That time of year again!..help with tax deductions!

[PinkChick]

HI everyone, yes its me, i havent been here in AGES! LOL
But have a few questions if you wouldnt mind helping?what percentages of things can i deduct (household payemts) and what else should i be deducting from my tax bill this year??..thanks

10% council Tax & water (if F/T)
33% (gas & elec)
10% Wear & tear (of your turnover)
Mileage at 40p a mile

Food
Toys
Something towards the phone/internet
Stationery

OFSTED/NCMA fees

Playgroups and softplay
Books and comics
Outings
Public transport
Cleaning products/toilet rolls/kitchen roll

God, the list goes on..............

You are sooooo efficient doing your accounts already - will probably do mine in Jan 2010

KatyMac, do you put actual food bills on your accounts or an allowance per day?

Milly i have answered the other thread going with the info you are after,

I put in an allowance

BF Snack Lunch Snack Tea
Under1 £1.00
1 to 5 £5.00 £0.75 £0.75 £1.25 £0.50 £1.75
over 5 £5.75 £1.00 £0.75 £1.50 £0.50 £2.00
over 7 £6.50 £1.25 £0.75 £1.75 £0.50 £2.25

But of course it won't be well lined up (the first figure is a total (then BF Snack Lunch Snack Tea in order) - under 1's I just put £1 as they are still weaning so under 6m I gain a bit & over 9 m I lose a bit

Dont forget Road Fund Tax, servicing repairs, birthday, easter xmas treats for kids, equipment, bus fares, entrance fees, annual subscriptions magazines etc. oh and vehicle write down if you use your car, printer ink, paper, craft stuff, insurances,bank charges and any finance you have for business, just about anything and everything you can think of bang it in, just remember if it's something you use as well as the business to do a percentage, i usually do 1/3rd. and don't forget those bits you just happen too see that the kids would like when you do your weekly shop, those spare nappies and wipes add up like no ones business

You can't claim

Road Tax fund
Vehicle write down
Car Servicing
Car Repairs

If you claim mileage

It's an either/or

i didn't think you could claim for presents that you buy (birthday, Christmas, Easter etc)

They are not required for you to run your business therefor they aren't a tax deductable expense

Am I wrong?

Would you buy the child a present if you didn't childmind them?

So next door neighbour or niece yes - so you can't include this

Strange person arriving on your doorstep no o you can

That's what I got told

Yep katymac sorry it's either / or for vehicles, work out which is more beneficial - with regards to pressies, these can be classed as expenses (so i'm told by a tax inspector) and you can claim a nominal ammount so don't go crackers and try to claim for a couple of PS3's or Nintendo's but a small gift of around £5 - £10 is acceptable, after all huge corporations can claim for entertaining etc and gifts to clients, same difference but it has to be a reasonable expense. I don't buy for parents or siblings that I don't mind, but I know some minders buy a bottle of wine or choc's at x'mas and claim for this too again within reason,

Thanks for those everyone, ill try and find last years lsits as well as there was loads more on there.

Am not efficient LOL, just hate having things hanging over my head LOL.x

i got told by a tax inspector that you can't put in pressies as they're not essential to your business they are just you being nice

Oh & I got told by an inland revenue small business advisor (who came to the house) that I could

Yep thanks KatyMac, I been told from several people, you can claim for pressies, did a Tax seminar for small business run by Inland Revenue, did a tax / accounting course that my bank arranged 4 me and local business venture advisor and my lovely bank manager all said same thing so been claiming for last 10yrs be in a pickle if you couldn't