Childminder's Club: I don't know why I bother?

[Katymac]

I made loads last year

My Tax Bill was ......£31

Remind me why I do it again?

I'm not sure I get what your point is?

Your real profits don;t equate to your taxable profits.

You need to look at it in terms of cash flow. What cash came in and what incremental costs did you spend cash on.

You need to disregard all the notional costs which are purely for tax, like part of council tax and car insurance etc etc

You should definitely not be using the tax profit to determine how much money you really made

Oh I don't normally - just when the self assessment comes around

katymac, I'd like to know how you manage that!

With the number of children you have on your books, you must have a fsirly high gross, and lose a lot of it in expenses.

I reckon a third of my income is expenses, which seems to be realistic amongst colleagues.

How much was your gross? Mine was £28k, similar to a lot of childminders in my area, many gross more, especially the husband and wife teams.

£36K but wages were nearly 10K

thought i made a lot with 18k
spent 10k so have to pay tax on 8k
how much will this be?

is it worth minding when you spend more than you make?

course it is
i love my job

My "profit" was about £5.8K

But then I have to add in the council tax etc

Tax on £8000

Tax free £4895
Pay Tax on £3105
10% on first £2090 (£209 tax due)
22% on next bit - £1015 (223.30 tax due)

Total Tax due £432.30

Plus NI
8% on anything over £4895

so in your case 3105 (NI £248.40)

Total liability £680.70

Plus of course you should have been paying S/E at £8/9?? per month?

wow your fab
will you come and do my books for me
got 2k saved so i can spend spend spend

You don't need me

Register for on-line banking

You can jiggle the figures time & time again until you get it right

You still have time if your year end is in April - but hurry

don't take my figures as gospel btw - check it yourself

its ok have sent forms off to inland rev yesterday will only start spending when i've paid the bill

What a releif