+- Adultwork Forum (https://adultworkforum.com)
+-- Forum: General (Public) (https://adultworkforum.com/forumdisplay.php?fid=1)
+--- Forum: The Lounge (Public) (https://adultworkforum.com/forumdisplay.php?fid=2)
+--- Thread: Expenses and being self-employed as a Webcam Model (/showthread.php?tid=9569)
Pages:
1
2
Expenses and being self-employed as a Webcam Model - Summers_0x - 20-10-2016
Hello everyone, hope your all well.
What is classed as an acceptable expense? I'm looking to find as many expenses as possible to get my Tax Bill lowered as I'm currently predicted to hit the 40% threshold and my accountant has told me if I don't have many expenses I'd just be paying it in taxes anyway.
For example; I've been keeping receipts of Webcam equipment I've purchased, Underwear, Sex Toys, Utility Bills, Rent, Internet Bills, Travel Expenses
I was wondering if I could also add Make-Up to the list?
Any help would be greatly appreciated
Brook x
RE: Expenses and being self-employed as a Webcam Model - aoneoffx - 20-10-2016
A good accountant won't ask you to find the expenses they will be doing that for you.
Claim as much as possible.
A percentage of the make up as I'm sure you don't o lay wear it when camming?
Bedding etc for your set up?
Lighting
Electricity
Your wifi bill
If you use it for the work then claim it.
I even have a friend who has a home office and claims back his dog food as they're "guard dogs"
My best advice would be to find a new accountant though that will work this out for you
RE: Expenses and being self-employed as a Webcam Model - 3CA - 20-10-2016
(20-10-2016, 02:27)Summers_0x Wrote:Hi Brook,Hello everyone, hope your all well.
What is classed as an acceptable expense? I'm looking to find as many expenses as possible to get my Tax Bill lowered as I'm currently predicted to hit the 40% threshold and my accountant has told me if I don't have many expenses I'd just be paying it in taxes anyway.
For example; I've been keeping receipts of Webcam equipment I've purchased, Underwear, Sex Toys, Utility Bills, Rent, Internet Bills, Travel Expenses
I was wondering if I could also add Make-Up to the list?
Any help would be greatly appreciated
Brook x
Two things strike me immediately about your accountant:
1. He/she is expecting you to do his/her job; and
2. If you're heading towards paying 40% tax he/she should be advising you how to minimise it.
I'll PM you with my advice on expenses.
Stuart
RE: Expenses and being self-employed as a Webcam Model - 3CA - 20-10-2016
A word of warning about what other people claim in expenses. HMRC, because of staff cutbacks etc., don't check as much as they used to ten years ago. The fact that somebody has included an expense which hasn't been questioned by HMRC doesn't mean it's allowable for tax purposes.
I claimed for a client's guard dog once and it was allowed as part of a tax office inquiry. The justification was that there were often large amounts of money in the house, it was well known that the client would be paid in cash and therefore a burglary was more likely and finally the dog was a Rottweiler which the client offered to bring to the tax office!
RE: Expenses and being self-employed as a Webcam Model - Summers_0x - 20-10-2016
I just want to say a huge thank you to all the responses and advice - It means a lot you putting the time and effort into helping me find my feet and giving me the best advice you can.
I'm definitely looking into a new accountant as I agree, I do think I'm doing their work to be honest however they have never had a Webcam Model client before so I feel I'm at somewhat of a disadvantage.
Kind Regards,
Brook x
RE: Expenses and being self-employed as a Webcam Model - tabooenglish - 21-10-2016
Do other cam girls always use accountants to do their tax return and expenses? I have always done my own, as I know what I am doing.... I do hope having an accountant isn't an actual requirement!
RE: Expenses and being self-employed as a Webcam Model - 3CA - 21-10-2016
(21-10-2016, 14:09)tabooenglish Wrote: Do other cam girls always use accountants to do their tax return and expenses? I have always done my own, as I know what I am doing.... I do hope having an accountant isn't an actual requirement!
There isn't any requirement to have an accountant.
If you are going to use one make sure you choose the right one.
A good accountant will save you money and take away a lot of the worry.
RE: Expenses and being self-employed as a Webcam Model - tabooenglish - 21-10-2016
Okay thanks 3CA
RE: Expenses and being self-employed as a Webcam Model - Summers_0x - 23-10-2016
(21-10-2016, 14:09)tabooenglish Wrote: Do other cam girls always use accountants to do their tax return and expenses? I have always done my own, as I know what I am doing.... I do hope having an accountant isn't an actual requirement!
Hey chick,
Personally the only reason I have got an accountant is I really don't want to mess my Taxes up as it can get you into a lot of trouble if you don't provide accurate information also it just takes that added stress of doing it all yourself and you can kind of sit back and relax knowing it's in a professionals hands.
If you are going to be hitting the 40% tax threshold you'd have to get an accountant as you may have to set up as a limited company and the taxes become a lot more complicated and the work load is a lot more work too plus you need to have a certain data base too (this is only through my research so please don't quote me)
However you just do what you feel more comfortable with and if you like to do your own paper work and taxes than you do that, just because majority of girls use Accountants don't feel you have to, just because they are.
I hope this has helped you, if you have any questions just PM and I'm happy to help you out the best I can.
Brook x
RE: Expenses and being self-employed as a Webcam Model - 3CA - 24-10-2016
(23-10-2016, 01:54)Summers_0x Wrote:I have to agree with you Brook.(21-10-2016, 14:09)tabooenglish Wrote: Do other cam girls always use accountants to do their tax return and expenses? I have always done my own, as I know what I am doing.... I do hope having an accountant isn't an actual requirement!Hey chick,Personally the only reason I have got an accountant is I really don't want to mess my Taxes up as it can get you into a lot of trouble if you don't provide accurate information also it just takes that added stress of doing it all yourself and you can kind of sit back and relax knowing it's in a professionals hands.
If you are going to be hitting the 40% tax threshold you'd have to get an accountant as you may have to set up as a limited company and the taxes become a lot more complicated and the work load is a lot more work too plus you need to have a certain data base too (this is only through my research so please don't quote me)
However you just do what you feel more comfortable with and if you like to do your own paper work and taxes than you do that, just because majority of girls use Accountants don't feel you have to, just because they are.
I hope this has helped you, if you have any questions just PM and I'm happy to help you out the best I can.
Brook x
Your comment about 40% tax is especially valid. It's fair to say that unless you're an accountant, dealing with the accounts, tax and company law procedures for a limited company is beyond the average taxpayer. HMRC delight in finding the one tiny mistake that renders a tax saving device ineffective.
My advice, not surprisingly, would be to find a good accountant (see above). The savings will far outweigh the costs.