Your year and your tax estimate
Log funding and grants, read your year by month or category, and see how your tax estimate is worked out.
Who this is for
Who this is forChildminders who receive funding or grants, or want to see the year so far. Needs a Solo or Team plan, or a free trial. It takes about five minutes.
Log income that doesn't come through an invoice, then check your year in the Year Overview and see how your tax estimate is worked out.
1. Log income without an invoice
Open Finance, tap + and choose Log Income. Enter the Amount (£) and set Date Received.
2. Choose the category
Pick the Category, such as Local Authority Funding. Add a note under Reference / Description, like the term the payment covers. Tap Save Income.
The payment appears under Recent Transactions, and counts towards your Net Income.
3. Open the Year Overview
On the Finance dashboard, tap Year Overview. It shows your income and expenses for the year, with Est. Annual Tax.
4. Switch the view
- Tap Calendar Year or Tax Year. The year's figure is labelled Estimated tax and NI.
- Tap By Month or By Category. By category, tap an income type to see its months.
5. See how the tax is estimated
Go back to the dashboard and tap the info button next to Estimated tax and NI. The panel explains the steps:
- Your paid invoices and claimable expenses since 6 April are totalled.
- The total is divided by the months so far, to get a monthly average.
- The average is multiplied by 12.
- Income Tax (UK rates, or Scottish rates in Scotland) and Class 4 NI are worked out on that profit at this tax year's rates.
Tap Got it to close it.
⚠️An estimate, not a tax bill
The figure is a projection for planning only. It gets more accurate as more months are recorded, but it doesn't include other income, student loans or other allowances. Check your final figures with your accountant or HMRC.
✅Why KinderStart does it this way
Funding and grants are paid straight to you, so they'd be missing from a figure built only from invoices. Logging them keeps your year, and your estimate, complete.
What to do next
- Childminder allowable expenses guide: complete HMRC checklist for mileage, use of home, and tax deductions.
- Tracking your income and expenses: logging income and expenses day to day.
- Logging expenses and mileage: household bills and journeys, worked out for you.
Next guide
Connecting to HMRC for Making Tax Digital
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