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Author Topic: Tax - accountants, deductible expenses, general information  (Read 47386 times)

Escortx

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Re: Tax - accountants, deductible expenses, general information
« Reply #450 on: 20 May 2023, 07:10:48 pm »
I decided I want to stop claiming things on tex next year because I want to get a morgade. What's the highest amount I can earn a week without paying more than 20% tax. I want to aim to.out this in my banks account every month until I can get a morgate

jasmine89

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Re: Tax - accountants, deductible expenses, general information
« Reply #451 on: 20 May 2023, 07:49:28 pm »
£50,270 per year then it goes up to 40%

Escortx

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Re: Tax - accountants, deductible expenses, general information
« Reply #452 on: 20 May 2023, 11:58:48 pm »
Thanks I don’t want to pay 40% esp because I’m not going to be claiming expenses

MsRedhead

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Re: Tax - accountants, deductible expenses, general information
« Reply #453 on: 13 June 2023, 11:34:47 pm »
Thanks I don’t want to pay 40% esp because I’m not going to be claiming expenses

it's only 40% on the amount above £50k, not the whole thing. Also, pension contributions are tax deductible. why wouldn't you claim expenses if you are going hit more than £50k?

Escortx

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Re: Tax - accountants, deductible expenses, general information
« Reply #454 on: 14 June 2023, 08:20:40 am »
Because I want to get a bigger mortgage and they base it off income after the expenses etc. I still don’t understand the 40% thing

Sue69

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Re: Tax - accountants, deductible expenses, general information
« Reply #455 on: 14 June 2023, 09:29:00 am »
From Gov UK

The tax-free allowance lets you receive up to £1,000 tax-free on your trading income. If you claim this allowance, you cannot claim expenses or other allowances.

It might be useful to some who just work for holiday money.

Mirror

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Re: Tax - accountants, deductible expenses, general information
« Reply #456 on: 14 June 2023, 11:09:53 am »
Because I want to get a bigger mortgage and they base it off income after the expenses etc. I still don’t understand the 40% thing

The 40% tax is only payable on the amount of earnings (after expenses) over £50,270, so if after expenses your income is £60,270 only £10K is taxed at 40%.


Escortx

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Re: Tax - accountants, deductible expenses, general information
« Reply #457 on: 19 June 2023, 10:26:29 pm »
Thanks I didn’t realise that. Not so bad as I thought

Aries_season

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Re: Tax - accountants, deductible expenses, general information
« Reply #458 on: 28 June 2023, 12:46:11 am »
Hi, I know I can claim dinner expenses on tour, as you can't cook in a hotel, but do you think I actually need a receipt, or if a bank statement says "Uber eats" then that's enough? Ive heard if transaction is visible and described on your bank statement it can serve as receipt. And Uber eats is pretty self explanatory if HMRC asks, so I never save receipt from it, but if I use it a lot maybe I should?
The rules for food expenses and receipts are so vague, I still don't get it  :-\

MsRedhead

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Re: Tax - accountants, deductible expenses, general information
« Reply #459 on: 06 July 2023, 11:04:34 pm »
Hi, I know I can claim dinner expenses on tour, as you can't cook in a hotel, but do you think I actually need a receipt, or if a bank statement says "Uber eats" then that's enough? Ive heard if transaction is visible and described on your bank statement it can serve as receipt. And Uber eats is pretty self explanatory if HMRC asks, so I never save receipt from it, but if I use it a lot maybe I should?
The rules for food expenses and receipts are so vague, I still don't get it  :-\

just save the email confirmation from ubereats in a folder.

Lady Frog

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Re: Tax - accountants, deductible expenses, general information
« Reply #460 on: 06 July 2023, 11:09:05 pm »
just save the email confirmation from ubereats in a folder.

Yes this is what I do for travel tickets and other expenses. Download the email receipt as a pdf rather than a html file so it is all contained in one file. Rather than just downloading the email directly you can go print - then save as pdf to keep it nice and tidy.
A woman, especially, if she have the misfortune of knowing anything, should conceal it as well as she can. - Jane Austen

English Green

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Re: Tax - accountants, deductible expenses, general information
« Reply #461 on: 30 January 2024, 10:45:32 pm »
You say HMRC won't care what expenses you claim well i can think of at least 2 cases where they did care. Where the expenses was not in any way contacted to their job but they put it down thinking they would never get audited or looked at and it caused the woman a lot of hassle and she ended up owing more money from putting expenses not connected to her job and took far longer looking far back into her and she seemed a liability to them. So if you are saying its fine for me to put condoms and sex toys through my expenses for a job where i am not down as a actual prostitute then i don't think i would risk it thanks from other situations i have seen happen with HMRC. Obviously that is not stopping nobody else from doing that. We can all do as we like.

I won't comment further on the tax affairs of expenses as can see it's a touchy subject and my experience of HMRC is very different to some other people on here.


MissBetty

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Re: Tax - accountants, deductible expenses, general information
« Reply #462 on: 30 January 2024, 11:08:25 pm »
I don't bother with expenses as work at home. Too much hassle.
I work from home and claim all sorts. WiFi and phone-in. £10 a week for running a business from home allowance and although I don't claim towards my utilities I do claim £3.50 per client to wash towels sheets and bathmats etc.  It all mounts up and I can tell you all businesses have running costs.  And if you're not claiming any it could raise a red flag for HMRC

amy

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Re: Tax - accountants, deductible expenses, general information
« Reply #463 on: 31 January 2024, 11:52:11 am »
Above posts moved from unrelated thread.

I'll have one more go, although why I'm doing so when it's like trying to explain Nietzsche to a shower curtain I have no idea.

Nobody is saying that people should put through expenses not connected to their job - that's tax evasion. What is a fact is that ANY expense which was incurred directly in the course of you doing your job can be put through, regardless of what you've bought/paid for or what your job is.

So if a punter asked you to paint him green and this required you to buy some paint and a paintbrush, these would be completely legitimate business expenses and would not require you to be registered as an artist or a painter and decorator, because that would be insane. Equally if I decided to do a one hour outcall to Aberdeen which would cost me double what I'd earn, I can put the travel costs through. But if you go to a gig in another town and decided to put your hotel and travel costs through on the sly that's not OK, (even if you work from hotels and put these through regularly) because you didn't book the hotel for work.

I can't simplify it any more that that. What I will say is that constantly posting anecdotes about people who are not here rather than actual first hand experience is getting tiresome - if all these friends want to contribute their experiences they can register and do so themselves.

ana30

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Re: Tax - accountants, deductible expenses, general information
« Reply #464 on: 31 January 2024, 12:50:47 pm »
You say HMRC won't care what expenses you claim well i can think of at least 2 cases where they did care. Where the expenses was not in any way contacted to their job but they put it down thinking they would never get audited or looked at and it caused the woman a lot of hassle and she ended up owing more money from putting expenses not connected to her job and took far longer looking far back into her and she seemed a liability to them. So if you are saying its fine for me to put condoms and sex toys through my expenses for a job where i am not down as a actual prostitute then i don't think i would risk it thanks from other situations i have seen happen with HMRC. Obviously that is not stopping nobody else from doing that. We can all do as we like.

I won't comment further on the tax affairs of expenses as can see it's a touchy subject and my experience of HMRC is very different to some other people on here.

I just paid my taxes this week so I'm on "tax mode" right now (yes I know... very last minute BUT the past month I went through covid and the death of a loved one which left my brain all over the place and  unable to add 2 plus 2, so silly me left everything for the last minute). This said, I believe the big issue  here is people not wanting to put "sex worker" on their tax form for x,y, reasons.So  lets say you write "Therapist", "entertainer" or "model" (I don't know what occupation you write down on your tax return) because you don't want to write "escort" or "sex worker" then add all these condoms as expenses. If you get called by HMRC to explain your self assessment it's going to be quite obvious you're a sex worker, unless of course you're creative enough coming up with a story on why a "therapist" needs 50 condoms a month and plenty of lube.
« Last Edit: 31 January 2024, 03:38:12 pm by ana30 »
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