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Please share what works well for you

(12 Posts)
MUM2BLESS Fri 31-Jan-14 20:03:53

I submitted my return recently, and paid for it yesterday yippee!! . Bit close to the deadline I know shock. Not doing that again.

I have already started getting things in place for tax year 2013/14. Find it useful to put stuff in clear pockets (for each month)

Just wondering how much an accountant would cost?
Are you an early bird with your tax return or a last minute person?

I am now focusing on catching up with paperwork. Ofsted visit overdue.

Please share how you keep up with the paperwork

Look forward to hearing your awesome ideas. Thanks

MUM2BLESS Fri 31-Jan-14 20:06:52

I am doing paper work at present. Just pausing to type this lol.

NickNacks Fri 31-Jan-14 20:16:39

Exactly the same boat.

Aurally annoyed with myself for leaving it so late because I'd done my accounts in July for tax credits but left filing until now. Well I went to do it on the 22nd and couldn't find any of my login details. They arrived yesterday in the post but it was a stress I could and should have avoided.

I'm also expecting ofsted. I have a Friday morning off and so I have dedicated those 3 hours to paperwork and catching up. It doesn't even take an hour but I like having that specific time to make myself sit down and get it done.

Good luck.

MUM2BLESS Fri 31-Jan-14 21:42:23

Thanks NickNaks.

I know if I do it earlier I can put money aside to pay for it. Not a good idea to do your tax return in Jan. Its not the first time Ive done it in Jan either.

Its amazing the things you learn along the way. I have gained so much experience in my role as childminder.

Not a lot of people realise the work which a childminder has to do. Not moaning just stating a fact. My top priority is to keep the children safe!

Anymore tips or good practice? thanks

MUM2BLESS Fri 31-Jan-14 21:45:12

So happy that I also got through to the family tax credit line; without getting caught up in the long wait and not getting through period. I remember crying after an experience with problems getting through and the deadline coming so close.

Blondeshavemorefun Fri 31-Jan-14 23:37:19

I filed online last April but paid 2 days ago

Therefore earning a bit of interest of the tax I owed smile

I try and do books monthly so at end of it simply add up 12mths salary - take off exspenses and file smile

mrswishywashy Sat 01-Feb-14 11:22:04

I do my paperwork each month. Print out bank statement, on a separate piece of paper write incomings and outgoings and then staple then together with an envelope that has receipts in. I send this off to accountant in April and by June know the amount to pay, he submits it online for me. I do pay lots for accountant (�500) however I was audited a four years ago and had made some small mistakes and had tax to pay back plus interest so accountant gives me piece of mind.

I don't have any Ofsted paperwork as I'm a maternity nurse however I do quite a few courses each year and have just spent this week updating my portfolio.

PhoebeMcPeePee Sat 01-Feb-14 11:35:58

I babysit twice a month (either through an agency, for mindees or local friends) and this is when I do my paperwork - one evening for the previous month's expenses & one for updating obs, LJs etc. I'm awful at doing it at home & this way I get paid for doing it so I don't mind grin. I like to get my tax return out of the way & start afresh quickly so will be filing my before the end of April (I also overestimate tax each month so can't wait too long to get my hands on the surplus money grin)

MUM2BLESS Sun 02-Feb-14 18:27:48

Thanks to all. Like the idea of doing it early and knowing well in advance what needs to be paid.

Anyone got a bank account for tax return? or paying by direct debit?

Welcome your good practice

PhoebeMcPeePee Mon 03-Feb-14 21:20:51

I have a separate bank account solely for tax & each month I transfer 20% of anything above £1k ie in a typical month my gross income is £1700. When the first parent pays I immediately transfer the full £140 into my tax account. As I then deduct another 25% (roughly) for expenses l this comfortably covers my tax bill plus if I've calculated correctly gives me a few £100 left, if not I've for the fall back.

mrswishywashy Tue 04-Feb-14 10:31:33

I have a business account that all my income goes in. I then transfer a third of income for spending each month as thats my budget, will transfer more if needed. That way I've always got ample for tax payments and it is just payed by card into HRMC when needed, my NIC2 also come out of business account.

MUM2BLESS Mon 24-Feb-14 20:51:16

thanks everyone

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