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Childminding is a rewarding career for those with the necessary dedication, enthusiasm and skills. It can also be stressful, as there's a great deal of responsibility involved in looking after children, along with a mountain of paperwork!
Whether you run your own childminding business that employs staff or you are self-employed and act alone, you will need to handle your accounts at some stage. This is essential to ensure that you are paying the correct amount of income tax and National Insurance, but it also provides useful information for future financial planning.If you work in the childcare sector, hiring an accountant for childminders can be a real benefit. They'll take most of the accounting responsibilities off your hands, leaving you with more time to focus on other priorities.
Why should you hire an Auditox accountant? What's wrong with hiring any other firm offering accountancy services?
The truth is that while a traditional accountant can certainly fulfil all of the usual duties expected of them, our accountants specialise in all financial matters relating to the childcare sector. They have an in-depth knowledge of the industry, which helps you to quickly form a positive working relationship.
There's no need to explain all the quirks and details of what you do - they are already clued up!
As well as this, they can handle all of the following tasks for you.
All self-employed workers in the UK must complete a self-assessment tax return each tax year, and it's not something that most people look forward to.
Certain sectors find it even more of a challenge as it's not easy to identify the allowable expenses due to the nature of the work. A childminding business might fall into this category because it could be based within a private home. This makes it difficult to distinguish whether a particular expense has been incurred solely for business use.
For example, you might be able to claim for household bills or wear and tear on furniture, but you can't claim for the cost of replacing household items. It's a murky area that needs careful scrutiny if you want to avoid upsetting HMRC!
Our accountants will guide you through this process and ensure that you only claim for the correct items and pay the appropriate amount of income tax.
We will help you to establish whether you need to pay Class 1 or Class 2 NI contributions or whether you are exempt due to low income.
The amount you pay depends on your total income, and we'll work all this out for you to make sure you are on the right tier.
We will also pay HMRC on your behalf and liaise with them in the event of any queries.
This is the record of all your daily transactions*, both expenses and income. By law, you must keep an accurate record of these as they form the basis of your accounts that are used to provide your figures to HMRC.
When you're busy, it's easy to put off jobs like bookkeeping. Sometimes it's because you just don't have the time, but often it's due to the method or system you are using.
*By law, childminders are allowed to claim expenses of up to £10 without a valid receipt when they calculate their taxable profits. However, it's always best to obtain and keep your receipts when possible!
We provide you with user-friendly software that's very accessible and easy to use. We also offer full training to get you started and will always be available to offer advice when needed.
You'll never have to avoid your bookkeeping responsibilities again, and they'll always be in good shape!
How is financial accounting different from bookkeeping?
Where bookkeeping deals with your day-to-day expenses and transactions, financial accounting focuses on your business performance over a specific time. The data is used to provide a summary of your business in terms of liabilities, assets and equity.
Auditox Accountancy services specialise in accounts preparation, too, making sure that you can identify any problem areas and plan for the future.
Are you thinking of starting up a childminding business?
We will get you off to a perfect start! With a sound knowledge of the sector, our accountants offer a first-class client service with a friendly and helpful approach.
Our specialist childminders accountants will draw up a checklist of all the necessary procedures you'll be required to fulfil in order to become a registered childminder.
While most of the advice will relate to the financial side, including how to apply for Early Years Funding, they may be able to help you with the practical stuff, like making sure you have stair gates and extra smoke detectors in place, etc.
The main aim is to ensure that you are fully ready to launch your business, offering a safe, happy space for the children and a rewarding and successful career for you.
We are happy to work with all types of business set-up, including sole traders and those with an owner-managed business.
With Auditox, you get a proactive and friendly accountant who takes care of all the boring stuff, leaving you to invest your time in looking after the children in your care. With more free time, you'll be able to focus on other priorities and maybe even take some time for yourself.
We use a technology-based approach coupled with highly-trained and 'human' staff who enjoy building good relationships with their clients.
Whether you are just starting out or you are already established as a childminder, get in touch today to see how we can improve your accounting processes, save you money, give you more free time, and make your life a whole lot easier.
Yes, specialised accountants for childminders often provide payroll services and can manage employee-related finances. They can handle PAYE, National Insurance contributions, and other payroll complexities specific to your childcare business.
Absolutely, one of the benefits of using a specialised accountant is their expertise in identifying childminding-specific tax deductions. This can include allowances for food, toys, and even a portion of your mortgage or rent if you work from home.
Many specialised accountants offer remote services through video conferencing and secure document sharing. However, some may still prefer an initial in-person meeting to better understand your specific needs and build rapport.
Yes, a specialised accountant will be well-versed in the financial legal obligations that childminders have, including tax filing deadlines, record-keeping requirements, and other regulatory compliance matters.
Yes, specialised accountants for childminders often provide payroll services and can manage employee-related finances. They can handle PAYE, National Insurance contributions, and other payroll complexities specific to your childcare business.
Absolutely, one of the benefits of using a specialised accountant is their expertise in identifying childminding-specific tax deductions. This can include allowances for food, toys, and even a portion of your mortgage or rent if you work from home.
Many specialised accountants offer remote services through video conferencing and secure document sharing. However, some may still prefer an initial in-person meeting to better understand your specific needs and build rapport.
Yes, a specialised accountant will be well-versed in the financial legal obligations that childminders have, including tax filing deadlines, record-keeping requirements, and other regulatory compliance matters.