Most small childcare business that we work with are sole traders and require an online self assessment tax return, we usually produce this after preparing a basic set of accounts. There are however many different setups for companies in the childcare sector. Some may form a partnership requiring self assessment and partnership tax returns, some may form a limited company and operate with shareholders and directors and they must prepare corporation tax returns, some may form as a limited company by guarantee run by members as a non profit making company.

Even foster carers have special rules in completing their tax returns. A fostering business can implement two different methods to account for tax. The two methods are the actual basis method or a simplified basis. We have many years experience in helping all types of business in the childcare sector.

It is important that you use an Accountant that understands the sector and can claim all allowable business expenses.
Does your agent know about the deduction for wear and tear, the allocation percentage of gas and electricity for a childminding business based on the number of hours worked per week. The claim for items under £10 that are allowable if you have made a list.

How we prepare your tax returns:-

  1. Accounts are prepared and transferred into a completed tax return.
  2. We ask all clients to sign the tax return signature page and scan back to us.
  3. We act as your agent and send your tax return online to HMRC.
  4. We also produce a payment schedule ensuring that you know what the time frame is for paying any tax due and avoiding any penalty fines.