help with childcare costs for people who own business

mumj18 · Apr 9th, 2012, 05:01 AM

I am looking into starting my own business and the idea I have in mind wont make me a huge amount of money but hopefully as much as I could earn if I worked for someone else.

Am I still entitled to help with childcare costs if I work for myself?
If not there's no point in me doing it really as childcare will eat into all profits!
xx

suzib76 · Apr 11th, 2012, 12:54 PM

yes, self employed people have the same rights etc when it comes to tax credits

mumj18 · Apr 12th, 2012, 07:38 AM

Thanks hun xx

aly888 · Apr 15th, 2012, 12:22 PM

As above, you are still entitled to the same. The only difference will be the claim. As a self employed person you will need to declare your net profits (or losses, if there are any) each year. Also, if your partner is on a salary and you make a loss (especially in your first year) then you can deduct your losses from your partners income and that will be your joint earnings for that year. Ie, if your partner earns £20k/year but you had £8k loss, your "earnings" would be £12k for that year. If your losses had been in excess of £20k, your earnings would have been £0 and whatever extra losses you had (ie, if you had £28k losses you'd have £8k losses unaccounted for) can carry over to the following year

So I suggest you keep on top of your costs to ensure you get all that you are entitled to and don't find yourself struggling for childcare

Apr 9th, 2012, 05:01 AM	#1
mumj18 Pregnant (Expecting) Chat Happy BnB Member Join Date: Aug 2010 Posts: 1,900	help with childcare costs for people who own business I am looking into starting my own business and the idea I have in mind wont make me a huge amount of money but hopefully as much as I could earn if I worked for someone else. Am I still entitled to help with childcare costs if I work for myself? If not there's no point in me doing it really as childcare will eat into all profits! xx

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Apr 11th, 2012, 12:54 PM	#2
suzib76 Mum (Mom) BnB Addict Join Date: Oct 2009 Location: x scotland x Posts: 6,705	yes, self employed people have the same rights etc when it comes to tax credits

Status: Online

Apr 12th, 2012, 07:38 AM	#3
mumj18 Pregnant (Expecting) Chat Happy BnB Member Join Date: Aug 2010 Posts: 1,900	Thanks hun xx

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Apr 15th, 2012, 12:22 PM	#4
aly888 Mum (Mom) BnB Addict Join Date: Apr 2009 Location: Bedford, UK Posts: 7,092	As above, you are still entitled to the same. The only difference will be the claim. As a self employed person you will need to declare your net profits (or losses, if there are any) each year. Also, if your partner is on a salary and you make a loss (especially in your first year) then you can deduct your losses from your partners income and that will be your joint earnings for that year. Ie, if your partner earns £20k/year but you had £8k loss, your "earnings" would be £12k for that year. If your losses had been in excess of £20k, your earnings would have been £0 and whatever extra losses you had (ie, if you had £28k losses you'd have £8k losses unaccounted for) can carry over to the following year So I suggest you keep on top of your costs to ensure you get all that you are entitled to and don't find yourself struggling for childcare

Status: Offline

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