Help With Accounts

[emarshall3]

Hello All,

 

I have finally signed contracts today for my first mindee. Im having the little girl Thurs & Fri 1pm - 5pm every other week. I started doing my childcare course etc in 2009 and bought equipment as i went along. Now its 2010. Can i record this in this years tax accounts? If so how do i do it. I have NCMA accounts book and it goes Monthly. Do i just use 1 page for all last years expenses and a new page for this years then a new one from when im actually having the little girl starting in Novemaber ??????????????????????????????????????????

 

OR AM I NOT ALLOWED TO ADD THIS TO MY EXPENSES?????

[Rea]

Speaking as the wife of a self employed man, I'd say put everything to do with your business into your accounts. All outgoings however small, if they relate to your business, use them.

 

Not sure about the stuff you bought last year but it can never hurt to include the reciepts.

Dont forget your phone bill, internet access if it helps your business in any way, vehicle costs if you use it for business, food for mindees. If you're passing all this to an accountant they will always tell you whats not allowed so just pass it all over and let them get on with it. I put everything into monthly sections, but have a loose idea of in/out from each catagory.

 

Good luck and dont forget you have to be VAT registered once you have reached £70,000!!!

As if...

[HoneyPancakes]

You may have income from other areas but if, like me, you don't you may not need to worry about paying tax for a year or so just yet. Of course you may be more conscientious than I am and want to keep records for your own benefit. I would then record those expenses in the year you incurred them. You should have some space in this year's account book as you'll be starting half way through the tax year. Just write in the right dates.

 

Did you get a start-up grant for your first out-goings? You should take that into account if you did.

 

Most of the toys, buggies etc in my setting were either my own children's, or I got them from Freecycle or handed down or second hand. It may be useful to know that there is lots of equipment available from toy libraries, and public facilities can be great. Being able to change toys regularly means you can be seen to be planning for the changing needs of each child without having to store too much stuff.

 

Enjoy the baby -

 

Honey

[kristina]

Not sure if this will help but I opened my own Pre-School last september and although I use an accounts software package I do have an accountant who does all the last bits and bobs! He told me that I could back date upto six months so although my accounts run from 1st Setember '09 until 31st August '10 I could include things prior to 1st September '09 by six months.

 

Kris

[Guest]

Kris

 

I'm hoping to open my own nursery soon - can I ask, in relation to accounts for the 6 months prior to ( what I assume was your offical opening) 1st September 09 - did you have to have registered yourself as self employed in order to do that ?

 

Sam

[Guest]

Any new business should be registered with the tax man within 3 months of opening and any income or more usually expenses should be recorded, most new childminders (not sure about nurseries etc) will be usually in the red for the first couple of years because of the initial outlay in gathering equipment, any training costs and expenses etc, make sure you record everything no matter how little as it will mean you have less chance of paying tax and maintaining a profitible business

 

I must admit i hate ncma accounts and use a accounts package for childminders designed by a childminder, its called childsplay accounts, it takes me mintues to do my accounts and does all the calculations for meals, gas and electric etc and gives you an end of year breakdown of everything, you also only buy it once unlike having to buy ncma book every year and its only £15, Lisa who designed it is very helpful if you do get stuck but i find it pretty straight forwad even for me

[Tink69]

Good luck and dont forget you have to be VAT registered once you have reached £70,000!!!

As if...

 

I wish .....

 

 

 

I use the NCMA accounts book as I have found it very simply and it has all the allowances re gas/water/council tax written in the front but the accounts package sounds good too.

 

Good luck it will all fall into place once you get started.

 

Tink69

Edited October 26, 2010 by Tink69

[emarshall3]

Thanks guys - still confused tho as NCMA accounts book is done in sections (weekly and monthly). Where do i record my expenses from 2009 starting in July for courses etc and stair gates i bought etc?

[Rea]

Does it have to be in an official book? Just wondering if your own system might be easier? Just write in your in and outs for each month.

[Guest]

If you were registered in 2009 these accounts should already be done??? ie april 2009-april 2010? even if you did not register until july

 

have you registered with tax office and had your first tax return??? even if you were not earning it should have went down as a loss, not sure you can now back date it, might be worth ringing tax office and asking

 

Susan

[HappyMaz]

Where do i record my expenses from 2009 starting in July for courses etc and stair gates i bought etc?

As a non-accountant I'd be inclined to include it as an expense on the first day of trading. However if you hire an accountant to do your final accounts I'm sure there will be a more appropriate technique for taking into account expenses that you have incurred in setting up your business. It depdends whether you're going to make enough money to hire an accountant to do that for you.

 

So long as you can justify the figures that you submit to the taxman and are clear about what you've done and why I don't think it really matters how you do it. If you ever get asked any questions by the taxman s/he'll just want to be sure that you aren't claiming for anything you shouldn't, which in this case you clearly aren't.

 

Maz

[emarshall3]

hi all, ive just registered ( well starting from 4th nov) i spoke to my friend who is an accountant and he has confirmed that you can add the last 12months expenses to your first year tax books. He said just put the date of starting as 4th nov 2010 against each expense (receipts for 2009) next to the date and number each receipt. Then start fresh from 4th november for anything else i buy after this date underneath. Hope this helps anyone else.

[kristina]

Sam

 

My Pre-School is set up as a Ltd company which was registered about six months before opening. I am on PAYE like the rest of the staff and was fortunate to be in the position where I didn't need to pay myself a salary until the setting opened in September. Just one word of warning though because the registration went through in July with Ofsted (their advice!) the June headcount with my LEA was missed even though I had children on my books I didn't receive any money until November!! Just something to keep in mind!

If there is anything else you want ti know feel free to PM me!

 

Kris

[emarshall3]

Ive just written down all my start up expenses i have had and i shall write down all my earnings. I dont think it will matter that much to the tax man as im only earning £54 per month so will not be alot when it come to tax return - my total earnings before outgoings will be £270.

 

I do have a part time office job which i pay tax on so will i be able to claim anymore tax credits??? At moment i receieve working tax credits to pay my daughters nursery fees!

[HappyMaz]

I do have a part time office job which i pay tax on so will i be able to claim anymore tax credits???

I'd say that is definitely a question to ask the people who deal with tax credits because the system is so complicated and you need to be very sure of your position, I think.

 

Good luck!

 

Maz

[emarshall3]

Thankyou HappyMaz, This is so confusing xxx