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Paid childcare

Discuss everything related to paid childcare here, including childminders, nannies, nurseries and au pairs.

Original poster

After tax man..............

11 replies

Babymad4num3 · 02/10/2006 14:22

...........much how are you left with? Thinking about CMing but want to (need to) know the pro's and con's first!

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dmo · 02/10/2006 14:31

you hardly pay any tax at all

when you add up your earnings for the year you then take away your expensives such as equipment, shopping, petrol (40p a mile) council tax, heating and lighting, water rates, wear and tear etc etc

i earned 18k last year but after all my spending i rounded up to 8k
my take bill was £1163 for the year

Ineedaholiday · 02/10/2006 16:56

I earned £15k last year and had a profit of £980 so didnt pay any tax. An advantage of having a degree in tax and accounting. . I do travel a lot of miles to nurseries though which adds to a lot of expense.

Original poster
Babymad4num3 · 04/10/2006 14:32

What %age is of your household gas/eletric/water/council tax can you take away?

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dmo · 04/10/2006 14:39

this depends on the hours you work
full time 40hrs+

council tax = 10%
water = 10%
heating and lighting = 33%
wear and tear = 10%

part time 20hrs
council tax = 5%
water = 5%
heating and lighting = 17%
wear and tear = 10%

inbetween ie 30hrs
council tax = 7%
water = 7%
heating and lighting = 25%
wear and tear = 10%

dmo · 04/10/2006 14:41

if you rent your house you can deduct one tenth of the amount you pay in rent (full timers)

HenniPenni · 04/10/2006 14:43

But for some unfair reason you can't if you have a mortgage.

Original poster
Babymad4num3 · 04/10/2006 15:11

I have a mortgage why cant you get a %age back?

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HenniPenni · 04/10/2006 15:54

Absolutly no idea, I'm sure that somebody will come along and explain.

dmo · 04/10/2006 21:09

i know its not fair i have a morgage too

but did hear that if you have a room in your morgaged house that you use solely for childminding you could claim a % back

saldly i cant do that eirther as my play room is also my dinning room

Katymac · 04/10/2006 22:26

Well if you really want to know - it's complicated

Capitol Gains Tax is the short answa.....& if you need more details I can direct you to the IR website.......but I'm sure you have better things to do

Basically if you do you will pay more tax in the long run - unless you C/M for a very long time; sell the house & business as a going concern or employ a very clever accountant

Original poster
Babymad4num3 · 05/10/2006 07:41

I have a spare bedrom i was going to use, for babies/young children to sleep in!

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