My friends pay £38 and £42 in London for what they consider very good cm (it's £25 where I am). If we were to pay per hour it would be more expensive but for all-day mindees our CMs charge a flat fee and only charge hourly for pre and after school care.
That's what I pay in London too and think it's a good deal. Don't see how minimum wage applies though - surely the idea of CMs is that they have several mindees so the amount per hour is multiplied to well above nmw?
childminders follow the two thirds rule. It means you can discount two thirds of their income as business expenses (obviously we are all different and manage our expenses in our own ways but the industry averages out as this). Sooo... someone who seems to be taking in 90 a day will end up with 30 in their own pocket.
Which, if you wanted to translate into minimum wage terms.... is aprox 3.50ph before tax.......!
I was charging £45 a day 8 years ago in South West London (based on theory that altho registered for 4 children, I only took on 1.....so parents were getting good adult/child ratio.......as had DS1 then too).
By the time I have accounted for food, outings, nappies, formula, mileage, extra bills, wear and tear (yes we can claim tax relief on wear and tear but believe me the ACTUAL toll to my sofa, carpets, car, bedding, washing machine etc costs FAR more than 1/10th of my income which I get tax relief on...) toys, equipment etc + have paid tax,NI, Insurances, extra car ins, extra house ins, membership, ofsted fees, advertising, crafts etc etc My take home is WAY WAY less than what I actually earn...usually around 1/3rd actually. (+ I get no holiday pay or sick pay)
I thanks thats what maggi was getting at.
Its not like having a regular job where you get your wage and your tax and NI is taken off and what is left is YOURS...we have so much to take out of our 'wage' before we can account for what is ours.
So when a CM gets £90 a day she REALLY doesn't earn £90 a day!!
everybody's circumstances are different and speaking as a childminder myself, I have to disagree with the assertion that ALL of us only manage to keep 1/3 of our income.
It totally depends on how many children and how much we charge.
After the first child....we cannot turn on the heating again, use any more gas rings to cook a meal etc etc....so if a CM had one child four days a week at £30 per day, then I suppose a 1/3 keep of the income would not be incorrect....but if a CM had 6 children, five days a week at £50 per day, then your assertion is totally incorrect....
all depends on how much you charge and how many children you have and how many days you work