gemz
New Member
Posts: 4
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Post by gemz on Jun 13, 2007 21:01:15 GMT
i have been childminding for 1 month now and i have registered as self employed was just wondering how do i pay tax and national insurance and do i have to earn so much before a start paying it as i havnt heard anything yet
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Post by janet on Jun 14, 2007 8:24:35 GMT
i rang up the na and pay every 3 months by derict debit it is only the low rate, the tax i didnt pay anything for the first couple of years, but you have to ring and tell them you are a registed childminder, i think if it is under £5000 you dont have to pay but not 100% sure xx
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Post by sarahnev707 on Jun 14, 2007 17:31:30 GMT
I don't pay ni - I applied for and got an exemption certificate cos I'm low earnings and have recently requested a pension forecast and it shows I am on target for a full state pension despite being exempt for the last 13 years - I also get home responsibilities contributions until my youngest is 18
For tax, register with the tax office, keep your books up to date and fill in a short tax form which you'll automatically get next April - if you owe tax, they'll bill you then..... If you think you're earning more than the current limit (about 5k) put away some every month to make the bill less of a shock.... but if you're clever with deductions, you should be fine! I've not paid any yet....
Sarahx
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Post by martianshavelanded on Jun 15, 2007 9:29:13 GMT
I am watching this one with interest!!
Sarah when you say if you are clever with deductions what do you mean?
What do you put down for deductions? At the moment I am putting everything down that applies to my minding but may be missing something here?
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Post by sarahnev707 on Jun 15, 2007 12:42:23 GMT
Hi martianshavelanded - I had a very clever friend/ accounts advisor a few years ago who went through absolutely everything with me that was ok to deduct looking at my personal minding circumstances eg % of phone & broadband / sky tv bills cos I look after a lot of teenagers and they're never off the blooming thing!; replacement household stuff cos one of teenagers has dyspraxia and breaks everything he touches and costs me a fortune; all the car %ages for full time working cos without the car I'd be stuffed if I have to collect the autism boy (school often ring) He really worked with what I do and showed me how to use the figures to my advantage He also told me to take off absolutely everything I buy for minding - even if it seems nothing at the time - cos (of course but you don' t always think it) it all adds up! And how to look at meal budgets and make sure parents are getting value for money and children are getting the best but I'm not losing out deductions-wise by eg not putting enough through for wastage (picky eaters united at this house!) or buying organic which goes off after a few days (because it's best) and not putting what I throw away through books.... He was great - sadly now lives in Australia!!! Hope this answers your question Sarahx
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Post by martianshavelanded on Jun 19, 2007 12:44:21 GMT
wow that must have been fab for you, shame he has now moved.
I am seriously thinking of getting an accountant to deal with it all.
I adore the minding but cannot believe how much time the paperwork all takes before I even start on the budget or accounts. So if I can off load at least oneit will free up some of my time I am thinking of contacting that accountant named Brian many of you have mentioned him. I trust he is ok??
Thanks again
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