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Author Topic: Tax - accountants, deductible expenses, general information  (Read 47429 times)

Mirror

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Re: Tax - accountants, deductible expenses, general information
« Reply #210 on: 27 December 2017, 04:13:51 pm »
Quote from: Ana30 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?

That's correct the deadline for paper returns is sometime in September or October, have you looked at the HMRC website?
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Kay

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Re: Tax - accountants, deductible expenses, general information
« Reply #211 on: 27 December 2017, 09:55:32 pm »
Yes, you're definitely too late for payments due by January 31.
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"There is no sin except stupidity" - Oscar Wilde

Ruby Redhead

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Re: Tax - accountants, deductible expenses, general information
« Reply #212 on: 28 December 2017, 01:26:04 pm »
Quote from: Ana30 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?

Yes, too late I?m afraid.
Can you not do it online before end of Jan to save your ass? If you can get online and get it done before end of Jan, you?ll be okay :)
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LouiseLJ

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Re: Tax - accountants, deductible expenses, general information
« Reply #213 on: 17 January 2018, 02:35:46 pm »
Hello I have been escorting now for around a month and have just sorted out my taxes with HMRC (they are a nightmare to contact) anyway...
How do I go about paying NI, do I receive a letter from HMRC?

Also if I have another job alongside this will I need to put money aside for that tax aswell, or does that just come out with my pay slip as normal? (I am just below the threshold on my other job as I work part-time)

Thank you! xxx <3
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amy

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Re: Tax - accountants, deductible expenses, general information
« Reply #214 on: 17 January 2018, 03:00:19 pm »
NI used to be paid separately, but now they just calculate it when you do your tax return and it's added to your bill. HMRC's website should have plenty of information but yes, actually contacting them two weeks before the deadline date for returns has been known to be tricky :).
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Ruby Redhead

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Re: Tax - accountants, deductible expenses, general information
« Reply #215 on: 17 January 2018, 09:05:23 pm »
Yeah N.I is paid through your self assessment.

When you come to complete your self assessment you will need to also enter your employment income (P60)
You will pay tax on the profit over 11,500, including your employed income.
It?s best to keep a log of what you?re earning self employed and employed so that you can estimate your tax bill
 Because you are also employed, if you do owe tax/NI you have the choice to pay this via your tax code. Meaning they will deduct it from your employment payslip
Or you can just pay it separately :)

Depending on how much you?re earning from escorting / how much profit you will be making, you?ll want to save some back so you don?t get a nasty shock.

It?s also good to note that if you have to pay over 1,000 tax, you then have to pay 50% on top in Jan and another 50% in July as a payment on acccount. Meaning if your bill is 1,000 you will pay 1,500 in Jan and 500 in July
« Last Edit: 17 January 2018, 09:10:09 pm by Ruby Redhead »
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Trollydolly

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Re: Tax - accountants, deductible expenses, general information
« Reply #216 on: 21 February 2018, 04:04:11 pm »
Hello lovely ladies

Need a bit of advice please. Wanting to rent a flat of my own (currently living with family)  and most letting agents don?t take people on housing benefit or a guarantor which I have used in the past. They need to see proof of earnings. I also have a really bad credit rating.

So my questions are:

1. I therefore need to register as self employed. What do you girls say it is that you do for work to the tax man?
 I thought about saying beauty therapist but I?m not trained in anything. Should I do a quick course in some kind of beauty that I can ?do from home?

2. How do you register as self employed?

3. So you girls have an accountant and can anyone recommend a good one for escorts please?

4. Has anyone managed to rent privately as self employed?

Thanks in advance for your help  :)
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amy

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Re: Tax - accountants, deductible expenses, general information
« Reply #217 on: 21 February 2018, 04:13:51 pm »
Merged.

As for the questions:

1: I am a sex worker, on my tax returns and pretty much everything else.

2: You register as self-employed with HMRC, which you can do by getting paper forms from the tax office, online or via an accountant. Given that you registered here in 2015, I'm slightly surprised you don't know this already? It comes up fairly often, after all.

3: I don't use an accountant, but I used to have one - it's up to you but it's not a requirement. It's very straightforward to do yourself but also easy to be able to pay somebody else to sort it out so you can forget about it bar the record keeping.

4: Yes, lots of people rent - many of them on this board. I'm not one of them, but not many people can afford to buy in places like Central London, for example, and some don't want to and like to move around :).
« Last Edit: 21 February 2018, 04:20:27 pm by amy »
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Iloveginandtonic

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Re: Tax - accountants, deductible expenses, general information
« Reply #218 on: 21 February 2018, 06:43:40 pm »
Quote from: Trollydolly on 21 February 2018, 04:04:11 pm
Hello lovely ladies

Need a bit of advice please. Wanting to rent a flat of my own (currently living with family)  and most letting agents don?t take people on housing benefit or a guarantor which I have used in the past. They need to see proof of earnings. I also have a really bad credit rating.

So my questions are:

1. I therefore need to register as self employed. What do you girls say it is that you do for work to the tax man?
 I thought about saying beauty therapist but I?m not trained in anything. Should I do a quick course in some kind of beauty that I can ?do from home?

2. How do you register as self employed?

3. So you girls have an accountant and can anyone recommend a good one for escorts please?

4. Has anyone managed to rent privately as self employed?

Thanks in advance for your help  :)


If you put Escort or sex worker etc you can put through all your work related expense. Condoms, lube, stockings - Anythinh used exclusively for your business.

If you do not feel comfortable with having that down use something along the lines of massage therapist or complimentary therapist.  You can still claim most things- I just don?t claim condoms, lube or anything sexual in nature. (Although, you probably still could)  I have an accountant and as far as he?s concerned I?m a MAssage therapist.  I don?t feel comfortable discussing what I do so don?t put down or claim  any expenses which incline the sexual nature of my job.

You do not need a specific ?escort friendly? accountant - you need a reputable accountant. Some which are ?Escort friendly? and advertise as being so are more expensive in my experience.

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Trollydolly

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Re: Tax - accountants, deductible expenses, general information
« Reply #219 on: 21 February 2018, 10:58:22 pm »
Thanks so much for your replies - really helpful xx
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MsRedhead

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Re: Tax - accountants, deductible expenses, general information
« Reply #220 on: 21 February 2018, 11:52:12 pm »
Quote from: neutralC on 25 December 2017, 09:55:16 pm
Can accountant be claimed as expenses? Lol

yes
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MsRedhead

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Re: Tax - accountants, deductible expenses, general information
« Reply #221 on: 21 February 2018, 11:55:56 pm »
Quote from: Iloveginandtonic on 21 February 2018, 06:43:40 pm

If you put Escort or sex worker etc you can put through all your work related expense. Condoms, lube, stockings - Anythinh used exclusively for your business.

If you do not feel comfortable with having that down use something along the lines of massage therapist or complimentary therapist.  You can still claim most things- I just don?t claim condoms, lube or anything sexual in nature. (Although, you probably still could)  I have an accountant and as far as he?s concerned I?m a MAssage therapist.  I don?t feel comfortable discussing what I do so don?t put down or claim  any expenses which incline the sexual nature of my job.

You do not need a specific ?escort friendly? accountant - you need a reputable accountant. Some which are ?Escort friendly? and advertise as being so are more expensive in my experience.

it doesn't matter what you are registered as, claim all your business related expenditure and if you ever get audited just tell HMRC that you were being discreet. They don't care as long as all of your expenses are related to your business.

You can do it all yourself in about 40 mins. I highly recommend that all escorts understand what their accountants are up to as "my accountant said it was okay" is unlikely to be a defence to HMRC if you are investigated. Also, anyone can call themselves an accountant, so be careful.
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Mirror

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Re: Tax - accountants, deductible expenses, general information
« Reply #222 on: 22 February 2018, 08:27:51 am »
Quote from: MsRedhead on 21 February 2018, 11:55:56 pm
it doesn't matter what you are registered as, claim all your business related expenditure and if you ever get audited just tell HMRC that you were being discreet. They don't care as long as all of your expenses are related to your business.

You can do it all yourself in about 40 mins. I highly recommend that all escorts understand what their accountants are up to as "my accountant said it was okay" is unlikely to be a defence to HMRC if you are investigated. Also, anyone can call themselves an accountant, so be careful.

Yes this is the advice I've seen posted here, and yes you ultimately have responsibility for your tax return. Just because you put an expense in doesn't mean it's OK.
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felicitytw

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Re: Tax - accountants, deductible expenses, general information
« Reply #223 on: 19 June 2018, 02:16:41 pm »
Hi,
Obviously this is a very profitable buisness and I am making fairly decent living on it. Question is- who pays an accountant for doing their books, who does it themselves? Any Accountant recommendations that are not adverse to our sort of work? Am thinking just doing it myself- as have been for last year. But is there any advantages for hiring an accountant? TIA X
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Mirror

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Re: Tax - accountants, deductible expenses, general information
« Reply #224 on: 19 June 2018, 03:00:49 pm »
I use an accountant I do quite a bit of the work myself, then pass it on for checking and submission. I like just being able to hand it over!

The accountant was a friend of close friend who had also used their services for their non-sex related work. Arranged a meeting and got started simple as that.

A professional accountant should not be averse to anyone's occupation, provided it's not illegal and they aren't being asked to commit fraud/money launder etc.
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