There are a lot of aspects to consider if you want to become a childminder. Childminding is not the ‘easy option’ for people who want to work from home because you are not just looking after children for a few hours every day - you also have to run and manage a small business.
You will need to have effective procedures in place to deal with paperwork such as accounts, business banking (although you do not necessarily need a separate business account) and ensuring you meet all the legal requirements.
Legal requirements for childminders include -
- Registration with Ofsted (England)
- Registration with the local authority as a food business
- Registration with the Information Commissioners Office (ICO) as a data handler
- Compliance with health and safety laws
- Compliance with local authority planning department laws
- Registration with HMRC as a self employed person
- Submission of annual self employed accounts to HMRC
- Paying self employed National Insurance contributions
- Ensuring insurances (including public liability, house and contents, car) are up to date
as well as attending training to enhance your professional development and meeting all the requirements of the Early Years Foundation Stage (EYFS) and Childcare Registers.
Costs of registration
It is not cheap to register as a childminder and costs are set to increase over the coming months and years. Start up costs include -
- Travel to and from training;
- Medical check - this can cost £100 or more from your local surgery;
- Safety equipment;
- A laptop or computer, printer, paper and ink;
- Resources for various ages of children;
- Buggies, car seats, high chairs etc.
It is recommended that you put money aside to pay your bills in case you do not find any children quickly.
Once you do start earning money from childminding, you should put money aside for paying your tax and National Insurance bills. You can find out more information here: www.hmrc.gov.uk/working/intro/selfemployed.htm.
There is speculation that Ofsted costs will increase for independent childminders from September 2013. We will let you know when we have information confirmed by Ofsted.