Tax Return (cm's) some advice please (thank you!)

[MUM2BLESS]

I am in the process of doing mine. I remember the first time I paid my tax return, ouch!!!!

Anyone got any tips on how they prepare for it, do you do it yourself? are you still smiling after you've done it? Any time saving tips on your financial paper work that you use for this.

ANYTHING WOULD BE APPRECIATED.

I know what to do and I do it myself. Maybe you can share your amazing ideas. Just got some Morton Michel Financial records.

Thank you in advance.

Me agian.

I have an account for my business. I Get £5.00 reward for every £..... I pay in each month. Is this £5.00 taxable?

If it is income it is taxable.
(But I am NOT an accountant!)

I do it myself. I save up monthly for my tax bill. I keep telling myself to collect the data on an ongoing basis, but it does sometimes slip a bit! I just have an excel spreadsheet to record everything on, although I used to have an accounts package with made everything a bit simpler. I am considering getting an accountant to look over my return next time, to check I am doing everything right and claiming everything I should be.

I'm sure HMRC would love to tax your £5 - no idea!

Thanks for that

I'm a maternity nurse and have an accountant, £400 a year and it covers everything, he worked out how much I had to pay in July last year and today I've paid it. Feels great having it done. Now to start collating the next years information to send to him.

What would a childminder be expected to pay for an accountant?

I do mine myself using excel
Its adds it all up for me
I have 13 pages one page per month then the last page is income total outcome total etc

My cm friend uses a accountant and pays £500 which i feel i could use that money on my business instead.

I have a big box next to my pc and throw all reciepts in there so does Dh and i just sort out which i need to keep/throw or file in personal every 4 mths

I write loads of stuff in my diary ie where ive been with children, courses etc then when i do my books it reminds me and helps sort out petrol etc

Dmo-I use my diary/register to record outings, toddler subs, training courses etc too.

oooo good idea about a reciept box! i am going to invest (can i write that off for tax purposes?)

What would a childminder be expected to pay for an accountant?

Anywhere between £60 and £500. For £300 you should be getting some pretty good advice on ensuring you claim all your allowable expenses (including advice on use of home, car capital allowances vs. depreciation, start-up accounting period etc.), for £60 I wouldn't expect much more than form filling you could do your self.

I started working as cm late last April - have registered with HMRC and payed NI contributions. Am I right in thinking that I don't need to do a tax return just now? Panicking a bit in case I've missed something.

No five your ok
Your tax return will be due in after this april X
Receipt box with lid was £6 from Asda and deff tax reductable

dmo excellent!

Phew! Thanks dmo

Glad to help ladies

Lovely people thank you .... More advice still welcomed.

Sorry I could not pay an accountant £500, seems like a lot to me.

HSMM - how much do you put aside each month for your tax bill. I've been minding since July last year and have been meaning to put some aside (as I know it's going to sting me) but I keep re-investing back into the business (new toys, resources etc.) Am starting to get worried that I'm not going to have enough spare funds tro pay the tax man but actually have no clue how much it will be likely to cost?

Ok this is what i do....
I have a current account that parents pay fees into, i work out with hols etc how much i earn per year then divide by 52.

Say it worked out at £200 per week i would keep £15 towards tax or toys and have a dd for £185 into my joint account with my Dh

If you put roughly 15% of your earnings into a tax savings account, you should have more than enough to pay your tax bill. Alternatively, if it is hard to avoid spending any savings, the HMRC do a budget account, where you can pay money in, to put towards your tax bill.