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Author Topic: Self employed escort: Sole trader or Limited company?  (Read 9579 times)

Cat_BBW

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Re: Self employed escort: Sole trader or Limited company?
« Reply #15 on: 19 June 2015, 01:33:43 pm »
You don't even need an accountant if you're able to read and use a calculator. Read the HMRC site to find out what expenses you can claim for, and use a calculator to add all yours up. Tax returns want your turnover, your expenses and your profit. If you ONLY have an income from one type of self-employment, it's very simple.

And now that I've typed that, I realise I need to do my 14/15 accounts soon...

Fabulassie

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Re: Self employed escort: Sole trader or Limited company?
« Reply #16 on: 19 June 2015, 02:13:30 pm »
Exactly. My husband does my accounts and it's not hard. Even with a limited company. It's just adding and subtractin. Hard part is my remembering to keep receipts.

Naked Chef

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Re: Self employed escort: Sole trader or Limited company?
« Reply #17 on: 20 June 2015, 11:30:00 am »
Receipts, yes!!! God knows how much expenditure I have lost through misplacing receipts :-P

ana30

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Re: Self employed escort: Sole trader or Limited company?
« Reply #18 on: 12 August 2015, 05:10:24 pm »
I sign as "alternative therapist and health services". My new accountant is trying to convince me to file as a limited company instead of a sole trader because -she states- there's so much more advantages. She doesn't charge much if I sign as sole trader but her fees double up if I sign as limited company.

I'm not sure if she's trying to make more money from me or she really has a point.

What's my best option? Anyone has gone through the same dilemma?

Any feedback?

Thanks   :FF
"Sex work is real work, being a landlord isn't" - Graffitti seen on a wall.

amy

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Re: Self employed escort: Sole trader or Limited company?
« Reply #19 on: 12 August 2015, 05:49:16 pm »
Your new accountant is wrong for many reasons, all of them good and many of them discussed in the thread I'm about to merge this one with.

The double fees ought to be enough of a clue as to why she's really pushing it, and even if it's not pure greed, it goes to show she doesn't understand the sex industry or it's relationship with Companies House, and most importantly our need for privacy and anonymity.


SweetSummers

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Re: Self employed escort: Sole trader or Limited company?
« Reply #20 on: 17 August 2015, 11:21:35 am »
You don't even need an accountant if you're able to read and use a calculator. Read the HMRC site to find out what expenses you can claim for, and use a calculator to add all yours up. Tax returns want your turnover, your expenses and your profit. If you ONLY have an income from one type of self-employment, it's very simple.

And now that I've typed that, I realise I need to do my 14/15 accounts soon...

But if you have income from more than one source (I also do freelance in more socially acceptable things) is it then easier to have a limited company? I keep going back and forth on this one and it's making my head explode. :(

Kay

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Re: Self employed escort: Sole trader or Limited company?
« Reply #21 on: 17 August 2015, 11:38:13 am »
I'm the same (two 'businesses') and no, it makes no difference. I'm a sole trader, and my accountant just submits two lots of accounts.
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Adele7

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Re: Self employed escort: Sole trader or Limited company?
« Reply #22 on: 27 December 2017, 12:35:49 pm »
Hi all,

I've been using a limited company to declare my earnings for the past few years, however, as I am considering changing accountants I spoke to a potential one this morning who now tells me this is not allowed? Anyone have any information on this as the last thing I want is probs with C.House.

Mirror

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Re: Self employed escort: Sole trader or Limited company?
« Reply #23 on: 27 December 2017, 12:44:25 pm »
Hi all,

I've been using a limited company to declare my earnings for the past few years, however, as I am considering changing accountants I spoke to a potential one this morning who now tells me this is not allowed? Anyone have any information on this as the last thing I want is probs with C.House.

Surely a dedicated accounting website is more appropriate for this question?

amy

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Re: Self employed escort: Sole trader or Limited company?
« Reply #24 on: 27 December 2017, 01:14:38 pm »
I've been using a limited company to declare my earnings for the past few years, however, as I am considering changing accountants I spoke to a potential one this morning who now tells me this is not allowed? Anyone have any information on this as the last thing I want is probs with C.House.

Merged. And as you can see from the rest of the thread, your potential new accountant is entirely correct.

Adele7

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Re: Self employed escort: Sole trader or Limited company?
« Reply #25 on: 27 December 2017, 03:19:11 pm »
Sorry if I was not clear, my question here is not an accounting one because in my case a Limited company does make more sense. Its what I found out about Companys House. But anyway, I mailed them this morning and asked the question.

I read a comment here about dodging the tax man with a Limited Company (relating to dividends). I'm sorry if I seem a bit backward but how on earth was that conclusion reached? Further, its not exactly intelligent to put all your different activities as a sole trader for VAT purposes. So I guess paying double acounting fee's does somehow pay off according to your personal situation.

Once again, a Company's House question ONLY - From this I am guessing that it does pay to have an accountant and I think some of you would benefit from it.
« Last Edit: 27 December 2017, 03:26:07 pm by Adele7 »

amy

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Re: Self employed escort: Sole trader or Limited company?
« Reply #26 on: 27 December 2017, 03:44:24 pm »
I think you've misunderstood. It's not a matter of which is better or worse; it is not permitted for a prostitution business to be registered as a company at Companies House, and if they find out that all, some or any of a registered company's revenue is generated from prostitution then they will remove it and HMRC will take steps to recover the evaded tax.

If you're not talking about a company that earns its money from prostitution then that obviously doesn't apply, but if that's the case it doesn't belong on a prostitution forum, either.

English Green

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Re: Self employed escort: Sole trader or Limited company?
« Reply #27 on: 27 December 2017, 04:03:56 pm »
You need to be a sole trader if you are down as a escort or prostitute or sex worker etc. If you are paying tax from escorting but saying you are doing something else then you can be a limited company but it is not completely above board if your title is different from what you actually do but plenty do do this as some do not want there work history down as prostitution.

Kay

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Re: Self employed escort: Sole trader or Limited company?
« Reply #28 on: 27 December 2017, 09:58:43 pm »
Sorry if I was not clear, my question here is not an accounting one because in my case a Limited company does make more sense. Its what I found out about Companys House. But anyway, I mailed them this morning and asked the question.

I read a comment here about dodging the tax man with a Limited Company (relating to dividends). I'm sorry if I seem a bit backward but how on earth was that conclusion reached? Further, its not exactly intelligent to put all your different activities as a sole trader for VAT purposes. So I guess paying double acounting fee's does somehow pay off according to your personal situation.

Once again, a Company's House question ONLY - From this I am guessing that it does pay to have an accountant and I think some of you would benefit from it.

Just to add, being a limited company doesn't mean you dodge any taxes - it's just a different way of operating. And you don't need to register for VAT if your earnings are under about 72K a year (can't remember the exact figure, but it's a lot more than I earn, anyway!)
"There is no sin except stupidity" - Oscar Wilde

PixieLove

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Re: Self employed escort: Sole trader or Limited company?
« Reply #29 on: 28 December 2017, 12:17:37 am »
oh how I missed this site!

Great topic...super relevant right now as we are all getting ready to do our taxes :)

Wish I had an education on the topic as Lady_Lust did! Lucky Lady  ;D

Will continue reading on...don't mind me   :D