a bit disapointed in my first year's profit

**mozarella** · 11-03-2010, 04:39 PM

Since I am now on Maternity leave I thought I would do all my accounts,

Bearing in mind it is from June till mid february and I worked 22 hours per week, but i sitill feel really disapointed after all the hard work

It seems like my profit is just under £4k !!!!!!

What was your first year like? I am hoping to resume in september and work 5 days a week as this year was difficult due to me being pregnant but still....

Moz

**Blaze** · 11-03-2010, 04:44 PM

I think you're doing well to make that as a profit in you're first year IMHO

**mozarella** · 11-03-2010, 04:49 PM

really ! I am in London though

**Blaze** · 11-03-2010, 04:52 PM

I'm in Surrey - London is only a bit more expensive (depending on the part)...remember you have a lot of starting up costs in the first year too.

**Fabby** · 11-03-2010, 05:17 PM

Stop spending

TheBTeam · 11-03-2010, 05:20 PM

Also remember that although your accounting profit is only £4k the actual expenses part of your income is some of the expenses you would have incurred anyway, like heating/lighting/council tax and water rates, also the mileage claimed is generally more than the miles to actually drive them, ie not many cars use 40p per mile for petrol and they would depreciate anyway. So your actual profit is higher iyswim.

**Fabby** · 11-03-2010, 05:23 PM

Originally Posted by TheBTeam

Also remember that although your accounting profit is only £4k the actual expenses part of your income is some of the expenses you would have incurred anyway, like heating/lighting/council tax and water rates, also the mileage claimed is generally more than the miles to actually drive them, ie not many cars use 40p per mile for petrol and they would depreciate anyway. So your actual profit is higher iyswim.

what does iyswim mean????

**Minstrel** · 11-03-2010, 05:31 PM

Originally Posted by Antpop

what does iyswim mean????

if you see what i mean

**Jelly Baby** · 11-03-2010, 05:35 PM

I agree with thebteam..

Last week i claimed £122.00 for fuel costs..i never put that in, in a month tbh so surely we do ok with that alone? (i do have to drive to school and back numerous times and then days out) but fuel is always something i think is a big chunk we never get close to.
Again heating etc is goign to be partially used anyway so?
£4k is pretty good i think x

**The Juggler** · 11-03-2010, 05:40 PM

Originally Posted by TheBTeam

Also remember that although your accounting profit is only £4k the actual expenses part of your income is some of the expenses you would have incurred anyway, like heating/lighting/council tax and water rates, also the mileage claimed is generally more than the miles to actually drive them, ie not many cars use 40p per mile for petrol and they would depreciate anyway. So your actual profit is higher iyswim.

I was going to say similar. You need to add quite a bit back on to calculate your true profit - if you think that you deduct 30% of utility bills combined and 10% of your total earnings before you have your accounting (for tax) profit.

**SimplyLucy** · 11-03-2010, 05:45 PM

Hey thats fab, You made a profit and it's below the tax allowance.....thats what I'm aiming for!

**newandlearning** · 11-03-2010, 05:47 PM

I think this is a good profit .. I didnt earn that much in my first year.. I spent too much.

**mozarella** · 11-03-2010, 06:58 PM

thanks for your replies, yes at least I wont pay tax, i probably didnt realise all the cost it would involve

**crazyhazy** · 11-03-2010, 07:35 PM

Completely o/t but are you mozarella on the pp aswell?

**Chatterbox Childcare** · 11-03-2010, 08:20 PM

Originally Posted by Tiny Tots

I agree with thebteam..

Last week i claimed £122.00 for fuel costs..i never put that in, in a month tbh so surely we do ok with that alone? (i do have to drive to school and back numerous times and then days out) but fuel is always something i think is a big chunk we never get close to.
Again heating etc is goign to be partially used anyway so?
£4k is pretty good i think x

Remember that the money you claim for the .40p covers everything not fuel
alone

**Chatterbox Childcare** · 11-03-2010, 08:22 PM

add back on to this profit:

10% wear and tear
lighting and heating costs claimed
water and council rates
toys and equipment you would have brought for your own child anyway

This is just a small example of the costs in your home that you are using as expenses. I know that they are legal but you would be paying them anyway so the profit is more.

Keep an eye on what you are claiming next financial year, otherwise your tax bill is going to be sky high

**mozarella** · 11-03-2010, 10:09 PM

Originally Posted by crazyhazy

Completely o/t but are you mozarella on the pp aswell?

hi,

yes I am , who are you there ?

**crazyhazy** · 11-03-2010, 10:37 PM

Originally Posted by mozarella

hi,

yes I am , who are you there ?

sleepydreamer, thought I recognised you

**Bitsy Beans** · 12-03-2010, 09:25 AM

Originally Posted by crazyhazy

sleepydreamer, thought I recognised you

Ooooh more peeps from PP! I am Jenbo over there but don't post very much now

Moz - I was told on my Cache course when we did the business side of things that many CM's break even

I shan't earn shed loads of money but with 2 children of my own taking up 2 spaces I never really expected to. this is why I live on Moneysavingexpert.com! Always looking for ways to cut my bills and shopping expenses

I think you've done really well

**crazyhazy** · 12-03-2010, 10:02 AM

Originally Posted by Bitsy Beans

Ooooh more peeps from PP! I am Jenbo over there but don't post very much now

Moz - I was told on my Cache course when we did the business side of things that many CM's break even

I shan't earn shed loads of money but with 2 children of my own taking up 2 spaces I never really expected to. this is why I live on Moneysavingexpert.com! Always looking for ways to cut my bills and shopping expenses

I think you've done really well

Hello

nice to see some familiar faces