Author Topic: Self employed escort: Sole trader or Limited company? (Read 9583 times)

English Green · « **Reply #45 on:** 28 April 2021, 09:23:39 pm »

Yes Ana you do report the different businesses but it's made easy by doing it on your 1 account rather then registering them all seperate not in the 1 form.

So it's just filling in extra info for 2 or 3 seperate businesses you have but all on 1 form.

If you have a limited company it's more complicated and more rules from company houses and you also answer to them and have to meet there deadlines. If it's a business that you need protection from and could be personally taken for money them limited company is the way but it really does depend on what you do and your preferred method.

MsRedhead · « **Reply #46 on:** 28 April 2021, 10:22:42 pm »

Quote from: ana30 on 28 April 2021, 02:11:37 pm

Hiya people,

I would like to know your experiences and get some feedback on the company versus sole trader issue. Let's say (my case) you're juggling a few hats: maybe you're an erotic masseuse, a performer doing webcam and professional modelling on the side. You're tired of having to fill in different tax form for each occupation so you decide to create a company, call it "YZ productions" and file everything under your company name.

Has anyone gone this route? what were the main advantages & disadvantages? Did you ended up paying more taxes now that you got VAT?

Any feedback would be welcome.

thanx!

ana

VAT doesn't depend on whether you are a LTD or a sole trader. it's based on the total turnover.

You shouldn't have to fill in a different tax form for each one, it's just a couple of extra boxes for each one really.

amy · « **Reply #47 on:** 29 April 2021, 01:18:50 am »

Quote from: English Green on 28 April 2021, 09:23:39 pm

If you have a limited company it's more complicated and more rules from company houses and you also answer to them and have to meet there deadlines.

The only rule of Companies House that anybody here needs to concern themselves with is the one which does not allow prostitution businesses to register there, as already noted here:

Quote from: xw5 on 17 June 2015, 11:41:17 am

Yep, prostitution is not an acceptable business for a company registered in England and Wales (and doubtless Scotland and NI...) to engage in - when discovered, it will be removed from the register and HMRC will be wanting to talk to you about the tax you've evaded.

There's also the matter of all company directors' personal details being publicly available to anyone who wants to look them up, as well as everything already mentioned about the more recent stuff

Kay · « **Reply #48 on:** 29 April 2021, 03:04:13 am »

As I understand it, Ana is correct about having to fill in separate returns for each business if you're a sole trader - my accountant has always done this. For one thing, in 2020/21, I earned zero escorting so will in effect have a slight loss as I've still paid out for my phone and website. I wouldn't want that to be absorbed into the turnover of my civvy business.

Also, what Amy says about going public if you're a limited company! You often have to pay to access detailed accounts etc., but director's names and addresses are usually available without charge.

See also the main SAAFE.info site for more Support And Advice For Escorts

Author Topic: Self employed escort: Sole trader or Limited company? (Read 9583 times)

English Green

Re: Self employed escort: Sole trader or Limited company?

MsRedhead

Re: Operating as company versus a sole trader in the sex industry.

amy

Re: Self employed escort: Sole trader or Limited company?

Kay

Re: Self employed escort: Sole trader or Limited company?