CM Club - Help me know what to save...........

[looneytune]

Doing big budget plan and for business side of things, I need your help. At the moment I take about £1350 but obviously expenses to come off that. I'm ok with most things but what do you think I should save each month for (or what do you save, if any):

Tax?
Sickness Fund?
Stationary (incl. attendance registers etc)?
Stock (toys, batteries, craft items, baking items etc)?

Any help or advice would be great!

TIA

I suppose my main interest is tax. I can't remember how much you have to earn a year in order to have to pay tax?

about £5000 before tax & £2000 at 10%

Can't suggest figures for you tho' - sorry

Thanks Katymac. I've been trying to think of figures but am suffering with a hangover so not easy (took jellyjelly out last night and got very drunk!)

I've got a few other things on my list but would be useful if anyone does budget like this, maybe just list the things in case I haven't thought of something.

Thanks

bump

Cant help you as i have got rid of most of my stuff now. Feel better but still rough.

I'm still feeling pretty rough too but I think most of it now is just tiredness.

I really really need to work these figures out and it's not helping feeling so rubbish. Basically hoping to move house but need to know exactly what my outgoings are and so far, I've never saved for tax etc.

Please please please.........anyone able to suggest anything at all??? I need to have my figures worked out by Wednesday night.

I don't save anything at all. If I need to buy anything (stationery, toys etc.), I buy it as I need it. I don't take time off sick! I know roughly what my tax will be, and just pay it when I have to - we usually get quite a bit of notice on how much to pay (don't we?)

I don't think I've been very helpful at all!

Thanks TP. I've always just bought as I need but as my income is so important for a new mortgage, I need to think of absolutely everything! I've worked all times when been sick apart twice, recently when I had really bad tonsillitis as I was totally spaced out and very faint which wasn't safe for the children (i.e. if I was to collapse or something which i was very close to) and when I had d&v last summer and had to wait until I was clear as it's in my policies I don't plan to have sick days but it was recommended to me to have some kind of fund for emergency loss of income like this. Maybe I won't bother then - would certainly help reduce my outgoings at this stage

If ANYONE does do any kind of budgeting for childminding (like Katymacs toy fund) can you please share it with me. Otherwise I'll leave it and just deal with the problems as and when they happen!

TP - as you know, I don't currently have after schoolers so I wouldn't have thought I'm on any more than people who have the full lot they are allowed.

Please forgive me if this is really rude to ask but I wondered if you (or anyone else who has lots of mindees) could tell me roughly the highest amount of tax you've had to pay. I've only been doing this a year and have yet to do a tax return.

I really really hope that's not a terribly rude question

Thanks

£141 last year

Thanks sweetie. I've just been laughing with dh as I'd put in budget £100 a month (as had NO IDEA and wanted to be way over if possible rather than not have enough!). I think I'll reduce it to more like £20 a month

Katymac, what else do you put money aside for apart from food/drinks shopping and toys?

I don't want to say anything - I reckon Mumsnet is just a cover for the tax office!!

Most of the childminders I know pay very little (average of £250 perhaps??) if anything at all. The most I've heard of a minder paying was around £700 (she is very frugal with her expenses!!)

My tax last year was getting on for £5000 but then if you earn it, you have to pay for it. Several minders here pay simillar amounts.
I know some husband & wife couples who are grossing £50,000+

i'm on 18k b4 expensives
paid £360 tax last year

No probs TP, that info was just as helpful Thank Alibubbles - I think I can safely say I don't earn enough to pay that amount

dmo - perfect. I don't know my net profit yet, just what I get each month so what you have just put gives me a VERY good idea of what I'll have to pay. Many Thanks

i thought it was 20% so if you earn £1000 a mth then it would be £200 a month - i was beginning to panic as i havent put anything aside yet but by the looks of this i will be fine, just need to open a savings account and start paying something into it.

If you earn (profit) £1000 pcm that is £12000 a year

Less £5000 tax free allowance is £7000

10% of £2000 is £200 tax
plus 22% (I think) of £5000 is £1100
plus 8% (I think) NI is £490

Total bill £1790 divided by 12 is £150

hth

Except my maths is wrong 8% is 560

total bill £1860

divided by 12 £155

maybe

so you need to save £155 per month?

Only if you make £1000 pcm AFTER expenses

I don't know how much tax i will have to pay as this is my first year childminding. All i do is save 25% of everything i earn, and anything that's left over after tax is a bonus. i want to make sure i have enough when i get my tax bill.

i normally have a pot of money in my bussiness acount so after tax thats my treat money for new toys (and wine plenty of wine )

what if you only childmind part time and earn about £50 a week. would I still pay tax?