Tax, self-assessment and returns can be a daunting process, but don’t panic! We’ve got everything you need in this Self Assessment Tax Return survival guide for childminders.
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Self-employed childminders
Many childminders are self-employed and run their own business. This means it’s your responsibility to keep financial records and complete your own tax returns. This is known as self-assessment and is a legal requirement. There’s a £100 penalty if you don’t submit your tax return on time, with further penalties if the tax return is submitted more than three months late.
Need some help? Check out the different options below:
Support understanding tax and national insurance
Struggling with tax, business records and expenses? You can explore resources in MyPACEY as well as take a look at HMRC’s YouTube videos for further support.
PACEY products to help self-employed childminders
Kinderly is the award-winning early years education app for recording and sharing children’s early learning journeys. Using Kinderly will cut down on the amount of time spent on paperwork, giving you more time to spend with the children and reducing those printing costs!
Kinderly’s new easy to use integrated Accounting and Invoicing package gives you the ability to track your expenditure and income, providing at-a-glance information for all your financial management needs. Plus, there’s a discount for PACEY members.
Accounts Book
Once you’ve registered as self-employed, you’ll be expected to start keeping records of your income and expenditure. The PACEY Accounts Book has been specially designed to make your record keeping easier. It includes a guide to calculating childminding expenses and is suitable for submission to HMRC.
Childminders’ receipt book
If you’re a childminder, you should keep a record of any money received for your work. This 50-page carbon copy receipt book can help you and the parents you work with keep track of the payments made to you.
Admin Pack – member exclusive
PACEY members can access this exclusive admin pack bundle that gives you everything you need to organise your childminding business. Each pack includes:
- Accounts book
- Attendance Register
- Journal
- Receipt book
- Save 15% compared to buying the products separately!
Attendance register
This attendance register is a great business tool and allows you to keep an accurate record of attendance of the children in your care. This helps you compare against your financial records and to help you calculate your costs and working hours.
How-to videos from HMRC
HMRC has published YouTube videos that you might find helpful. Visit their YouTube Channel to see useful videos.
- What expenses can I include in my self-assessment tax return?
- Your self-employment tax return
- Business income manual
- How to complete your first online tax return
- My first self employed tax bill
We hope you found this survival guide helpful and can now complete your tax return with confidence. If you have any more questions let us know by emailing support@pacey.org.uk.