See also the main SAAFE.info site for more Support And Advice For Escorts

« previous next »
Pages: 1 ... 24 25 [26] 27 28 ... 32

Author Topic: Tax - accountants, deductible expenses, general information  (Read 47445 times)

Sassy_Sara

  • Jr. Member
  • **
  • Posts: 5
Re: Tax - accountants, deductible expenses, general information
« Reply #375 on: 13 October 2020, 10:00:48 pm »
Hey everyone I need advice on how to set up as self Employed it looks really complicated! I also need an accountant. I am based in Brighton East Sussex. If anyone can give me some advice I would really appreciate it. Thanks sara
Logged

MsRedhead

  • Sr. Member
  • ****
  • Posts: 380
Re: Tax - accountants, deductible expenses, general information
« Reply #376 on: 16 October 2020, 03:27:39 pm »
Quote from: Sassy_Sara on 13 October 2020, 10:00:48 pm
Hey everyone I need advice on how to set up as self Employed it looks really complicated! I also need an accountant. I am based in Brighton East Sussex. If anyone can give me some advice I would really appreciate it. Thanks sara

the gov.uk site and the HMRC youtube channel has all the info you should need. Otherwise, SWARM run monthly workshops and the details are always posted on SAAFE
Logged

candidrose

  • Jr. Member
  • **
  • Posts: 39
Re: Tax - accountants, deductible expenses, general information
« Reply #377 on: 12 November 2020, 11:24:39 pm »
Hello! i really would like to register as self-employed. The corona virus has a massive impact as escorting was my only form of income.

I have read advice online but i do not want to register myself as an 'escort' so does anyone have any advice on what i can offically register myself as in order to still be able to claim certain expenses such as hotel rooms/apartments, condoms, toys, outfits ETC

Thanks!
Logged

amy

  • Administrator
  • Sr. Member
  • *****
  • Posts: 15,516
Re: Tax - accountants, deductible expenses, general information
« Reply #378 on: 12 November 2020, 11:33:13 pm »
And merged again :)

As ever (and it's been posted many times in this thread), you can claim whatever business expenses you incur provided they were wholly and completely for the purposes of running your business (that is, with no personal benefit at all). Obviously registering as a fish and chip shop wouldn't make a lot of sense, but we have various people here registered as models, entertainers, dancers and so on - back when I had an accountant, his regular suggestion was therapist. In other words, anything that's so vague it's open to pretty much whatever interpretation suits the situation.

Again, it doesn't matter what you buy - HMRC are interested in how much you've earned/spent. An example would be that if I was an artist who decided to use condoms to put over my paintbrushes and keep them clean, I would absolutely be claiming that as an expense.
Logged

candidrose

  • Jr. Member
  • **
  • Posts: 39
Re: Tax - accountants, deductible expenses, general information
« Reply #379 on: 13 November 2020, 01:14:01 am »
some examples of what i am considering registering myself as: 'Model' or 'Adult Entertainer' 'Live Performer'

would i still be able to claim for hotel bookings/apartment bookings under any of these?
Logged

amy

  • Administrator
  • Sr. Member
  • *****
  • Posts: 15,516
Re: Tax - accountants, deductible expenses, general information
« Reply #380 on: 13 November 2020, 01:32:06 pm »
I'll try that again.

Quote from: amy on 12 November 2020, 11:33:13 pm
you can claim whatever business expenses you incur provided they were wholly and completely for the purposes of running your business (that is, with no personal benefit at all).

Quote from: amy on 12 November 2020, 11:33:13 pm
Again, it doesn't matter what you buy - HMRC are interested in how much you've earned/spent. An example would be that if I was an artist who decided to use condoms to put over my paintbrushes and keep them clean, I would absolutely be claiming that as an expense.
Logged

candidrose

  • Jr. Member
  • **
  • Posts: 39
Re: Tax - accountants, deductible expenses, general information
« Reply #381 on: 14 November 2020, 01:19:52 am »
Okay i have another question...

I currently rent an apartment with a private lanlord with my friend from uni (for personal use only)

i was just wondering if i took a second tenancy out for a studio/one bed apartment that i could work from; could i claim the rent as an expense? or should i stick to hotels/ aparthotels?
Logged

Cat_BBW

  • Sr. Member
  • ****
  • Posts: 3,819
  • Meow.
    • AdultWork Profile
Re: Tax - accountants, deductible expenses, general information
« Reply #382 on: 14 November 2020, 02:35:45 am »
Quote from: candidrose on 14 November 2020, 01:19:52 am
Okay i have another question...

I currently rent an apartment with a private lanlord with my friend from uni (for personal use only)

i was just wondering if i took a second tenancy out for a studio/one bed apartment that i could work from; could i claim the rent as an expense? or should i stick to hotels/ aparthotels?

I refer you back to my learned friend Amy...  ;D

But the short answer is YES. Yes, you can.
Logged

Kay

  • Sr. Member
  • ****
  • Posts: 4,535
Re: Tax - accountants, deductible expenses, general information
« Reply #383 on: 14 November 2020, 03:55:43 pm »
Quote from: candidrose on 14 November 2020, 01:19:52 am
Okay i have another question...

I currently rent an apartment with a private lanlord with my friend from uni (for personal use only)

i was just wondering if i took a second tenancy out for a studio/one bed apartment that i could work from; could i claim the rent as an expense? or should i stick to hotels/ aparthotels?

You can claim anything that is a legitimate business expense. So if you rent a flat specifically to work from, buy furniture for that flat etc., it's claimable. Ditto make-up and clothing that you wouldn't wear in your civvy life, your whore phone tariff etc. etc.
Logged
"There is no sin except stupidity" - Oscar Wilde

Emilia_D

  • Jr. Member
  • **
  • Posts: 30
Re: Tax - accountants, deductible expenses, general information
« Reply #384 on: 10 December 2020, 09:33:32 pm »
Hi guys,
I had a paid job alongside escorting for a few months. I paid national insurance contributions but no tax as I was within my limit.
How do include this on a tax return? Is there a special place where I can note my name mplpyed income?
Sorry, I have never submitted one before and I am just trying to be prepared.
Logged

MsRedhead

  • Sr. Member
  • ****
  • Posts: 380
Re: Tax - accountants, deductible expenses, general information
« Reply #385 on: 19 December 2020, 02:20:39 am »
Quote from: Emilia_D on 10 December 2020, 09:33:32 pm
Hi guys,
I had a paid job alongside escorting for a few months. I paid national insurance contributions but no tax as I was within my limit.
How do include this on a tax return? Is there a special place where I can note my name mplpyed income?
Sorry, I have never submitted one before and I am just trying to be prepared.

Yes, it will ask you if you'd also had employed income and then ask for the figures from your P60 that your employer will sent out to you after the end of the tax year
Logged

Escortx

  • Sr. Member
  • ****
  • Posts: 895
  • Escort
Re: Tax - accountants, deductible expenses, general information
« Reply #386 on: 10 March 2021, 05:44:34 am »
Does anyone know about the tax that come off I'd it taken off the full amount or the amount minus expenses?
Logged

Escortx

  • Sr. Member
  • ****
  • Posts: 895
  • Escort
Re: Tax - accountants, deductible expenses, general information
« Reply #387 on: 10 March 2021, 06:00:36 am »
For example if I earned 45 a year (were tax gets a lot higher) could in earn 45 thousand and then my expenses be 10000. So I earn 55 thousand but because of expense only get tax 20%?  I've recently started full text m escorting instead of every now and then for extra money. I don't think I'd earn anything near that but trying to get my head around it.
Logged

Escortx

  • Sr. Member
  • ****
  • Posts: 895
  • Escort
Re: Tax - accountants, deductible expenses, general information
« Reply #388 on: 10 March 2021, 06:04:28 am »
Hi how can you prove expense on accomodation? I mean adult work ones not always legit so his can you proof paying to stay a week for work?
Logged

V24

  • Full Member
  • ***
  • Posts: 129
Re: Tax - accountants, deductible expenses, general information
« Reply #389 on: 10 March 2021, 06:26:35 am »
Quote from: Escortx on 10 March 2021, 05:44:34 am
Does anyone know about the tax that come off I'd it taken off the full amount or the amount minus expenses?

You are taxed on any income left after deducting expenses and taxable allowance hun.  So if you earn say £40,000 and your expenses are £10,000, your profit is £30,000, then minus taxable allowance which is £12,500 I believe at present and then you will pay tax on what's left - £17,500.  You would also pay Class 2 and 4 National Insurance.  There is a handy calculator online that works it all out for you.

With regards to accommodation.  Obviously you can claim for that but obviously easier if booking hotels as you get a receipt.  Some 'adult' renters will give you a receipt as they may operate a business.  If they don't give a receipt then you can either not declare it yourself, obviously I'm not saying do that.  Or you can write a receipt yourself and if you are ever audited then explain why you don't have a genuine receipt. 

Logged
Pages: 1 ... 24 25 [26] 27 28 ... 32
« previous next »