Mega Exciting Tax Return Question number 1

[GordonTheGopher]

Yes there will be more...

Question: When it says when my business started do I say:

when I was registered with Ofsted,

when I received my first payment,

or when my first child officially started?

Many thanks for you who got this far without falling asleep.

when did you tell HMRC you were becoming self-employed from?

I have no idea!

Also while you're there... where do I put in my 10% wear and tear? Does it just come under expenses?

Please!

We had a talk with the taxman at our ICP a couple of weeks ago and they said that you would put down your start date within 3 months of you receiving your registration and the more expenses you can put down the better as it all goes towards reducing your tax bill.
So always put the 10% wear and tear down first (this is 10% of your childminding gross income).
They gave us an example of;
Gross income= 40hrs @£3.00X48 weeks= £5760 (turnover)
Deduct wear and tear £576
Food 48weeksX£10per week=£480
Heat/light £1,200X (depends on hrs worked)
Telephone/mobile
Mileage @40p per mile
Toys/crafts
and anything else you can think of within reason!

PS meant to add, best to register when you actually have a child to mind!

not always the case Ripeberry as you may have a child lined up to mind and Ofsted may drag their feet with paperwork which means no cerf for weeks and a family you are letting down.

wear and tear does not come under expensives it is a sep thing see Ripeberrys account that is how i do it

good luck