Guest Posted August 6, 2011 Posted August 6, 2011 Hello all, can any one advise me on what receipts to keep? I have read that you should keep all food receipts - but that would seem like madness, how to divide what the minded children have eaten and what my own family have scoffed?? I charge £1 per day per child for food. Also, do you all charge a mileage for your cars, or keep all receipts, repairs etc? Any other tips on book keeping and the tax return? Thanks Hello_all.doc
HappyMaz Posted August 6, 2011 Posted August 6, 2011 Hi Claire I'm not a childminder so I can't really help with your query, but I just wanted to welcome you to the Forum!
Guest Posted August 6, 2011 Posted August 6, 2011 Hi Claire, i am not currently childminding but have been registered for years, the main purpose of keeping food reciepts is not actually for tax purposes, its for traceability of the food. You need to keep all reciepts over £10 in value, although I tried to keep all reciepts as it does make it easier when doing your books. Just make sure you keep a note of all purchases under £10 because they quickly build up. As long as you are claiming a reasonable cost towards daily food the tax man will be happy. You may charge £1 per day to your family, but does that truely cover the cost of food/snacks/drink if not you need to work out the difference and put that through as reasonable expense. I usually put through £2.50 per day per child for all food/snacks. As for your car your mileage claim includes wear and tear on your car so you cannot submit any additional costs for repairs/mot/etc. Not sure if this helps, I usually confuse myself so could well end up confusing you
HoneyPancakes Posted August 6, 2011 Posted August 6, 2011 Welcome to the Forum and welcome to the mire that is childminding tax deductions. The Inland Revenue produce a document for RCM's regarding what is and isn't allowable which would be your best guide, but here's my take on it... They want to see the actual cost of food used for business NOT how much you have charged or your total food bill. NIGHTMARE (especially when there are children living in the home!!! So...I have taken the time to make a very fair approximation based on real prices and amounts used using standard recipes. If you can show how much is spent in one standard week, you can extend that out for the year. It did take some time but worth it, and I have been told that that is acceptable. If you do the standard recipes in spreadsheet format, then you can change the numbers of meals, prices of ingredients, etc each year without having to do new complete forms. You do have to keep all food receipts until the food has been used up in case of poisoning etc. Good luck, I hate all that side of the business. Honey
Guest Posted August 7, 2011 Posted August 7, 2011 hi, i purchased the Lisa Finlay accounts pack , and found it very usful as it has the cost of food wear and tear , its just fab ziller
Guest Posted August 7, 2011 Posted August 7, 2011 Wow! Thanks so much for all your swift replies! I'm really enjoying my childminding and am absolutely full but this stuff is weighing on my mind - making a definite resolution to be more efficient.
HoneyPancakes Posted August 8, 2011 Posted August 8, 2011 hi, i purchased the Lisa Finlay accounts pack , and found it very usful as it has the cost of food wear and tear , its just fab ziller That looks really good!! Is that £15 the end of it or are there other charges? Honey
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