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Author Topic: Tax - accountants, deductible expenses, general information  (Read 47500 times)

neutralC

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Re: Tax - accountants, deductible expenses, general information
« Reply #195 on: 17 December 2017, 10:03:24 pm »
Hey, my friend said I shouldn't put my expenses as 13k for like around 46k of income? Is it too much?

VoluptuousCurves

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Re: Tax - accountants, deductible expenses, general information
« Reply #196 on: 17 December 2017, 10:09:17 pm »
Hey, my friend said I shouldn't put my expenses as 13k for like around 46k of income? Is it too much?

If your expenses are genuinely 13k then of course it's not too much, how could it be? As long as you have a record of what you've spent, and you're confident you're only claiming for business use, you'll be fine.

If you're doing self-assessment you only need to declare overall profit anyway, not turnover, not at that level.
And me, I am not a mess, I am a wilderness, yes
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neutralC

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Re: Tax - accountants, deductible expenses, general information
« Reply #197 on: 17 December 2017, 10:45:38 pm »
If your expenses are genuinely 13k then of course it's not too much, how could it be? As long as you have a record of what you've spent, and you're confident you're only claiming for business use, you'll be fine.

If you're doing self-assessment you only need to declare overall profit anyway, not turnover, not at that level.

What "invoice"/proof you need to have for advertisement expenses?
And other question what to do with aw advertisement? Like I pay 20pm for local escort featuring and like 32x4 or 5 for escort featuring. But this comes from my income there and I do not put money in.

ana30

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Re: Tax - accountants, deductible expenses, general information
« Reply #198 on: 17 December 2017, 11:16:57 pm »
What "invoice"/proof you need to have for advertisement expenses?
And other question what to do with aw advertisement? Like I pay 20pm for local escort featuring and like 32x4 or 5 for escort featuring. But this comes from my income there and I do not put money in.

Any invoice/proof/screenshot that you actually payed for advertising expenses, AW credits etc...
Mornings were made for sleeping, wild sex and bacon.

VoluptuousCurves

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Re: Tax - accountants, deductible expenses, general information
« Reply #199 on: 18 December 2017, 12:06:54 am »
What "invoice"/proof you need to have for advertisement expenses?
And other question what to do with aw advertisement? Like I pay 20pm for local escort featuring and like 32x4 or 5 for escort featuring. But this comes from my income there and I do not put money in.

You'll need the receipt to your email if you paid online, or the physical receipt if you paid in cash.

With AW if I withdraw credits then I declare that as income at the date it hits my bank account, I only count as an expense if I've bought credits. I usually do enough on webcam and gallery/movie sales to not have to load credits.
And me, I am not a mess, I am a wilderness, yes
The undiscovered continent for you to undress

neutralC

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Re: Tax - accountants, deductible expenses, general information
« Reply #200 on: 25 December 2017, 09:55:16 pm »
Can accountant be claimed as expenses? Lol

neutralC

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Re: Tax - accountants, deductible expenses, general information
« Reply #201 on: 25 December 2017, 09:59:02 pm »
You'll need the receipt to your email if you paid online, or the physical receipt if you paid in cash.

With AW if I withdraw credits then I declare that as income at the date it hits my bank account, I only count as an expense if I've bought credits. I usually do enough on webcam and gallery/movie sales to not have to load credits.

Ok, but then it's doomed? Let's say you are saying you are message therapist and then you need to show that you paid for ad for escorting site? Will they check everything, will they say to change your employement information? What else can happen?

VoluptuousCurves

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Re: Tax - accountants, deductible expenses, general information
« Reply #202 on: 25 December 2017, 10:46:08 pm »
Ok, but then it's doomed? Let's say you are saying you are message therapist and then you need to show that you paid for ad for escorting site? Will they check everything, will they say to change your employement information? What else can happen?

Are you filing self assessment, or going through an accountant?

If you're doing it yourself, you just need to keep all your receipts and income records, for use in the unlikely event that you get audited. During self assessment you are simply asked for your overall profit for the year. You are not asked for a breakdown of income and expenditure when filing online.

If you're using an accountant, just give them all the receipts and ask them what they suggest you declare as the nature of your business.
And me, I am not a mess, I am a wilderness, yes
The undiscovered continent for you to undress

ana30

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Re: Tax - accountants, deductible expenses, general information
« Reply #203 on: 25 December 2017, 10:51:22 pm »
Are you filing self assessment, or going through an accountant?

If you're doing it yourself, you just need to keep all your receipts and income records, for use in the unlikely event that you get audited. During self assessment you are simply asked for your overall profit for the year. You are not asked for a breakdown of income and expenditure when filing online.

If you're using an accountant, just give them all the receipts and ask them what they suggest you declare as the nature of your business.

I do my self assesment myself online and I'm asked for both my overall profit and expenditure.
Mornings were made for sleeping, wild sex and bacon.

VoluptuousCurves

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Re: Tax - accountants, deductible expenses, general information
« Reply #204 on: 25 December 2017, 10:53:50 pm »
Do you mean your turnover and expenditure?

I may be mistaken in my memory as I last did mine in April, but either way you're only providing an overall figure, not a breakdown by item or date.
And me, I am not a mess, I am a wilderness, yes
The undiscovered continent for you to undress

ana30

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Re: Tax - accountants, deductible expenses, general information
« Reply #205 on: 25 December 2017, 10:56:43 pm »
Ok, but then it's doomed? Let's say you are saying you are message therapist and then you need to show that you paid for ad for escorting site? Will they check everything, will they say to change your employement information? What else can happen?

If I were you I would stay on the safe side and stick to" "Therapist" (omit the massage part becasue if you get audited they might ask for a certificate and insurance).
Mornings were made for sleeping, wild sex and bacon.

ana30

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Re: Tax - accountants, deductible expenses, general information
« Reply #206 on: 25 December 2017, 10:59:26 pm »
Do you mean your turnover and expenditure?

I may be mistaken in my memory as I last did mine in April, but either way you're only providing an overall figure, not a breakdown by item or date.

That's right you provide an overall figure of your expenditure (defo not a breakdown by item or date SOS!). However... you need to have written proof of all that expenditure because if you get audited you will need to show al your receipts to HMRC.
Mornings were made for sleeping, wild sex and bacon.

Cat_BBW

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Re: Tax - accountants, deductible expenses, general information
« Reply #207 on: 26 December 2017, 04:24:18 pm »
Can accountant be claimed as expenses? Lol

Yes.

Mirror

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Re: Tax - accountants, deductible expenses, general information
« Reply #208 on: 26 December 2017, 05:09:28 pm »
Do you mean your turnover and expenditure?

I may be mistaken in my memory as I last did mine in April, but either way you're only providing an overall figure, not a breakdown by item or date.

Correct when someone says they've put through whatever as an expense and it was 'allowed' that only means allowed by the accountant, it doesn't mean allowed by HMRC because HMRC don't see the itemisation UNLESS they run an investigation and ask for a break down.

ana30

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Re: Tax - accountants, deductible expenses, general information
« Reply #209 on: 27 December 2017, 04:12:26 pm »
Hiya girls,

I believe I messed up this year. This time I filed paper returns (instead doing it online), problem is I sent them to HMRC a week ago.

Someone told me that paper returns need to be sent before 31st October.

I can't find info on this.

Anyone can shed any light?
Mornings were made for sleeping, wild sex and bacon.