Shocking!!.....
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Thread: Shocking!!.....

  1. #61
    Simona Guest

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    Quote Originally Posted by bunyip View Post
    Worth bearing in mind that, working from home and the odd way in which HMRC allow CMs to calculate certain expenses tend to give a slightly skewed picture of them.

    One small example: I can claim for heating and lighting while mindees are here, even though I'd still be using the heating and lighting if the mindees were not here and it was just me and the vicar's wife running around naked (well, maybe not the lighting, but I'd maybe turn the heating up a notch. )

    So, given that we're getting tax relief on some items that we'd pay for anyway, our profits can look smaller on paper than the money we actually have available to spend.

    If anyone has ever employed an accountant, they've probably been struck by the amount of 'expenses' they managed to find from absolutely nowhere. My first full time job as a wet-behind the-ears Tebbit's cyclist was as an office minion at an accountants. I was stunned by the number of clients who could maintain the most fantastic lifestyles on businesses that never made a p3nny - nor paid a p3nny in tax, naturally.

    Edited, cos the autocorrect won't let me use the old name for a 1p coin. So, who was the mysterious P3nny who objected to her name being used, and why the guilty conscience? I wonders...................................
    Better not ask about the ....autocorrect...as you call it...wish it was just that.

    For those who use accountants the reason for doing so is not really so they can be 'struck by the amount of expenses they manage to find from absolutely nowhere'...

    It is to use those with expertise and knowledge in the field of personal taxation who have a clear idea of what can be claimed and what cannot.
    Accountants cost money but some prefer to have that additional expense and peace of mind rather than having to question over and over how to do accounts, file them, missing the submission deadline, what is allowed or otherwise....

    One look at the other section in this forum tells us how many have a go but sometimes are unsure...and how many conflicting replies and points of view we get
    Are we claiming what is legitimate? ...of course we are by following the guidance....or missing on other benefits we know nothing about?

    My view is let those qualified do it for you...but, of course, some will say 'they are very expensive'...not necessarily !
    It depends what value you put on their fee

    Just think about it a minute...a woman or man decide to become a cm because it will suit their lifestyle and they can look after their children while growing up
    They apply...drown under the red tape....get trained ...get registered and off they go...they are now cms!!!!

    But no one told them they also have to become accountants and try to manage something that is really not their expertise by following online guidance, or train via webinars or attend brief training sessions that have no potential to cover the intricacies of 'accountancy and personal taxation'

    Qualified accountant will be aware of the benefits of working from home and ensure their clients claim what is 'legitimate'
    I have used accountants for a long time...first as owner and manager of my preschool and now as cm...there is a vast difference between what can be claimed for the former compared to the latter

    So the message is we should not try to think we know best in the field of taxation and allow those who are do their job unless we wish to really look minutely at the legislation that covers this complex matter....totally my view of course!

    Having said all that ...I wonder where Truss got the idea that CMs need support with running their business? wherever it came from...she has now found the perfect solution: the agency will do it for them!!
    Last edited by Simona; 31-01-2014 at 08:51 AM.

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  3. #62
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    I'm not disputing the skills of accountants. I'm just trying to explain why some CMs may have widely different on-paper expenses to others.

    Also, I'm concerned that some might look at their balance sheets and think "OMG - this isn't worth doing."It's easy for CMs to fail to recognise that a set of accounts, drawn up for the purposes of submitting a tax return, are not necessarily an accurate reflection of the sum of spendy-buttons available to that CM when they reach the wine merchants.

    The rules on taxation and expenses were never designed to be fair or make perfect sense. They are merely rules.

    Just ask Rosie Redknapp.

  4. #63
    Simona Guest

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    Quote Originally Posted by bunyip View Post
    I'm not disputing the skills of accountants. I'm just trying to explain why some CMs may have widely different on-paper expenses to others.

    Also, I'm concerned that some might look at their balance sheets and think "OMG - this isn't worth doing."It's easy for CMs to fail to recognise that a set of accounts, drawn up for the purposes of submitting a tax return, are not necessarily an accurate reflection of the sum of spendy-buttons available to that CM when they reach the wine merchants.

    The rules on taxation and expenses were never designed to be fair or make perfect sense. They are merely rules.

    Just ask Rosie Redknapp.
    I agree Bunyip...CMs expenses will vary according to their setting and many other factors...for instance those who have children of their own and those who have not, number of children they care for, the time when they may have less on their books while still paying for expenses that will make them look at their figures and say exactly what you have said: OMG is this worth doing?

    Certainly an interesting subject to debate

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  6. #64
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    Very interesting!

    I think our own personal attitudes and circumstances also have a huge part to play. We all have different attitudes to spending and different responsibilities within our own personal lives. I am in the very fortunate position that our family budget would work very well without my income so consequently if I see a resource I want I will just get it. This may be very different for a family who very much relies on the income from childminding. Neither way is right or wrong!

    I have been working with our Local Authority over the last couple of months as they have been evaluating how much they pay settings who provide the two year old funding. I think they have been genuinely shocked with the figures that have come out of the costing exercise and have now agreed to increase the session fees by 33%.

    I do use an accountant but that is mainly because my husband is also self employed and as we both work from home it gets a little complicated. I do most of the work for my set of accounts so my bill is quite small but the peace of mind of having them checked by a professional is worth it in my opinion.

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  8. #65
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    Your funny bunyip, but

    Due to childminding I have my heating and lighting (old house with 2 ft walls and need lights on) on 6am - 9pm 15hrs (at the mo because it is so cold even though I try to keep my clothes on and keep the vicars wife away ) - I think if I was working elsewhere the heating/lighting would be on 6.7am and 6-9pm - 4hrs - but can only claim 33% of the bills even if I calc the weekend - I still feel robbed and when the darling little picked the boarder of the wallpaper and ruined my decor imo this should be claimable as an expense along with my clothes that are ruined due to paint, glue, crawling on the floor. So I still think there are unfair elements that a childminder has to bare




    .The rules on taxation and expenses were never designed to be fair or make perfect sense. They are merely rules.


    Just seen it!!! you are so funny..... and right.
    Last edited by Koala; 31-01-2014 at 10:54 AM.

  9. #66
    Simona Guest

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    Quote Originally Posted by Koala View Post
    Your funny bunyip, but

    Due to childminding I have my heating and lighting (old house with 2 ft walls and need lights on) on 6am - 9pm 15hrs (at the mo because it is so cold even though I try to keep my clothes on and keep the vicars wife away ) - I think if I was working elsewhere the heating/lighting would be on 6.7am and 6-9pm - 4hrs - but can only claim 33% of the bills even if I calc the weekend - I still feel robbed and when the darling little picked the boarder of the wallpaper and ruined my decor imo this should be claimable as an expense along with my clothes that are ruined due to paint, glue, crawling on the floor. So I still think there are unfair elements that a childminder has to bare .
    Good example Koala.

    The expenses incurred for what your little angels did to your wallpaper...should they not be under 'maintenance and repairs'?
    they are not wear and tear are they? I consider that to be something that through use get worn and torn but not this kind of damage

    It is part of our duty to keep settings well maintained and in good decorative order...I have seen comments about this in inspection reports

    Another one to think about...

  10. #67
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    Quote Originally Posted by Koala View Post
    Your funny bunyip, but

    Due to childminding I have my heating and lighting (old house with 2 ft walls and need lights on) on 6am - 9pm 15hrs (at the mo because it is so cold even though I try to keep my clothes on and keep the vicars wife away ) - I think if I was working elsewhere the heating/lighting would be on 6.7am and 6-9pm - 4hrs - but can only claim 33% of the bills even if I calc the weekend - I still feel robbed and when the darling little picked the boarder of the wallpaper and ruined my decor imo this should be claimable as an expense along with my clothes that are ruined due to paint, glue, crawling on the floor. So I still think there are unfair elements that a childminder has to bare




    .The rules on taxation and expenses were never designed to be fair or make perfect sense. They are merely rules.



    Just seen it!!! you are so funny..... and right.
    This is covered under the 10% Wear and Tear we can off set. Or if the damage is so bad you claim on your Buildings Insurance and redecorate the wall.

  11. #68
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    If the child has worn it and torn it, that's wear and tear isn't it?

    I comment from a position of extreme smugness, as the lo's are currently saving me money on decorating. I'll plaster and decorate the bare patches when I'm rich and famous but, for now, they're masked by pre-schoolers' artworks.

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  13. #69
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    I haven't worked out my expenses yet as newly registered but I a very happy with what I am earning. I have never earned as much and should of done it years ago.

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    I think we're all missing the point.

    The important thing about our income/expenditure is not what we tell the Tax(wo)man........


    ...........it's what we don't tell the 'other half'.

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  17. #71
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    Quote Originally Posted by bunyip View Post
    I think we're all missing the point.

    The important thing about our income/expenditure is not what we tell the Tax(wo)man........

    ...........it's what we don't tell the 'other half'.
    Very true!! I'm much more honest with the taxman than with DH!!

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    Quote Originally Posted by lizduncan72 View Post
    Very true!! I'm much more honest with the taxman than with DH!!
    And me! The secret of a happy marriage is keeping my DH in the dark about the true costs of things!
    If you do not hope, you will not find what is beyond your hopes

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