More payment questions

[mia]

Are there any of you out there who childmind with either another one or two people?

I ask because most answers on here seem to apply to individuals who care for maybe two or three children. We intend on caring for as many as possible between us (as in minimum 8/10 )and therefore wonder if any of you have experience with the incoming and outgoings financially that you may be able to share with us.

We intend on charging 6 ph per child as we will be minding in a fairly affluent area and this seems to be the standard fare.
What we are not clear on is what we should do for the best as far as paying ourselves a wage (if so how much so as not to lose out with regard to tax) and what can be claimed back when gaining yearly dividends.

Any help would be greatly appreicated.
also, do most people tend to employ accountants to deal with taxes, if so, how much does this usually cost?

Mia

[Pauline]

Hi Mia

Are you both fully registered in your own right but working from one of your premises?

[susi513]

I know a husband and wife who work together, with 2 assistants. As they are both fully registered the couple each have to submit their own tax return. As the assistants are employed by them they also have to do the tax/national insurance, sick pay & maternity pay for the assistants.

They had to decide whether the husband or wife was going to claim the water/council tax & heat & light allowances as this can only be claimed once for the property and can only be claimed by someone who lives in the property. Similarly with the wear and tear allowance you cannot both claim for the same income - if together you earned £500 in one week, for example you could put in your accounts that you earned £250 each and claim for that amount; if one person has claimed the whole £500 the other can't claim a penny that week.

I am happy to do my own accounts as mine are simple and there is only me to pay. But working with others I think is a valid reason for choosing to pay an accountant. Not only because the book-keeping is more complicated but having a 3rd party means its completely fair and proper and you avoid any disagreements that can build up from minor issues - eg, if one person is lumbered with doing the books all the time or if its done together one person might want to put through a receipt that someone else considers more of a household purchase rather than entirely childminding.

Don't really know about costs - a colleague just had quote for £200 and she works alone! You could try www.onlychildminding.co.uk.

[mia]

Thanks.
Its all a bit confusing when its written down isnt it! i'm sure things will become clearer over time.

In answer to former question. It will be my friend who goes through the full registration process as it will be her house we are minding from. I will fill in the other CR2 form...or whichever allows me to care from her residence.

I think my biggest concern is that we know how to manage our funds well enough to make ourselves a decent wage to live off.

Mia

[angeldelight]

I work with my daughter

She is also registered

Not sure what you want to know ?

Angel xx

[mia]

I'd like to know how easy managing funds are. As in paying yourselves. How does that work? We would obviously need to set up a shared bank account and then pay our fees into to it, but how then do we manage paying ourselves and our tax ect.

Also wondered how much accountants cost roughly.

Mia