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New to camming - is income taxable?
#1
Hey! Hope you're all doing well

I've started camming a while ago and made a little chunk of money from it but I'm getting a bit concerned about tax - I work part time so make just under the first tax band here in the UK, and eventually any extra money I make will end up being taxable. I have been putting my numbers into this tax calculator (here:

[To see links please register here]

) and it says I am extremely close to the next tax band. How do I go about paying tax on this income? Hoping someone here can explain it a little better to me Wink

Thanks, and hope to see you around soon! Wink
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#2
Hey! Everyone's situation is different so only a qualified accountant can advise you comprehensively, but the simplest option is to register as self employed and file a tax return. You need to do this regardless of whether you exceed the tax free limit or not, as there will likely still be NI to pay even if there is no tax.

Would you like details for a female accountant who is familiar with AW? If you do please let me know and I will PM you with them xx

[To see links please register here]






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#3
In very simple terms, during the current tax year, which will end on 5 April 2019, everyone can have an income of up to £11,500 without paying any tax (but see the notes below). Don’t forget that income is the total of what you have been paid by clients less your business expenses.

The fact that you’re not liable to tax doesn’t mean that you don’t have to tell HMRC you’re self employed until you become liable to pay tax.

Once you start to be self employed (in other words start to be in business) you have to tell HMRC that you are self employed.  

[To see links please register here]

are quite reasonable. Registering sooner rather than later is probably best to make sure you don’t leave it too late (with possible penalties for late registration) and to avoid HMRC starting a tax inquiry because they have discovered you’re self employed but aren’t on their system.
 
Notes:
1.       Even though you will not pay any tax until your income exceeds £11,500 you may have to pay national insurance
2.       If your income exceeds £6,205 you will have to pay Class 2 national insurance of £2.95 per week
3.       And, in addition to Class 2, if your income exceeds £8,424 you will have to start paying Class 4 national insurance on the excess at 9%.
A chartered accountant specialising in the adult entertainment industry. Professional and discreet.
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