help please!

[levason]

Hello just a quick question but how much should I be putting away for Tax each a month? I've been putting by £50 a month as just a guess but no idea really!!!

[handeme]

I have just started minding 6 weeks, and i have not put anything away i am doing this on the basis that at the moment I only have 1 full time mindee and with my start up costs my earnings wont be above the tax bracket. I do have another child starting in Sept so I will put some away then.

c x

[snufflepuff]

I made a loss in my first year and have only made a tiny profit this time round- nowhere near the tax bracket. So I haven't been putting anything away. I keep meaning to start saving but because I don't expect to earn enough to pay tax I find it hard!

[AliceK]

There is no way I am earning enough to pay tax so I haven't put anything away.

xxx

[buildingblocks]

I was told on a business workshop when I first started that you should put away 10%of what you earn each month (think the 10% related to what you paid in tax).

i have a friend who does this religiously and she has never had to pay tax yet but because she has put the money away every month in the summer when she comes to pay her holiday she uses this money.

[venus89]

I didn't have to pay any tax the first year but the second year it was over £1200 (bear in mind that this was a year and a half's worth as you pay half of the next year's tax too....). I'm putting aside £25 a week at the moment, £5per week per child, and if I have any left I'll spend it on something nice (or essential )

[Buzz Lightyear]

I would put away 10% each month of your total profit (after expenditure) and then if, at the end of the year, you dont need to pay the Tax-man, you have a lovely lump sum of money at the end of the year which is what happens to me each year

[Chatterbox Childcare]

I put 10% per month and if not used at the end of the year I get a bonus!

[The Juggler]

i put £100/£200 away but sometimes have to borrow it back

[tulip0803]

I am putting £50 a month away at the moment to pay for 2010/2011 tax year in January in an account that is difficult to access (but not impossible ) . I keep checking roughly how much I need through the year but I know that all my childminding profit is taxable at the moment as my tax free allowance is taken up with my other job so I just take 20% after expences.

10% is a good idea for childminding fulltime and as said before if you have saved too much you have a bonus

[flowerpots]

i didnt put anything away over the last year and did my accounts a couple of weeks ago and the tax bill is just over £500

So i will def be putting at least 10% away every month from now on.

[peach]

Im no where near making enough to pay tax so it was nothing,
In April we have started paying a little every month into a isa if I dont pay tax its a bonus I can spash out on some new minding things