childminding/tax credits/the tax man. Not AIBU but need responses!

[hellospoon]

Right need your help mums!

I am looking at becoming a childminder, i have registered my interest with the council and they are sending me that pack i need for the evening of the register and chat.

Now i need to know;

Would i need to register as self employed?
How do i pay tax on my earnings?
Tax credits have confirmed i will be entitled to tax credits still once i am qualified. Would i tell them i am self employed or a childminder?
Do i get any kind of help from ofsted/government in terms of payments? I.e i would charge maybe £3.50 per hour, which is less than minimum wage, so how would i cover my costs?

Hope you can help.

yes you need to register as self employed.

you pay tax annually in your tax return

you tell tax credits you are self employed

you charge £3.50 per house per child so your actual wage will be over minimum wage if you care for more than one child. also, if you are self employed. minimum wage doesn't apply as you aren't an employee.

per hour not per house

Get an accountant - they will be able to advise you based on your circumstances and will keep you on the right track.

Thanks for your replies. Got to do the training first so have a while yet x