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A quick tax/bank related question...
#1
Hello all,

Just a quick question I hope that someone might be able to answer/advise me on.

I am already registered self-employed for my in-person meets, but have since started doing AW camming/phone chat too. My question is, do I declare the 'credits' I have in my AW accounts as my income, and put through AW's cut and bank charges as expenses, or do I just declare the money that I receive in my account after all that has been done? I assumed I just declared the money I received in my account, but think I have confused myself reading some other posts on here!

I receive paperwork from the bank detailing how much I am paid in euros and then information on the exchange rate and processing charges (which I can keep as part of my records) but obviously don't receive any receipts/paperwork from AW for the cut they take. Just want to make sure everything I do is above board really.

And as a second question, I am going to open a new bank account soon specifically for payments from AW (for easier accounting) and wondered if anyone can recommend a good bank for me, maybe one that offers a good exchange rate and low/no charges for euros? Currently with Natwest, and their charges do add up!

Help is greatly appreciated Smile

ML
x

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#2
I use the UK bank transfer option now that it's available...so no loss on currency conversion or bank charges

Because it is so difficult to reconcile income/expenses when it comes to AW charges, it is easier to simply use the end payment from AW as income, and treat the purchases you make/services & charges you pay for outside of AW as your expenses...I received advice from an accountant on that.
Adultwork's Classy_Katy

On twitter @ClassyKatyxxx
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#3
Hi

hope this helps, if and or want more defined info happy to pass on accountants number and details

I and my account have had many length and protraced conversations with tax man over the years and even had a face to face meet to explain how aw works !

ok yes to declaring income from aw - as whole lot - for galleries, videos, phone and direct chat is paid into a bank account - you only declare the figure that arrives in the bank with you, the amount aw takes is commission and as deductable at source ie before you get it then its the net figure you declare - a cpl of ways round that - email or phone if you want a few ideas

one loop hole found if ladies and I say if any of us are lucky to have earned top line in one tax year over £73000 from aw then there would be no vat to pay only tax, as aw, [for all your on line earnings], is your customer (eg ;-and not the guy buying your cam time] and they are based outside the EU then there is no VAT to pay ! yeah you would still have to register a one off time for vat but it would be exempt

hope that helps

Anna Smile
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#4
Yes, as the other girls say, your income from AW is nett of all costs and charges, including anything you might pay for using AWs profile promotion features... so just the amount that hits your bank account.
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#5
(18-11-2012, 11:26)courtesanannabel Wrote: one loop hole found if ladies and I say if any of us are lucky to have earned top line in one tax year over £73000 from aw then there would be no vat to pay only tax, as aw, [for all your on line earnings], is your customer (eg ;-and not the guy buying your cam time] and they are based outside the EU then there is no VAT to pay ! yeah you would still have to register a one off time for vat but it would be exempt

Ooo...I didn't know that, nice one!
Adultwork's Classy_Katy

On twitter @ClassyKatyxxx
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#6
Hello all,

Wonderful! Thanks for the replies.... much easier to just submit the amounts that hit my account.

Think I will contact Bryan the accountant on here, I do already have an accountant but seems like Bryan is very familiar with Adultwork and will likely be able to help me with any future queries like this better than my current one.

Thanks again!

ML
xxx
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#7
(18-11-2012, 19:11)TheMistressLola Wrote: Hello all,

Wonderful! Thanks for the replies.... much easier to just submit the amounts that hit my account.

much easier as you'd just be deducting all the charges anyway. You're essentially a sole trade so any income you make doing whatever just gets declared under your name. I have another non adult related business and they all go under my name.
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