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Post by rasharoon on Aug 7, 2007 18:39:59 GMT
Hi I'm not due to start childminding until September yet since January this year, I have been buying bits and pieces and have so far spent £800. I've kept all receipts and I've got lots of receipts for items under a tenner. Once I'm up and running and filling in my accounts book, is there anyway I can reclaim this money or is it a case of bye bye £800. Can anyone explain as really don't understand how expenses work. Thank you as ever Rachelle
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Post by tasha on Aug 7, 2007 22:02:28 GMT
Yes you can claim all your expenses for things spent for your childminding - even if your not up & running yet - just keep all your receipts, or make a note of it, if it's under £10 - then put it all in your accounts book. Tasha
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Post by susi513 on Aug 8, 2007 15:01:43 GMT
You can't reclaim the money back. But every penny you spend on childminding expenses is a penny which the taxman won't charge you for.
At the end of the tax year you will have a record of all your income (turnover) and all your expenses. The figure you get when you take away your expenses from your turnover is your profit. Your profit is what the taxman wants to know and if your profit is over your tax allowance thats the figure that's used to calculate what tax you owe. So the more receipts you keep the less tax (if any) you will have to pay.
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Post by tasha on Aug 8, 2007 15:16:22 GMT
You explained that much better then I did!!! Tasha
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Post by angela234 on Aug 8, 2007 16:41:46 GMT
Yes they are right you can claim everything spent on childminding against tax
I not sure if i read anywhere you can only claim for up to a certain time before you start mindinding,
I might be completly wrong.
Angela
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Post by mel on Aug 8, 2007 17:08:09 GMT
My step father is an accountant and he has advised me to offset all of my set up costs which are spread over 6 months. I don't want to have to pay a penny more tax than necessary!
Mel x
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