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Paid childcare

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Original poster

Is £500 a month a reasonable earning goal?

35 replies

peckarollover · 27/07/2005 16:57

£500 a month would make a huge difference to our family (it will cover paying off my huge debt and let DH's good salary deal with bills and life). Is this achievable? Roughly how many hours/children does this equate to? Our going rate round here is about 3.50 an hour

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bobbybob · 28/07/2005 02:03

Sometimes it's just the way that things work out. I teach music from home and the first year (last year) paid a staggering $70 (about 20 quid) in tax. Yet we really felt the extra money. A lot of things I would have to pay anyway such as a percentage of rates, electric, mortgage interest, some car travel was paid out of turnover, and tax was only paid on the profit. So while officially I made $10 a week (3 quid) it was like having a 25% discount on a proportion of all of our bills.

This year my tax bill will be much higher, but my expenses are still around half of what I earn.

TwinSetAndPearls · 28/07/2005 01:20

If there is so little money to be made, why do so many people do it I don't understand. All the childminders I know seem to do rather well out of it.

ThePrisoner · 28/07/2005 00:53

Most minders pay very little tax as we are seen as notorious low earners. However, if you work to full capacity, it doesn't take a brain surgeon (or accountant or, worse still, someone from the tax office) to work out that it can actually be fairly lucrative. Most minders I know pay less than £500/year in tax. Very few minders claim to earn more than £15,000, so enabling them to do a reasonably simple tax return (though am never sure they are all being honest!!!)

Expenses can be quite high - I do a school run every morning and afternoon, have to drive to some of our activities and do an occasional nursery run, and my petrol expenses can amount to £100s each month. It's important to keep a tally of all minding expenses - even birthday presents for the children, drinks (including yours) at any groups you attend, as well as the obvious - food/drink you supply, equipment, insurance ...

Katymac - how could you make such a horrendous loss?? I am gobsmacked!

katymac · 27/07/2005 22:03

I had a turn over of £10K in the first year and made a loss of £800
Y2 Turover about £20K estimated profit.....£5000

Lots of luck

MaryP0p1 · 27/07/2005 21:42

With deductions you can claim you should not have to pay any/much tax at all.

I would pay the NI contributions at the lower threashold, it covers you for sickness and maternity benefit.

Original poster
peckarollover · 27/07/2005 21:40

I really have no idea how the tax works. Just to be very rough and inaccurate how much would come out of each 3.50 towards tax and national insurance? say 50p of each 3.50? or more...less? ohhhhh i dont know!!

OP posts:
lunavix · 27/07/2005 21:25

maybe aim for one full time and one before and after school?

jura · 27/07/2005 21:22

This reply has been deleted

Message withdrawn at poster's request.

HellyBelly · 27/07/2005 20:23

If you want to be paid monthly then you'd do the £122.50 x 52 wks / 12 = £530.83. Just depends how you do it.

Go for it!

eefs · 27/07/2005 17:01

well, if one child = £3.50 an hour
with a 35 hour week (£3.50 * 35) = £122.50
a four week month = £122.50 * 4 = £490 a month.

So one child, full-time should give you the extra money.

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