im getting worried

[minniemoo]

hi everyone,
i`m starting to get slightly worried as all i seemed to have done is spend money setting up, extra toy storage more car seats that kind of thing i`m starting to get worried that by the end of the tax year i`ll have more expenses than income. Is anybody else in the same boat and is it actully possibe
anne-marie x

[mel]

yes it is possible and yes I have spent a fortune on setting up and still waiting for more mindees. Basically it will show on your accounts that you have made a loss for this year so won't have to pay tax on what you have earnt (or lost as the case may be)

Mel x

[susan]

Hi Ann Marie,

I have spent a small fortune setting up even before my certificate came through so i know what you mean xxx

[Wiggly]

I'm in the same boat - no mindees yet.

Wiggly
x

[angeldelight]

I am always spending

There is always something to buy and I like buying ha

Angel xx

[son77]

I know what you mean, I can't help but buy stuff. Last month I was off for 2 weeks & my expenses were much higher than my income.

[manjay]

Hi Anne-Marie,

I did my first tax return in April this year which showed a loss as I am not even registered yet. You are right it is very easy to spend lots before earning any.

It will work out ok for me as I will be able to offset the loss against this years earnings (if I get any of course)

Amanda xx

[charleyfarley]

I'm with Angel love spending money, especially my hubbys if I haven't any left

Carol xx

[lizzy]

Always somethink new to try. it's not the kids who get bored with the toys it's Me. love to buy and at least you can put it against your taxes or losses.
Jane.

[janet]

think we are all the same i am always spending and i have a thing for buggys i have had 5 in 2 years, my fella goes mad xxxxx

[2kidsunder5]

I also did my first tax return in April and made a loss. I registered in Sept 06 and didn't get my first mindee till Feb 07. I am now full and busy trying to loose as much of my income as possible!!!!


Diane x

[rubybubbles]

janet said:

think we are all the same i am always spending and i have a thing for buggys i have had 5 in 2 years, my fella goes mad xxxxx

haha I too have an obession with push chairs hehe ;D

[tasha]

Sounds V. familiar!!! ;D
Tasha

[purplenoitawolf]

So glad some one else seems to be spending a fortune. In order for offsted to register my garden as we had a tp climbing frame etc, we have had to woodchip half our garden at a cost of £600 not including edging etc!

[rubybubbles]

purplenoitawolf said:

So glad some one else seems to be spending a fortune. In order for offsted to register my garden as we had a tp climbing frame etc, we have had to woodchip half our garden at a cost of £600 not including edging etc!

again another Ofsted grr I too have a tp climbing frame and nothing was said about it!! And yes it is at the highest height! Fark to £600 gosh better take it down for my next inspection lol what climbing frame???

[buildingblocks]

rubybubbles said:

janet said:

think we are all the same i am always spending and i have a thing for buggys i have had 5 in 2 years, my fella goes mad xxxxx

haha I too have an obession with push chairs hehe ;D

pleased its not just me I have one single (need another lol) and a side by side and a Sky Marco but have beenreading about Phil and Teds and decided I need one of these but can't persuade hubby - something about no room to store it lol

lo veKate

[kelly]

If you buy an item of great cost (TP climbing frames etc but I am not sure about expensive wood chip! as you should only claim for business use!) in your first year and it means you are going to make a loss, you should class the item as Capital Allownace (50% of the cost in your first years allowance, your reciept must be in the period covered by your accounts. In the 2nd year you revert to 25% of the cost and then 25% in 3rd year if you get my drift). If items are previously owned you vcan only claim 25%

Does any of this make any sense, I would certainly try and spread the costs over a few years to keep future tax bills down.

[disney]

Ihave only been minding since september and am just starting up but as my own children are grown up had to buy all toys , highchair safety gate ect , i did have a £260 start up grant but i spent alo more and im still spending but the grant did help .its just now i seem to be spending on paper n arts &crafts . i suppose iwill lose to start with when i get some more mindees it will help.