money money money (advice please lovely people)

[MUM2BLESS]

I am a cm. I have just paid my tax return not too long ago (part 2). I am in the process of working out april 2010 to march 2011 tax return. I will do it online.

Has only one set up that budget plan thing that you pay by direct debit to the tax office? has any one put money aside for their tax return to help them pay their return? I am fairly new to paying tax. Paid my first return in January then again last month.

What system have you set up to help with doing your tax? anyone got an accountant?

I have now set up a system by which I put each month into a clear pocket in my file. I am understanding it much better.

I did it myself but it was time consuming.

Any tips or advance most welcomed

Thanks again

Filing your tax return on line, is definitely nice and easy. That's how I do mine.

I looked at their budget plan, but decided to set up my own savings account instead, so I could get a bit of interest on the money before paying it over. Either way, it's a good idea to put aside some money each month, so you're not faced with a huge bill.

I have not got an accountant, but I do wonder every so often if I would be better off paying for an accountant (if they save me more money than I spend on them). I use the expense rates NCMA issue for my claims for heat & light, wear & tear, etc.

Any system that works for you is a good one. Monthly clear pockets sounds like a good one to me.

Thanks HSMM

Its amazing how you find things out as you go along. Great ideas about putting money aside (savings account)

Its really made me look at how I manage my business more. The tax people want their money regardless of your finances.

I am going to revise my policies soon. I may have to highlight about late payment, as I have been dealing with that recently. I am asking for payment in advance from new parents, should have done this from the start!!

Appreciate your input HSMM. How long have you been cm?

I have been CM 12 yrs and I am always revising my policies (mostly following good advice from people on here).

All my parents pay in advance and I have implemented a daily rate (although still phasing out hourly rate with some older children).

Definitely crack down on late payers and watch out for the people who seem to need a new watch. It is a great job if you can keep your own time outside your working hours.

hi hsmm (sorry to hijack)im trying to do the same charge a daily rate at min its 4 pound p/h am not sure what to charge per day i was thinking somthing like 9 to 530 35 pound but anything befor 8 and after 530 is say 8 pounds or somthing.
ideas apreciated

Don't worry missymoo, this might give mum2bless something else to think about too ...

Your hourly/daily rate will depend on the market in your area, but my daily rate for 0800-1800 Mon-Fri is £46 and includes everything - lunch, snacks, nappies, formula milk, outings, etc. I charge double time outside these hours and £70 for overnight.

I found it much easier when I changed to daily rate, because I don't have to keep looking at who did which hours, or changed their hours and if someone who normally picks up at 5 doesn't come til 5:30, it doesn't matter.

Hi HSMM

You have so much good advice. You have learnt so much in the years you have been cm.

Re daily rates. I operate an hourly rate. I care for six children from four families. Their hours vary.

I will need to stress on full payment by agreed date.(revise policies) I have been getting payments in bits. Over a period of days sometimes.If i do not do something about it then it will not change.

hahahaha ... me ... good advice ... hahahaha

Seriously ... Thank you so much Mum2bless. I think you are my new best friend .

This forum is a great place to trade ideas with other people. We all do things slightly differently and some ideas you will want to steal and others you won't. (I have taken advice from many other people, experienced and straight off training courses)

I changed from hourly to daily, because I had children who were contracted 0900-1700 and then gradually cut their hours and some ended up 0930-1330 and taking up a full day's space. I simple couldn't afford it, so I started charging for my availability instead (a bit like a hotel would charge you for a whole night, even if you are only there 2200-0200).

Thanks again HSMM

Anyone would like to share their tips.....

At present my living room table is covered with folders, paper work and more paper work. Preparing for my Ofsted inspection Nov time.

I like to be thorough, but would appreciate advice in making it easier for myself.