Doing your tax return

[martianshavelanded]

Do you all do your own, is it easy enough or do you employ an accountant?

I know there are several accountants out there who offer services to childminders for a reduced fee, just wondered if any of you could reccomend one if the tax return proves difficult??

I know I have till April to sort this out but thought I would get a head start.

[manjay]

I wouldn't have thought it was necessary to have an accountant unless you earn mega bucks. I have just done my accounts and although I have had no income I have had plenty of outgoings and I have been working form home so have been able to claim some of the allowances. I started to design an excel spreadsheet but then couldn't be bothered so I bought the childminder package from www.geocities.com/funky_finley/accounts.html
I showed it to my husbands accountant and he thought it was fab and well worth the money. You put all your figures in and it works everything out. It even works out all your allowances depending on how many hours you have worked each week.

Amanda xx

[lorraine2767]

Hi

I do my own it was a bit scary at first thinking was I doing it right but as long as you keep on top of it, I see no reason why you could not do it.

Lorraine

[susan]

I dont have excel unfortunately but the link looks fab Amanda x

[manjay]

She does give info on what to do if you don't have excel but not sure how good that will be. But as the others have said it is quite easy to do it on your own I'm just a bit of a gadget queen and if I can get anything to do some work for me I will!!!

Amanda xx

[angeldelight]

I do my own I was dreading it at first but you soon get used to it and its not that difficult

That website that Amanda told you about - I have heard very good feedback from this so if you do not fancy doing it yourself may be it is a good option

Angel xx

[polly2]

I have sent my accounts to the chap who advertises in the ncma mag. He is called "only childminding" and does it all for £59 per year.

I know most childminders do their own accounts but I am terrible with figures and I would rather have the peace of mind! I would worry so much that I had done it wrong.

[susan]

(so I bought the childminder package from www.geocities.com/funky_finley/accounts.html)


I bought this package not having excel and have been unable to use it despite downloading the file which said it would work with instead... have email the lady asking for advice I hope thats not £15 I've just wasted !!!

Let you no what happens xxx

[manjay]

Lisa is really nice. I am sure she will refund if it doesn't work.

Amanda xx

[deeb66]

I think the most time consuming thing about doing your own accounts is trying to sort through the receipts. If you manage to do it monthly it's not too bad but I don't always have the time (and I am notorious for leaving my return until the last minute!!!).

I have a box where I put all my receipts and inside the box I have plastic wallets for each individual month - at least that way if I am running a little behind (usually a few months in my case!!) the receipts are kept pretty much in order for me just to punch in the figures into the excel sheet I have designed.

Dee

[Pauline]

I've done my own accounts for the last 23 years and had no problem whatsoever. Keep a record of everything you spend and write it down immediately so you don't forget (yes Dee that includes you!! ;D)

I devised a simple spreadsheet to write down income and expenditure and it's worked really well and has been accepted by the Inland Revenue without problems.

Good luck all!

[nannan]

I'm waiting for my password to come from the tax office so I can do it online, myself, hope it works out ok, it will be my first time, I have heard of some that do get an accountant, but like Dee and Pauline said if you keep your receipts the forms shouldnt be that difficult, I think you only have until January 31st to sort out 2006-2007,tax return, Dee will put me right on that if I have got it wrong,
Mandy

[Pauline]

I do my return on-line Mandy and find it so much easier than the paper forms as it tells you if you have missed something out and also tells you immediately if you own anything.

[deeb66]

Yes thats right Mandy

you have until 31.01.08 to file your 2006-2007 tax return otherwise you will be fined £100......as in previous years I have no doubt that I will be pulling my hair out on that date trying to punch mine into the computer because I am notoriously lazy for doing my returns - lol!!!!

Dee

[banana]

can someone help me a minute, im having a total brain fart

i started minding on january 8th this year, - what am i doing

when should i be completing a tax return

january 08 - will my tax return just be for january - 5th april 07. and then the following year i'll be going from april 07 to april 08. im having a nightmare and am dreading all this. my reciepts are all stuffed in a box in no order at all and i havnt filled in when the parents have been paying me each week in the accounts book

so now i have to track through al my invoivces to the parents to find out what i've actually been paid the last 6 months,

omg - i am such a muppet, i promised i wasnt going to get behind and confused on all this stuff,,,,, but i have

[Pauline]

Hi Lana

There is info here about choosing your accounting year

www.macintyrehudson.co.uk/content/forums_bus_startup/choicac_startup.html

don't know if that will help you.

Also, have you contacted the inland revenue? If so they should have sent you a tax return - I think.

[banana]

thanks pauline.

when i fix my computer i will be able to read the info.

i dont know what i have done but any websites with lots of text have the most miniscule writing on them, about a font size four so it all looks like black lines, no idea what i have done, will try printing ot later and see if that helps.

thanks again

x

[Pauline]

If you can't print it Lana let me know and I'll cut and paste it into an email to you.

[manjay]

I registered as self employed with HMRC in January as this was when my paid maternity leave ended. They sent me a tax return to complete in April. I have decided to set my accounting year the same as the "official" tax year for ease. I hadn't minded any children up til April 5th but I had been working on average 20 hours a week (paperwork and research) and of course I have bought loads for minding. This meant I completed the tax return with a loss. My first return was therefore only for a proportion of the year.

I would have thought that if you had advised HMRC that you are now self employed (which you have to do within three months)they should have sent you a return to complete for 2006/2007!!

Amanda xx

[banana]

i have had the tax return through to complete,

im just a bit confused about when it runs from. if i started in january, can i do my tax return from january to january.... or do i do january to april for the next tax return and then the following tax return be from this april to the following april. am i being clear or not

sorry if im not making much sense. im flapping about doing it, im terrified of doing it wrong and getting a huge tax bill.

x

[angela234]

When i started 4 years ago in January i done my tax return from the April before until April (so included jan, feb march) When it asks for a date to start from i always put down April 5th start of the new tax year.

Thats how i do mine i don't if this helps

Angela

[banana]

yes, i think that does help me angela. thanks

x

[carolinel]

oh Lana, you sound just like me. It is quite a relief to know i'm not the only one to have all receipts stuffed into a box, and no incomes entered. Although i think i might be in more of a mess than you, I haven't even entered any expenses at all, inc utility bills etc. i started minding in november and will be doing my tax year from then till march 07. then next years return will be apr 07 - mar08.

[manjay]

Tut tut tut!!!!!

[deeb66]

Nobody can be worse than me - lol!!!!

In the past I too have shoved all my receipts in a box and left them there until late December early January when I am then running around like a headless chicken trying to put my accounts together and make it all balance with the aid of a pencil and a caluculator.

I filed my last tax return on the last possible day of 31 January and finally hit the button at 2 o'clock in the afternoon (as filed it online). I had spent several hours the previous evening looking for a missing six pence!!!

This year I have promised myself that I wont let it get as bad so I have at least tried to keep the reciepts in some sort of order and I have designed an excel sheet that will work everything out for me.

I am aiming to file my return by the end of September this year which will be a record for me!!!!!!

Dee

[luciawak]

Hi

I am so confused - not unusual for me. I am not minding yet but I have been doing a bit of office work since May 07. I have registered as Self-employed. If the tax year runs from April 07 to April 08 does that mean that I won't have to complete a tax form until 31st Jan 08. Presumably my previous employer would have completed 06/07. Have I got it right?

Lucia
X

[manjay]

You only usually complete a self assessment if you are self employed (or have complicated financial affairs). As you registered as SE in this tax year (6/4/07-5/4/08) the HMRC will send you a tax return to complete in April next year. (31st Jan 08 is the last day people can send in last years return)

Make sure you are keeping all receipts for all things childminding related. I was not minding any children in the last tax year but I was "working" on my business; paperwork, policies, research, activity packs, websites to name but a few so i logged all the hours worked and was able to use some of the allowances. This provided me with quite a healthy loss which I am able to take forward to offset against next years profit (wishful thinking I know!!!)

Amanda xx

[luciawak]

Thanks Amanda that has made things a lot clearer for me. I have been keeping all my receipts etc and they are mounting up quite quickly - I think i ought to put them into some sort of order though.

Lucia
X

[banana]

Caroline - missed getting back to this post!

I think come january we will both be going mad. I have made a start tonight though and entered all my earnings into the ncma account book but thats as far as I got. Still, I feel very good for doing it!

The rest of it will be a mad rush of calculations and swearing ;D

xx

[carolinel]

haha

about 3/4 weeks ago i made a start and got as far as sorting receipt into this year/last year, and entered food costs in accounts book and that was it, but it did make me feel better too!!

i definately want to get it done by end of november.