Another tax question.

[Sandie]

Hi all

Myself and my husband wish to ligitimise our AW earning activities by starting a business as partners, utilise our tax allowances and claim any tax relief we can get. At this point in time we are both unemployed and we will have full allowances to use up and also wish claim working tax credits until that becomes zero in the equation.

My husband is the photographer, video editor and IT side of things while I am a webcam model, model and phone chatter. We can easily do the 30 hours per week each required for the WTC's.

I come here to ask the question, is what I have outlined dooable, i.e. is the plan all in order or have I missed something?

Thanks

Sandie

[F3rm4t]

I think the usual advice when it comes to tax is contact "Friendly Accountant" who posts on here.

http://adultworkforum.com/forum/user-1798.html

You will find him in lots of posts if you just search for "Tax" in the forums.

[Trinity-Belle]

What you are suggesting sounds perfectly legitimate.

As F3rm4t says, search for "tax" and you will see lots of help given by Friendly Accountant and you will also find that those of us who operate legitimately and pay our taxes absolutely endorse the use of an accountant to ensure that you are claiming everything you can claim and also utilising all the tax breaks which are available to you and that you therefore pay the correct amount of tax and not a penny more.

Contrary to popular belief, most people who do not use an accountant actually end up paying more tax than they should... either because they do not know what they can claim or because the tax man decides to investigate them and ends up making an "estimate" of their income.

I don't use Friendly Accountant myself because I have someone else who I have been using for years, but I know a lot of the girls on here do. I'd recommend that you shop around, but I would also take the fact that he is familiar with the Adult industry and is used by girls here as a ringing endorsement.

I think your idea sounds brilliant, by the way! Utilise the skills you both have... go build an empire! x

[friendly accountant]

Partnership is not needed, both just register as self employed - same result - much simpler.

I'd suggest you register as self employed first, then do the WTC claim.

Feel free to contact me via my website.

[Sandie]

Thanks guys, got in touch with friendly accountant, great guy.

[Firefly]

yeah it is possible to sort it yourself if your situation is small & straight forward, but if you're starting to talk of maxing allowances / tax relief its worth paying for somebody else's neck to be on the line

[courtesanannabel]

Hi all

Myself and my husband wish to ligitimise our AW earning activities by starting a business as partners, utilise our tax allowances and claim any tax relief we can get. At this point in time we are both unemployed and we will have full allowances to use up and also wish claim working tax credits until that becomes zero in the equation.

My husband is the photographer, video editor and IT side of things while I am a webcam model, model and phone chatter. We can easily do the 30 hours per week each required for the WTC's.

I come here to ask the question, is what I have outlined dooable, i.e. is the plan all in order or have I missed something?

Thanks

Sandie

Hi there

Its all do able' .... happy to suggest you speak to my accountant, knows ins and outs of adult industry and adult works

mail if you would like his details

Anna

[oneandonlyMrsJones]

What you are suggesting sounds perfectly legitimate.

As F3rm4t says, search for "tax" and you will see lots of help given by Friendly Accountant and you will also find that those of us who operate legitimately and pay our taxes absolutely endorse the use of an accountant to ensure that you are claiming everything you can claim and also utilising all the tax breaks which are available to you and that you therefore pay the correct amount of tax and not a penny more.

Contrary to popular belief, most people who do not use an accountant actually end up paying more tax than they should... either because they do not know what they can claim or because the tax man decides to investigate them and ends up making an "estimate" of their income.

I don't use Friendly Accountant myself because I have someone else who I have been using for years, but I know a lot of the girls on here do. I'd recommend that you shop around, but I would also take the fact that he is familiar with the Adult industry and is used by girls here as a ringing endorsement.

I think your idea sounds brilliant, by the way! Utilise the skills you both have... go build an empire! x

My son is an accountant, specialising in tax- he has no idea what I do so I can t ask for help but I do know he says , often, that people who use an accountant are always better off- the extra allowances the accountant finds for them is always more than the accountant's fee
In the process of trying it out for myself

My other son is a tax inspector !!!! I DARE not get caught evading tax !

[xKatieBabyx]

I did not find that to be the case. I used an accountant my 2nd year in business, and did not save any money at all.

[SexyTitsTaylor]

I think it depends (and I don't mean this to patronising )if you understand the tax laws yourself and are good with figures.

I have for the most part always worked in accountants/payroll and have a pretty good understanding of how it works.. and as a self employed person what I can claim for , I don't find doing self assessment difficult but others (like my husband!) might do..
We used to have a accountant but Tbh we were paying him for what I could do myself.