hi, need just to know what you say about your cam income that you get by bank?
or you get it by post and so you can declare as whole in your annual tax?

i can say that i am modelling part time or consultation therapist online or teacher?
ahah hope somebody can help me before noon!

thank you

You can say whatever you like, as far as I know.

OK after much procrastination I've read this whole thread. I'm about to register as self employed and delve into all this fun for myself, but there's a few things I'm still uncertain about. I will be seeking an accountant in due course but if anyone can shed any light on their experience:

1) I'm going to open a bank account that I use for work, where clients can pay money in and I can pay for items I'll be expensing. My first question is, if I pay cash into my personal bank account and transfer it to my designated 'work' account, will I also need to keep all the records of my personal bank account for audits too? I've been recommended some online banks to use, but can't see that being beneficial if I still have to mingle my personal one in with inevitable cash deposits. I'd rather it all just be focused on one account.

2) I sometimes receive money from clients as legitimate 'gifts', i.e. to buy some particular lingerie where they don't have giftcards and have it sent to my home, or to pay for a museum membership (and I had to of course sign up myself with my real name). If HMRC saw these transfers would they expect me to be reporting them as earnings? I guess it's quite unusual in most industries for most people to receive money transfers as gifts, and the same client has also sent transfers as payments for actual bookings. He's just one example but I'm sure more will crop up, and would rather look into other ways of receiving gifts (i.e. strictly gift cards/material items) if they're going to get me into trouble

As I'm now doing onlyfans too, and the money from that is currently being deposited in my personal bank account (it has to be a Visa account) I'm really trying to organise this in my head so that I know the most streamlined and correct way to manage it all. THANK YOU for all the contributions so far, it has been a great help 

OK after much procrastination I've read this whole thread. I'm about to register as self employed and delve into all this fun for myself, but there's a few things I'm still uncertain about. I will be seeking an accountant in due course but if anyone can shed any light on their experience:

1) I'm going to open a bank account that I use for work, where clients can pay money in and I can pay for items I'll be expensing. My first question is, if I pay cash into my personal bank account and transfer it to my designated 'work' account, will I also need to keep all the records of my personal bank account for audits too? I've been recommended some online banks to use, but can't see that being beneficial if I still have to mingle my personal one in with inevitable cash deposits. I'd rather it all just be focused on one account.

2) I sometimes receive money from clients as legitimate 'gifts', i.e. to buy some particular lingerie where they don't have giftcards and have it sent to my home, or to pay for a museum membership (and I had to of course sign up myself with my real name). If HMRC saw these transfers would they expect me to be reporting them as earnings? I guess it's quite unusual in most industries for most people to receive money transfers as gifts, and the same client has also sent transfers as payments for actual bookings. He's just one example but I'm sure more will crop up, and would rather look into other ways of receiving gifts (i.e. strictly gift cards/material items) if they're going to get me into trouble

As I'm now doing onlyfans too, and the money from that is currently being deposited in my personal bank account (it has to be a Visa account) I'm really trying to organise this in my head so that I know the most streamlined and correct way to manage it all. THANK YOU for all the contributions so far, it has been a great help 

In answer to your first question, you would be better of putting any earnings into your 'business' account and then transferring to your personal account, like a wage.   If you are audited and anomalies are found then HMRC can request all records of all accounts including credit card statements.  If you have a cash payment in that you class as a gift they will ask who it's from and then they will have to prove where they got the cash from, if you can't get them involved then it will be classed as income.

With question 2 if the client is transferring you money to buy something for work then you can declare that as income and off set the receipt for the gift as long as it is for work only.  If it's just for a gift for you then it's better they buy the gift rather than transfer cash as that will be classed as income.  Gifts themselves are a grey area and unless it's a large gift, car/mansion, then HMRC probably wouldn't be interested. 

Hope that helps

In answer to your first question, you would be better of putting any earnings into your 'business' account and then transferring to your personal account, like a wage.

This is what I do - it's a lot easier to keep all the work stuff together and I can't see any reason to make things more complicated (and I used to do it all from one personal account; it was a royal pain in the arse trying to remember which bill/expense was which) .

Thank you V24! So having an online account for business is useless as suspected as most of my bookings I am paid in cash - you're definitely right that earnings should be deposited into that and paid to myself rather than the other way around.

It might not be useless if you can deposit cash into it at the Post Office? At least some of the online banks have this, so it's worth checking.

As for cash gifts, HMRC will just assume you're trying to get around the rules - what would be stopping you from saying that every cash payment from a punter was a 'gift'? I'd stick to the goods or definitely go for gift cards.

Hello everyone, hope everyone is well!
So I've decided to try and restart my escorting career (part-time on top of a regular job) and I've just spoken to Abbingdon Knight in London. They are pretty pricey! Nearly  £800 a year (plus £500 deposit) !! I've read some great things about them on this thread but it just feels like way too much...

It's a bit of a "robbery" honestly, another business profiteering from sex workers thinking they are swimming in money. The average yearly price for an accountant in England is 300 to 600 a year no deposit bollocks.

is there any particular reason you need an accountant? If you have straightforward accounts, you should be able to do it yourself in a couple of hours.

I need an accountant because long-story-short,  I have a day job in which I will continue to work as a freelancer (not a cash-based business) and then I will need to somehow combine it with my (part-time) escorting. I want to do it all properly this time.

It's a bit of a "robbery" honestly, another business profiteering from sex workers thinking they are swimming in money. The average yearly price for an accountant in England is 300 to 600 a year no deposit bollocks.

I fully agree! I've never heard of any accountant charge a deposit - wtf honestly...
Especially during these times - how can you expect anybody to shell out 500 pounds that you may or may not one day get back in three years time....

I need an accountant because long-story-short,  I have a day job in which I will continue to work as a freelancer (not a cash-based business) and then I will need to somehow combine it with my (part-time) escorting. I want to do it all properly this time.

is your other job paye or self assessment? both are easy enough to do. I have paye income and escorting income and do my books myself.