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Mega Exciting Tax Return Question number 1

(7 Posts)
GordonTheGopher Mon 21-Jul-08 14:04:44

Yes there will be more...

Question: When it says when my business started do I say:

when I was registered with Ofsted,

when I received my first payment,

or when my first child officially started?

Many thanks for you who got this far without falling asleep.

ShrinkingViolet Mon 21-Jul-08 14:10:32

when did you tell HMRC you were becoming self-employed from?

GordonTheGopher Mon 21-Jul-08 14:15:10

I have no idea!

Also while you're there... where do I put in my 10% wear and tear? Does it just come under expenses?

GordonTheGopher Tue 22-Jul-08 08:36:04

Please!

Ripeberry Tue 22-Jul-08 09:54:43

We had a talk with the taxman at our ICP a couple of weeks ago and they said that you would put down your start date within 3 months of you receiving your registration and the more expenses you can put down the better as it all goes towards reducing your tax bill.
So always put the 10% wear and tear down first (this is 10% of your childminding gross income).
They gave us an example of;
Gross income= 40hrs @£3.00X48 weeks= £5760 (turnover)
Deduct wear and tear £576
Food 48weeksX£10per week=£480
Heat/light £1,200X (depends on hrs worked)
Telephone/mobile
Mileage @40p per mile
Toys/crafts
and anything else you can think of within reason!

Ripeberry Tue 22-Jul-08 09:55:56

PS meant to add, best to register when you actually have a child to mind!

dmo Tue 22-Jul-08 11:22:35

not always the case Ripeberry as you may have a child lined up to mind and Ofsted may drag their feet with paperwork which means no cerf for weeks and a family you are letting down.

wear and tear does not come under expensives it is a sep thing see Ripeberrys account that is how i do it

good luck smile

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