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Author Topic: Tax returns and occupation (plus general discussion)  (Read 9678 times)

Mirror

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Re: Tax returns and occupation (plus general discussion)
« Reply #30 on: 25 February 2017, 03:49:28 am »
I think you've misinterpreted something, or are thinking of assets.

Small perishable or quickly used expenses are expenses, same as caterers will include packets of sugar and salt in their accounts.

Gracious

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Re: Tax returns and occupation (plus general discussion)
« Reply #31 on: 25 February 2017, 04:06:12 am »
Maybe I have eh? Doh!  :FF
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Adele7

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Re: Tax returns and occupation (plus general discussion)
« Reply #32 on: 25 February 2017, 08:59:25 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.

Yes, this is correct at least according to my accountant  :)

VoluptuousCurves

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Re: Tax returns and occupation (plus general discussion)
« Reply #33 on: 25 February 2017, 10:40:19 am »
I believe the 2 year rule applies to assets of the business, not expenses.

For example you could buy a car for business use and that would be an asset of the business, and of course it would last two years. (Hopefully!)

I'm struggling to think of something you could buy that would last less than 2 years but be an asset. I suppose in our business it could be something like a bondage device which with heavy usage might need to be replaced every year. So the purchase cost could be claimed as an expense, but the item would not be an asset.
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Kay

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Re: Tax returns and occupation (plus general discussion)
« Reply #34 on: 25 February 2017, 01:51:13 pm »
Grace, the two-year thing is for depreciable assets, e.g. for me in my other job a new laptop is the only thing I've ever registered in that way. Condoms etc. go down as e.g. 'sundries' or 'consumables'.
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Gracious

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Re: Tax returns and occupation (plus general discussion)
« Reply #35 on: 25 February 2017, 07:40:14 pm »
Thanks for the info ladies! I feel so silly deleting all that info now  :FF

I believe the 2 year rule applies to assets of the business, not expenses.

For example you could buy a car for business use and that would be an asset of the business, and of course it would last two years. (Hopefully!)

Ahhhh yessss, this makes sense!! I do recall her using a car as a comparison. Oh dear  :FF :FF

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amy

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Re: Tax returns and occupation (plus general discussion)
« Reply #36 on: 25 February 2017, 07:53:22 pm »
Good, that's all sorted out now. Lets move on, please.

meetingdiversity

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Re: Tax returns and occupation (plus general discussion)
« Reply #37 on: 10 August 2017, 03:14:33 pm »
Mine was a massage therapist although changing it to a beauty therapist.

I was in a flap after these other civy job prospects asked for proof of self employment, luckily my accountant put me at ease yet again. Mines in Wales. :) I would be a nervous wreck by now without him lol.

Nora batty

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Re: Tax returns and occupation (plus general discussion)
« Reply #38 on: 10 August 2017, 07:21:02 pm »
I used to be a "relationship therapist", my accountant was fine with it.  But then came a tax investigation as my expenses didn't match my job title.

Anyway HMRC didn't like my job title and I told them straight there is no way on gods beautiful green earth I was having anything related to sex work on any official documents, so it was agreed I could use "model" as I do cam and sell pictures so they were okay with that.

Justine

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Re: Tax returns and occupation (plus general discussion)
« Reply #39 on: 10 August 2017, 09:37:43 pm »
I used to be a "relationship therapist", my accountant was fine with it.  But then came a tax investigation as my expenses didn't match my job title.

Anyway HMRC didn't like my job title and I told them straight there is no way on gods beautiful green earth I was having anything related to sex work on any official documents, so it was agreed I could use "model" as I do cam and sell pictures so they were okay with that.

Your accountant should have done his job more thoroughly. You were paying him to ensure this kind of thing was less likely to happen and expenses matching job title is a basic rule to follow.

Cat_BBW

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Re: Tax returns and occupation (plus general discussion)
« Reply #40 on: 11 August 2017, 05:03:25 am »
I used to be a "relationship therapist", my accountant was fine with it.  But then came a tax investigation as my expenses didn't match my job title.

Anyway HMRC didn't like my job title and I told them straight there is no way on gods beautiful green earth I was having anything related to sex work on any official documents, so it was agreed I could use "model" as I do cam and sell pictures so they were okay with that.

This is very odd...HMRC don't see expenses breakdowns UNLESS there is an investigation, so I am wondering what else was it that sparked HMRC to check your accounts?

Justine

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Re: Tax returns and occupation (plus general discussion)
« Reply #41 on: 11 August 2017, 09:49:54 am »
This is very odd...HMRC don't see expenses breakdowns UNLESS there is an investigation, so I am wondering what else was it that sparked HMRC to check your accounts?

There is a possibility it was a random audit, they do happen.  Perhaps the poster will explain, but it is not exactly on topic.

Cat_BBW

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Re: Tax returns and occupation (plus general discussion)
« Reply #42 on: 11 August 2017, 03:43:07 pm »
There is a possibility it was a random audit, they do happen.  Perhaps the poster will explain, but it is not exactly on topic.

Well I think it is. Because it suggests that if you declare yourself as a certain job title (as per the thread) but put certain items through as expenses, HMRC will pick up on this. I do my own accounts and I see the self assessment form, and nowhere on it do I have to list exact items purchased.

VoluptuousCurves

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Re: Tax returns and occupation (plus general discussion)
« Reply #43 on: 11 August 2017, 04:48:45 pm »
Well I think it is. Because it suggests that if you declare yourself as a certain job title (as per the thread) but put certain items through as expenses, HMRC will pick up on this. I do my own accounts and I see the self assessment form, and nowhere on it do I have to list exact items purchased.

Yes, I agree - I've only ever been asked for total profit earned for the year - I've never even been asked for the calculation of turnover minus expenses.

Nora do you earn over the VAT threshold? Or over the 40% bracket? Maybe that might trigger a more in depth audit. I've only ever declared (accurately) under 40k per year but will be over next tax year I think.
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Ruby Redhead

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Re: Tax returns and occupation (plus general discussion)
« Reply #44 on: 11 August 2017, 06:48:32 pm »
I put therapist just in case I am ever going for a mortgage as you don't know what their attitude will be.

Off subject a little  but it doesn't matter what occupation you put on your tax bill, when applying for a mortgage they don't see your actual tax bill, they see a form called a SA302 which gives an overview of your profit and tax paid. No where on that form does it state your occupation. So if you wanted to enter Sex Worker on your tax bill and tell the mortgage man you're a gardener, he's be none the wiser.
I have myself as a sex worker on my tax return but I told my mortgage advisor I'm a beauty therapist.