Tax for Childminding in own home

L

Lami

Guest
Hi there

Really need some help here. I'm hoping to set up as a childminder in my own home. I know I can earn up to 15k per year tax free but what happens if I go over that? I understand I have to pay tax on the full amount. Is there any way I can calculate what that would work out at - what is the percentage tax I'd have to pay/account for prsi etc? I just need to try and work out what monthly income I'd have if I go over the 15k. I'm completely useless at understanding our tax system so any advice "for dummies" would be greatly appreciated.

Thank you.

Lami
 
Yes, but I couldn't seem to find anything that showed me how to calculate my income.
 
There are a lot of expenses Revenue allow you to offset against your childminding income (at least 1/3 of utility bills, shopping etc, 100% of some expenses such as toys.) If you don't go too far over the 15K, and you keep records of all your expenditure, your tax due will be minimal.

Have a read of Childminding Ireland's Guide, and you can download an excel sheet from Galway County Childcare Committee http://www.galwaychildcare.com/childminders.asp
 
you can only get tax relief if you are notified to the HSC!! you need to provide proof of this to claim.there is a lot of paperwork involved in this. you have to do training and first aid etc. you also have to be vetted by the guards.
 
You must log in or register to reply here.
Back
Top