Author Topic: Tax returns and occupation (plus general discussion) (Read 9679 times)

Caledonia · « **Reply #15 on:** 08 September 2016, 05:52:52 pm »

Quote from: amy on 08 September 2016, 05:46:18 pm

I don't think accountants are asked who their clients are if they apply for a mortgage, but it's by the by. We don't need another identical thread about HMRC and pick-an-occupation .

I was meaning if the client goes for a mortgage lol.

Teddy Bear · « **Reply #16 on:** 09 September 2016, 12:53:11 am »

Consultant - suitably vague and I could be using condoms, as an expense, as water balloons in my lingerie and high heels during my consult with an orange hippo for all HMRC give a toss. They just want their cut.

When I have applied for credit and they have probed further I just say I'm in advertising, they don't need to know I'm the product, why would they care? They just care I can afford to pay them back.

amy · « **Reply #17 on:** 09 September 2016, 01:05:04 am »

And this is what your accountant put and the reason he/she gave?

Teddy Bear · « **Reply #18 on:** 09 September 2016, 01:14:24 am »

Quote from: amy on 09 September 2016, 01:05:04 am

And this is what your accountant put and the reason he/she gave?

Pretty much. In not so many words and without the amusing imagery of course. What he actually said was consultant covers a wide range of things and is vague enough that my expenses won't flag up. But that's a boring way of describing it.

Kay-Darlin · « **Reply #19 on:** 09 September 2016, 07:08:48 pm »

Touring Adult Entertainer xx

to everyone else, Lapdancer x

UK-Milf · « **Reply #20 on:** 09 September 2016, 07:57:55 pm »

Life Coach / Live Online Information Services.

The "Life coach" safely covers seeing clients in hotels / hotel expenses / touring expenses.
The Live Online Information Services is simply webcam / phonechat.

The job description has to obviously be in line with the expenses that I claim as tax deductible.
I don't want to put "sex worker" for several reasons so my accountant came up with these titles.

zara12345 · « **Reply #21 on:** 22 February 2017, 01:00:53 pm »

Hi girls
So sorry if this has already been asked. I have been reading through the threads on tax! And from my understanding I have 6 months from seeing my first client to start paying taxes? So does that mean the first 6 months of work I don't have to pay tax on that income !?
I mean I've Only seen two clients so far so im far from established or raking it in. But i do feel this is something I could do long term an will help with future . Obviously I want to do it all legit .
When I do register I'm thinking of putting myself down and a make up artist as that is what I do actually want to do, I really don't want to put down escort .

What do you guys think ? Xx

Mirror · « **Reply #22 on:** 22 February 2017, 01:18:08 pm »

No as far as I remember you are obliged to register as self-employed with HMRC immediately, I think there's a 3 month window for this. At the end of the tax year you'll receive notification to submit a return, and make payment by a certain date.

Whether I've got the facts totally correct or not, all the info can be found on the HMRC website.

You might want to run a search on here for tax, the occupation name has been discussed quite a few times.

Kay · « **Reply #23 on:** 22 February 2017, 02:10:50 pm »

Yes, you have a three-month window I think, but that's just a grace period before actually registering as self-employed: you still need to declare the income. Start keeping a note of all your income and expenses from now on.

Adele7 · « **Reply #24 on:** 22 February 2017, 03:07:15 pm »

I haven't read any of the Tax advice on here but I declare my earnings through a company. In my case its the sensible option.
I have a 2 page spread sheet which I record everything on - a) Expenses b) Sales.

If anyone would find this tool useful, please pm me and I will forward it. You need Excel to open it.

x

zara12345 · « **Reply #25 on:** 23 February 2017, 01:13:11 pm »

So I went on tax reflief 4 escorts and emailed the one closest to me not that makes a difference but he was so lovely and got back to me really quickly . Even though I've not done many bookings the most sensible thing to do is to get the tax thing rolling asap!

Gracious · « **Reply #26 on:** 25 February 2017, 02:50:36 am »

Ive been self employed for a couple of years but only got into escorting last year. I record every thing - date of booking, duration, website they found me on as well as my income and outgoings.

Outgoings are only for things like rent that I pay for my incall place or hotels. I dont add smaller items like lube, condoms because as a 'cash basis', you can only add items that last at least 2 years.

Just like Adele, I have a spreadsheet that auto calculates the monthly expenses/earnings (Apr - Mar), then at the end theres an amalgamation of the months income/outgoings so I can see how much Ive made for the whole year

Cat_BBW · « **Reply #27 on:** 25 February 2017, 02:54:03 am »

Quote from: Gracious on 25 February 2017, 02:50:36 am

I dont add smaller items like lube, condoms because I believe that the outgoing has to last at least 2 years in order to deduct it from your earnings.

If you're in the UK - this is incorrect. If you spend it solely for your business/self employment, it can go through your books as an expense.

Gracious · « **Reply #28 on:** 25 February 2017, 02:59:21 am »

Quote from: Cat_BBW on 25 February 2017, 02:54:03 am

If you're in the UK - this is incorrect. If you spend it solely for your business/self employment, it can go through your books as an expense.

I joined a HMRC seminar in Dec where I was told that you can only add items if they last for more then 2 years....

Gracious · « **Reply #29 on:** 25 February 2017, 03:06:35 am »

Cat, Just dug out my notes that I took from the webinar: https://www.gov.uk/simpler-income-tax-cash-basis

It doesnt mention the 2 year thing on the website but I have it in my notes. I recall writing it down coz I was really shocked when she said it haha! I went back to my spreadsheet and deleted purchases Id made on lube, condoms etc when I heard her say that LOL!

I can only assume that you use traditional accounting?

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

Author Topic: Tax returns and occupation (plus general discussion) (Read 9679 times)

Caledonia

Re: Tax returns and occupation (plus general discussion)

Teddy Bear

Re: Tax returns and occupation (plus general discussion)

amy

Re: Tax returns and occupation (plus general discussion)

Teddy Bear

Re: Tax returns and occupation (plus general discussion)

Kay-Darlin

Re: Tax returns and occupation (plus general discussion)

UK-Milf

Re: Tax returns and occupation (plus general discussion)

zara12345

Re: Tax returns and occupation (plus general discussion)

Mirror

Re: Tax returns and occupation (plus general discussion)

Kay

Re: Tax returns and occupation (plus general discussion)

Adele7

Re: Tax returns and occupation (plus general discussion)

zara12345

Re: Tax returns and occupation (plus general discussion)

Gracious

Re: Tax returns and occupation (plus general discussion)

Cat_BBW

Re: Tax returns and occupation (plus general discussion)

Gracious

Re: Tax returns and occupation (plus general discussion)

Gracious

Re: Tax returns and occupation (plus general discussion)