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Tax Related Topics
#1
Ok all, It has been suggested (by Admin) that perhaps we need a tax specific thread. It's going to be made a "sticky" one (and no that wasn't an in joke as accountants are boring.... [or are we?Confused] )

Feel free to ask questions/post things etc.

Either way, it should be a good first point of call for newbies and those who haven't a clue about HMRC, tax and the related issues.

Depending on the questions and issues raised, I may or may not reply. I don't mind giving some free advice but it is my income stream which pays the mortgage. Occasionaly I may even have an off day and do special deals/complete brain dumps etc...but don't hold your breath.

As per my signature, I will quantify anything I say on any internet forum with the usual blurb - "Any advice given on here is a of a general nature and may not be directly relevant to you. As a practising certifcate holder from a UK chartered accountancy body then you can only rely on my advice/opinion if you are a fee paying client."

For those people that don't know me, I run a professional accountancy practice with a large mixture of clients. I have a considerable amount working within the adult industry and do this for cash, NOT free services so please don't offer them as I find a refusal often offends.

For more about me - http://www.xxxtax.com

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#2
First useful post...

(And it might be a bit harsh but it's the truth)

If you are earning money from this industry (in whatever guise - webcamming, escorting, chat etc etc) then HMRC consider it a legitimate business/trade and therefore you have to pay your share of tax. You would generally be classed as self employed in the eyes of HMRC and therefore have to register accordingly.

YES - there are lots of people in this industry who are NOT registered as self employed and therefore are not paying tax, however that is actually a criminal offence as it's called Tax Evasion and can result in a custodial sentence and criminial record - yes worst case but it does happen.

Be clued up and be smart and you can legally reduce your tax (thats called tax avoidance and is legal).

Simples really Smile
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#3
Second useful post..

It doesn't really matter what you class yourself as with HMRC. The tax rules are still the same.

I have clients who have registered as Escorts and have no stigma with it; some clients are a bit more reserved and class themselves as therapists/counsellors etc.

One thing to consider - SOMETIMES, lenders (i.e. banks for mortgages) MAY want to see your last few years tax returns - these have your "occupation" on. If you are one of the people who have issues with occupation titles, then please think about what you class yourself.

There's no point in saying two totally differernt things to two different people as they may collide at some point.
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#4
Third useful post..

(And a complete bit of self promotion Wink )

Tax doesn't have to be taxing...... give it to me and I make it so easy for you. NO more stress, late nights worrying about deadlines, automatic fines, how much money you have to save etc etc etc.......

I don't use big technical words (too complicated to spell you see, hence I keep it simple), nor do I use techncial HMRC / accountants tax speak to confuse you. If some of it confuses me then sure as hell it will confuse the average Joe Public!

You also get to deal with a non typical accountant who actually has a sense of humour but can be very straight laced and professional when needed. After all, we deal with people and therefore have to develop soft skills thoughout life as we go on.

Don't let appearances deceive you - I am actually very good at what I do!
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#5
I find this site quite handy: http://www.brighton-accountants.com/blog/ some of the articles are a few years out of date so you've got to be a little careful, but points you in the right direction at least.
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#6
Friendly Accountant...can we instruct you from a distance or do we need to meet in person?

Also, when should we instruct you if we need your help in completing a tax return for the current year?

Many thanks!
Adultwork's Classy_Katy

On twitter @ClassyKatyxxx
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#7
(09-10-2012, 08:08)Classy_Katy Wrote: Friendly Accountant...can we instruct you from a distance or do we need to meet in person?

Also, when should we instruct you if we need your help in completing a tax return for the current year?

Many thanks!

We have to meet in person as it is mandatory that I see original photo ID for you and proof of address (in order to comply with Money Laundering Regulations). There is a way around the face to face meeting if I really have to, however that is a last resort and I prefer not to do it.

I am more than happy to travel to you as I have friends and clients scattered around the UK so can usually combine two trips into one.

You can instruct me at any time - most of my sole traders send me their accounts monthly and I advise them of the tax bill each month so they don't get any nasty shocks at the end of the tax year.
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#8
Fourth useful post..

Any fool can call themselves an accountant...but there lies the problem.

Rather than rehash what I have already written elsewhere - lets link to it:

http://xxxtax.blogspot.co.uk/2012/06/wha...title.html

The lesson for the day - Make sure they are qualified and have the appropriate insurances and practising certificate from their Institute.
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#9
Fifth useful post..

When you instruct a new accountant then you will be required to provide original photo ID and proof of address.

This is mandatory and is required by the Money Laundering Regualtions Act. I of course am happy to prove who I am, and can do this online as my full details are published on my Institutes website.

Any body who doesn't ask you for this is not acting professionally and runs the risk of falling foul of the regulations.

Any body who asks for money up front or god forbid even free services is completely out of order and I leave you to develop your own opinion on them.
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#10
Sixth useful post..

Tax is generally paid in arrears (ignoring the payments on account that you may have to make).

The money you earn this month (October 2012) - you won't have to pay tax on until January 2014.

Don't get carried away and spend everything in your purse this month as I hate to say it, but it's not all yours Sad

Who said timing wasn't important?
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