Confused please help

[1michelle]

Hello All

I have just completed my nvq level 3 and have become slightly confused as there is a section within the course that states as childminders we must pay our selves and deduct it as an expense the sample showed how much childminder paid him/her self then all the other weekly expenses. Is this right? dose any one else pay tem self's ? if so how do you work out what to pay your self and what heading on the ncma accounts book do you put it in ?

Thanks ladies and gents
Michelle

[sarah707]

How odd?!? No you don't pay yourself.

Your profit (your income) is everything you have left in your bank account when the bills including tax and NI have been paid.

Hth

[Chatterbox Childcare]

The only time I can think of you being paid a wage is a dividend if you were a company. Maybe the tutor was referring to employees??

[Caterpillar]

Another example of a ridiculously worded "training" course material!!!

[1michelle]

Thank you all have put my mind at rest I thought that was the case.

Thanks again
Michelle

[Chimps Childminding]

June and I were told this on a business course for childminders we went on several years ago!! We were told we could pay ourselves a wage and show it as an expense!!! We did for a couple of years until we came on here and someone else asked the question and were told it wasn't allowed Didn't dare check with HMRC incase they decided to investigate us

[1michelle]

June and I were told this on a business course for childminders we went on several years ago!! We were told we could pay ourselves a wage and show it as an expense!!! We did for a couple of years until we came on here and someone else asked the question and were told it wasn't allowed Didn't dare check with HMRC incase they decided to investigate us

lol carolyn I know what you mean I havent called them for he same reason.