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

Author Topic: tax calculators - trying to do it early :(  (Read 1048 times)

scottishmilf

  • Full Member
  • ***
  • Posts: 216
tax calculators - trying to do it early :(
« on: 12 July 2017, 03:55:36 pm »
So i used to use the http://www. taxrelief4escorts. co.uk/resources/ calculators/ but it doesnt seem to work anymore.

Do any of you know one that is as easy to work with? All the ones google pop up confuse the hell out of me :( this is my first proper full year paying tax and im stressing out.

Thanks lovelies! x

Formally known as Mia-may however I have changed my name (and whole escorting persona) for personal reasons, hope you all don't mind :D

Adele7

  • Sr. Member
  • ****
  • Posts: 679
Re: tax calculators - trying to do it early :(
« Reply #1 on: 12 July 2017, 05:55:16 pm »
I would suggest a simple 2 sheet spread sheet, one for expenses and the other for sales. Then hand to an accountant at the years end. x

Kay

  • Sr. Member
  • ****
  • Posts: 4,535
Re: tax calculators - trying to do it early :(
« Reply #2 on: 12 July 2017, 05:56:57 pm »
What is it you're looking to do/want to know?
"There is no sin except stupidity" - Oscar Wilde

scottishmilf

  • Full Member
  • ***
  • Posts: 216
Re: tax calculators - trying to do it early :(
« Reply #3 on: 12 July 2017, 06:00:06 pm »
Just roughly how much tax i will need to pay i have the spreadsheets already done i just want a simple calculator which will tell me roughly what i owe  ???
Formally known as Mia-may however I have changed my name (and whole escorting persona) for personal reasons, hope you all don't mind :D

VoluptuousCurves

  • Defender of Ratties
  • Sr. Member
  • ****
  • Posts: 5,625
Re: tax calculators - trying to do it early :(
« Reply #4 on: 12 July 2017, 08:42:52 pm »
Just roughly how much tax i will need to pay i have the spreadsheets already done i just want a simple calculator which will tell me roughly what i owe  ???

All you need to know is your income and your expenses (i.e. how much you have spent on work-related things, e.g. hotel bookings, travel to outcalls, condoms and sex toys that you won't use in your personal life.) Deduct the expenses from the income and that's your profit for the year. Enter that on the HMRC website and they'll tell you how much tax you need to pay.
And me, I am not a mess, I am a wilderness, yes
The undiscovered continent for you to undress

Kay

  • Sr. Member
  • ****
  • Posts: 4,535
Re: tax calculators - trying to do it early :(
« Reply #5 on: 12 July 2017, 09:05:41 pm »
Just roughly how much tax i will need to pay i have the spreadsheets already done i just want a simple calculator which will tell me roughly what i owe  ???

I put aside 20 percent of everything I earn for tax and NI, and that was ample.
"There is no sin except stupidity" - Oscar Wilde

Kazzle

  • Full Member
  • ***
  • Posts: 209
Re: tax calculators - trying to do it early :(
« Reply #6 on: 13 July 2017, 09:07:56 am »
Quote
Just roughly how much tax i will need to pay i have the spreadsheets already done i just want a simple calculator which will tell me roughly what i owe  ???

Just Google "online tax calculator" and you'll find plenty of sites that will calculate tax for you for free.


Ruby Redhead

  • Sr. Member
  • ****
  • Posts: 272
Re: tax calculators - trying to do it early :(
« Reply #7 on: 13 July 2017, 12:59:39 pm »
May I add if this is your first year, and your tax bill comes to over ?1,000 you will have to pay an extra 50% on top of that because you have to pay upfront for the following year

E.g. If your tax bill comes to ?2,000 you will have to pay an extra ?1,000 on top in Jan so that's a total of ?3,000. You will then have to pay another ?1,000 in July.
So when you get your tax bill it will say ?4,000 in total.

I hope that isn't too confusing but many people forget that in their first year and are shocked.
Although you will then have ?2,000 on account so when the next year tax bill comes, that is deducted. And you do the same again year after year.

I suggest working out your profit... putting it into the gov calculator and then working out 50% and adding it onto your Jan bill and bear in mind you will have to pay that 50% amount again in July

Kay

  • Sr. Member
  • ****
  • Posts: 4,535
Re: tax calculators - trying to do it early :(
« Reply #8 on: 13 July 2017, 03:25:48 pm »
Good point, Ruby. Luckily, because I earn relatively little, the tax-free allowance meant that 20 percent was still ample for me.

May I add if this is your first year, and your tax bill comes to over ?1,000 you will have to pay an extra 50% on top of that because you have to pay upfront for the following year

E.g. If your tax bill comes to ?2,000 you will have to pay an extra ?1,000 on top in Jan so that's a total of ?3,000. You will then have to pay another ?1,000 in July.
So when you get your tax bill it will say ?4,000 in total.

I hope that isn't too confusing but many people forget that in their first year and are shocked.
Although you will then have ?2,000 on account so when the next year tax bill comes, that is deducted. And you do the same again year after year.

I suggest working out your profit... putting it into the gov calculator and then working out 50% and adding it onto your Jan bill and bear in mind you will have to pay that 50% amount again in July
"There is no sin except stupidity" - Oscar Wilde

Ruby Redhead

  • Sr. Member
  • ****
  • Posts: 272
Re: tax calculators - trying to do it early :(
« Reply #9 on: 13 July 2017, 06:51:32 pm »
Good point, Ruby. Luckily, because I earn relatively little, the tax-free allowance meant that 20 percent was still ample for me.

The 20% and 50% are two totally different aspects of the tax calculation, and not to be confused. (I'm not saying you are, I just don't want anyone reading this to get confused)

Most people can just save 20% of what they earn and be covered. But, should your tax bill reach the ?1,000 mark, you will then need to pay 50% of the tax bill on top.
So I'm not suggesting to save 50% of income :)

I have a spread sheet that I made for my friend, that works it all out and will tell you what needs to be paid, if anyone wants it I can send on Saturday when I'm home :)

PS. I'm a bookkeeper by trade so do have some knowledge
« Last Edit: 13 July 2017, 06:53:13 pm by Ruby Readhead »