This is quite a long post so sorry in advance, I have been escorting for just over a year and have always just kept my money for myself but I have always felt guilty going to the bank to put money in and also I’m finding as I’m just keeping cash I’m not really saving any money and I want to buy a car which will also be difficult with just a handful of cash LOL, I want to maintain good credit so I was wondering how you actually even go about going self-employed, also what to write as I never ever want anybody to know that I’m escorting, and lastly how is it worth having an accountant and what do they do LOL sorry I just basically need to know everything
One thing to be aware of, and start saving now, is that HMRC requireand additional 50% of your annual tax bill as an advanve payment on the following year - so for example, if your 18/19 bill (which is tje actual year you have to record and declare once you enroll for self assessment) is £20,000; you will have to pay £30,000 in total with the larhest payment in Jan 2020 and a smaller payment in July 2020. I didnt know this when I first became self employed and recording my own income - almost passed out when my accountant sent me the bill!
Of course, if your earnings for 19/20 (the tax year we are currenrly on) are lower than 18/19, then you can get a rebate; bit tje problem is, we never really know how much our final figure will be until the year ends!
I would certainly recommend getting an aaccountant. I am quite savvy myself, but foe the sake of £500 a year, my accountant is worth it. Even just so I don't have the headache doing this stuff. It sounds like you would benefit from habing tje support, even if it is just to get you up and running.