annual declaration, I have not yet done and I am not yet in a position to complete my tax return year ended 5 April 2011.

I do know my exact income figure for that year but not what my total expenditure was. I can give an estimated figure now and the exact figure in Jan.

Hope this makes sense!

Any advice would be most gratefully received.

Thank you

[AliceK]

Mine usually works out at around 50%. Don't know if that's the norm for others though.

xxxxx

[aly]

you cannot pluck a figure from the air and say that is your expenses...you have to go through your last years accounts and claim for expenses {what you can claim for is in the download section}.

If you decide that it's 50% adn it's wrong then you could be picked to be checked by the tax man...it's not worth it!!

[Bendy]

you cannot pluck a figure from the air and say that is your expenses...you have to go through your last years accounts and claim for expenses {what you can claim for is in the download section}.

If you decide that it's 50% adn it's wrong then you could be picked to be checked by the tax man...it's not worth it!!

Hi not sure I explained myself correctly, I have a deadline to complete a form of this Friday. So I need to estimate my figure now. I have not as yet completed a full tax return only one for 6 months. I just wanted to know how best to estimate this figure. I do understand that I need to go through all my receipts which I have plus heating/lighting/council tax etc to get the exact figure but I will never get that done this week and I'm away for a fortnight after that.

I'm not sure that I am even entitled to tax credits anymore due to government cutbacks but they have told me I must give them an estimated figure.

Hope this makes my situtation clearer.

Thanks

[Bendy]

you cannot pluck a figure from the air and say that is your expenses...you have to go through your last years accounts and claim for expenses {what you can claim for is in the download section}.

If you decide that it's 50% adn it's wrong then you could be picked to be checked by the tax man...it's not worth it!!

Also if they decided to come and check my books thats fine by me I have nothing to hide apart from the fact that I always leave really boring mundane tasks like this till the last minute as life is just to short!

[Saled]

Hi there, mine worked out at about 44% last year.

Hope this helps.

[Bendy]

Thanks Saled.

[manjay]

It is a difficult one to estimate really! I am in my 5th year of childminding and my expenses for last year were over 2/3rds! but I do like to spend a lot .

I would say give tax credits a conservative estimate and get your accounts done asap. That way you can give them the real figure quickly and it will stop them paying you the wrong amount (if any)

[MrAnchovy]

The last one I did was for 6 months and had a lot of start up costs.

Add back the start up costs and multiply by 2?

[Chatterbox Childcare]

go back with your figures to TC and explain and they will help you work it out

[Bendy]

go back with your figures to TC and explain and they will help you work it out

Tried that, lines are very busy that is if you can get through and I found the person on the other end not to be very helpful.

Maybe I should learn a lesson from all this and keep my paperwork upto date. To be honest I wasn't expecting this form and deadline and was aiming to get my return done in November when I have a month off.

Thanks for all your suggestions, think I'll go with adding back start up costs and multiplying by 2. That is probably the nearest I'll get for now.

[aly]

To be honest I wasn't expecting this form and deadline and was aiming to get my return done in November when I have a month off.

the dates have been the same though!.

i still not done mine if its any consolation {sp}