Tax Related Topics

[Classy_Katy]

It's because AW isn't registered in the UK...I think.

[Ana_X]

VAT doesn't concern anyone until they're earning a taxable 75K

http://www.hmrc.gov.uk/vat/forms-rates/r...olds.htm#2

[friendly accountant]

Wrong... It's 77k... The 75k applies if you are already vat registered and are looking at deregistering.

[courtesanannabel]

VAT doesn't concern anyone until they're earning a taxable 75K

http://www.hmrc.gov.uk/vat/forms-rates/r...olds.htm#2

Your right there ana, and therefore if you earn over on aw you still don't pay it


Anna

[Ana_X]

Wrong... It's 77k... The 75k applies if you are already vat registered and are looking at deregistering.

EHR my bad.

[Lolly]

..

[Trinity-Belle]

I thought there was vat payable on earnings over 71k?

Dunno about that one... if annabelle says so then I'm inclined to believe her because it is AW who would be subject to VAT and it would be AW who you would have to charge VAT to... and if they are not in the EU (which they are not) then there is no VAT?

Am I wrong re deducting featuring and positioning then, cause that's what I have done for my tax returns

You can deduct them, but only if you count the credits you earn as being pounds sterling earnt... if you are only counting the money which hits your bank as income then you've already deducted those costs... you can't then deduct them again or else you are counting them twice!

[courtesanannabel]

Trinity, thanks

The charges that aw take are treated as charges taken at
Source, you have no control over those. So what you end up
with in your account is seen as commission and thus taxable
obviously using your tax allowance first, assuming this is your only
role
Aw is based out of EU and is classed as the customer, as without
then the client cant see you , so they are like an intermediary and so vat is not applicable to you
Yeah

Now it is important the tax knows what you do
If you say your a beauty therapist and then in your accounts you
claim for condoms, you have a tax enquiry, and they ask why
a beauty therapist uses condoms ! They will look even closer into your
Business and then assume you are an escort and beauty therapist - hence
they would be looking at two lots of tax
If your self employed only you and the taxman know what you do
If limited co then that's different, however worth looking at Ltd
if your profits are high like over 35000 ( not sure exact fig but there abouts) - I paid 2p for my tax yesterday !

It's amazing what you can put through legally
Food and drink for clients, clothes make up , cleaner/cleaning products
Laundry, Internet and phone, all advertising, contribution to where you play from
Travel to meets, hotels and so much more

Oh by the way if you have an accountant do pay the nominal sum a month
For insurance in case you get a tax enquiry - all fees are covered if your insured

Hope that helps some of you

Anna