Tax Related Topics - Printable Version +- Adultwork Forum (https://adultworkforum.com) +-- Forum: General (Public) (https://adultworkforum.com/forumdisplay.php?fid=1) +--- Forum: Help And Support (Public) (https://adultworkforum.com/forumdisplay.php?fid=98) +--- Thread: Tax Related Topics (/showthread.php?tid=2605) |
RE: Tax Related Topics - curlytots - 20-01-2013 (20-01-2013, 21:59)friendly accountant Wrote:(20-01-2013, 21:50)curlytots Wrote: Hello, Ohhhhhh ok! What a numpty I am, lol. So, with regards being self employed, you take the annual figure as opposed to weekly profits? RE: Tax Related Topics - friendly accountant - 20-01-2013 (20-01-2013, 22:06)curlytots Wrote:(20-01-2013, 21:59)friendly accountant Wrote:(20-01-2013, 21:50)curlytots Wrote: Hello, Yep, the tax system looks at the annual profits. RE: Tax Related Topics - curlytots - 20-01-2013 Thanks, my own fault for not reading properly... lol RE: Tax Related Topics - sexy_smurfet - 01-02-2013 Really confused on this one, when i declare my income with adultwork, do i say what the total i earned before the 41 percent stoppages or just say what the total i got in my bank after the 41 percent. hope that made sence thanks RE: Tax Related Topics - xKatieBabyx - 01-02-2013 The total in your bank hun. Your incomings = total you actually get in your bank Outgoings = all tax deductables, including featuring & positioning costs RE: Tax Related Topics - Trinity-Belle - 01-02-2013 (01-02-2013, 16:12)xKatieBabyx Wrote: The total in your bank hun. Errrrr..... if you are only counting money in the bank as income, then you have already accounted for featuring and positioning because they were taken out before the money hit you account.... you can't then claim for them again! Not unless you are putting money into AW to pay for them... which would be a slightly bizarre thing to do.... (I'm sure that's not what you meant, but just wanted to clarify) RE: Tax Related Topics - sexy_smurfet - 01-02-2013 hi trinity no thats not what i meant :-) thats confused me lol And thankyou katie thats what i thought :-) thankyou RE: Tax Related Topics - Ana_X - 01-02-2013 (01-02-2013, 15:59)sexy_smurfet Wrote: Really confused on this one, when i declare my income with adultwork, do i say what the total i earned before the 41 percent stoppages or just say what the total i got in my bank after the 41 percent. hope that made sence thanks If you're taking everything which lands in your bank account as a wage then 30% of it should be put aside for income tax and NI contributions, the other 70% is yours to spend. However, if say £500 lands in your account and you pay yourself a fixed weekly wage things work differently. Say you want £250 as a wage, after taking off 30% for tax and NI on that you would then have £175 cash in your purse, and £75 put away for your tax bill. That leave you £250 still in the bank which hasn't yet been touched. It's up to you if you take it as a wage (not forgetting to take off that 30%) OR if you're going to use it for the business i.e, things you need to have in order to work. There is tax to pay on business profits at the end of the year too - and that's where I'll stop talking because this part confuses the f*ck out of me and that's why I pay an accountant :p RE: Tax Related Topics - courtesanannabel - 01-02-2013 (01-02-2013, 17:50)sexy_smurfet Wrote: hi trinity no thats not what i meant :-) thats confused me lol Just had to say something after reading some of the first posts and especially the one on vat Last year I was concerned about nearing the vat threshold and spoke with my long term accountant and the tax man, had a meeting with them to - found out useful info on vat and aw, It's always worth shopping around ladies for advice and phoning the tax office direct to get the correct info - there is NO vat payable on earnings from aw - yes, you have to register as I have now done and are now exempt Happy to give my accountants details to anyone who would like it Anna RE: Tax Related Topics - xKatieBabyx - 01-02-2013 I thought there was vat payable on earnings over 71k? Am I wrong re deducting featuring and positioning then, cause that's what I have done for my tax returns |