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Author Topic: Going self employed, sorting taxes etc..  (Read 567 times)

Megan_xx

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Going self employed, sorting taxes etc..
« on: 06 May 2020, 10:21:58 pm »
After quarantine is over Im going to sort my taxes out, I’m not sure how it all works so can anyone recommended a good accountant? I want to open up a business account and go legit but I haven’t got a clue on how it all works as I’ve never been self employed before
Thanks :) 
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Megsss

Pretty Pink

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Re: Going self employed, sorting taxes etc..
« Reply #1 on: 14 May 2020, 07:44:45 am »
I can’t recommend an accountant cause I do my tax returns myself (pretty easy, have a look online for some samples)

I have a sole trader account with Starling, can’t fault them at all BUT it does say before you set it up that they don’t support dating/escort services. I’m not registered as an escort with HMRC I’m down as something else cash based but that means I can’t put my hotel bookings through my business account or on my expenses without raising questions.

If you are going to register as an escort read the T&Cs on your account first cause they can close it on you, I’m sure someone who has done this will comment soon which will be more help to you.

HMRC have a YouTube channel that is pretty good
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Megan_xx

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Re: Going self employed, sorting taxes etc..
« Reply #2 on: 14 May 2020, 07:55:32 am »
thanks for this. yeah thats what i'm thinking, i dont want to pay tax's on my hotels etc so i'm really not sure what i would write down
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Megsss

Mirror

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Re: Going self employed, sorting taxes etc..
« Reply #3 on: 14 May 2020, 02:12:40 pm »
There are some threads in the sections above on taxes, will go have a look.

https://saafe.info/main/questions-and-answers/tax-accountants-deductible-expenses-general-information/
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amy

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Re: Going self employed, sorting taxes etc..
« Reply #4 on: 14 May 2020, 07:16:32 pm »
Quote from: Megan_xx on 14 May 2020, 07:55:32 am
thanks for this. yeah thats what i'm thinking, i dont want to pay tax's on my hotels etc so i'm really not sure what i would write down

You don't pay tax on your expenses, you pay them on your income/profits. Your expenses are what you use to get your tax down by showing how much of your takings you eventually wound up with, so you don't end up paying it on money you didn't get to keep.

Any expense which was incurred wholly and completely in the process of you running your business is tax deductible - if a fish and chip shop decide to cheer up the outside of their shop, they can claim for the paint and brushes without having to pretend they've got a sideline in painting and decorating.
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