If you are currently working for yourself as a childminder, or are thinking of becoming one, you will need to consider how your self employed business will meet the requirements of HM Revenue and Customs (HMRC) for taxation and National Insurance.
As a self employed individual, you will be responsible for your own taxes and to help you, HMRC have a large selection of E-Learning activities, workshops and tools available to help you with topics such as business records, expenses and National Insurance.
HMRC have an easy to use E-Learning activity dedicated to helping you get off to a great start with your new business called Tax Advice for Childminders. The online presentation covers a number of topics, including:
- Informing HMRC about your business
- National Insurance contributions
- Record keeping
- Business expenses
- Self assessment
- Growing your business, including VAT and employing staff members
The E-Learning activity is designed specifically for childminders and Early Years providers. You can stop the activty at any time, and return again later if you'd like to review anything.
There is also a useful activity called Self-employed Business Expenses this online presentation covers topics including:
- Allowable business expenses
- Revenue day to day expenses
- Capital allowances
- Simplified expenses
- Help and support
The HMRC website also has a number of useful tools and interactive activities to assist with other taxation related queries such as:
Ready reckoner is useful information and is used for calculating how much you should save towards Tax and National Insurance.
These are visual recorded presentations which include topics such as self assessment, record keeping and even expenses. These are currently scheduled throughout the year and allow you to interact with the presenters to ask questions. If you're unable to make one of the set times, you can also view them on YouTube to ensure that you don't miss out.
Record keeping tools
If you'd like help with record keeping, HMRC have a number of tools available to you, by both commercial and non-commercial partners. A number are available to download to popular smartphones such as Apple iPhone and Google Android handsets - allowing you to keep track of your business when you're on the go. Some of these also feature the ability to scan copies of receipts so that you can see your cash flow and taxation liabilities at any time.
If you have any queries in regards to self employment, or your tax liabilities as a childminder, you can contact the HMRC Self Employment Helpline on 0300 200 3300.
HMRC small business key messages
You can receive a monthly newsletter update direct from HMRC. This is a short document which helps small business keep up to date with any changes to regulations, general guidance and information on products and services.
You can find HMRC on a variety of social media outlets, with videos and helpful guides available on the HMRC YouTube Channel. There is also a dedicated Twitter account for small business (@HMRCbusiness)
You can contact HMRC by telephone on 0300 200 3300 or by visiting their website www.hmrc.gov.uk/