HMRC has published various key messages that may be useful for childminders:
Simpler Income Tax – Cash Basis and Simplified Expenses The ‘Cash Basis’ scheme can be used by sole traders (most childminders are sole traders) to simplify their accounting processes, saving both time and money. Find out if Cash Basis is for you.
In addition, unincorporated businesses can choose to use ‘simplified expenses’. This involves using flat-rates, instead of complex calculations of actual business expenses. Check if Simplified Expenses works for you.
Here’s a short animation from HMRC, which aims to help small businesses decide which schemes are right for them. Take a look.
Annual Tax Summaries – coming soon! Between October and December, 24 million UK taxpayers will be receive a new Annual Tax Summary. This is for information only and will give you details of personal taxable income, how the tax and NICs were calculated and how the government uses taxpayers’ tax and NICs.
HMRC Webinars are the perfect for new childminders who are entering the world of self-assessments, business expenses and tax returns for the very first time; HMRC webinars allow you to listen and interact with the experts online as they explain all you need to know.
The next available HMRC webinar event will take place on Tuesday 28 October at 7.30pm. Reserve your seat now.
SCMA will send you an invite via email in advance of each webinar event, or look out for our reminders on Facebook. If you’ve missed one, catch up and watch a recorded session here.
Remember! The latest SCMA Tax and NI Guide for childminders is now available to download from the Members’ Zone.
Follow HMRC on Twitter @HMRCbusiness, for up to date information for small businesses. Please send any feedback to cathy.a.john@hmrc.gsi.gov.uk.