Re: Uk ladies- q about taxes
HMRC rely on you to keep accurate accounts and give accurate figures on your self assessemnt tax return. They can at any time carry out a full audit which will follow the trail of any amount you entered in your accounts and in reverse from any of your customers. During an audit they also have access to any financial information about you...even your Tesco Club card; if you receive more points than expected according to your income they will want to know why.
Any emloyer you have does not have access to any other employment details of yours.
Re: Uk ladies- q about taxes
Ah thanks for that, of course I will be honest as I hate the thought of being a tax evaider but at the same time I can see why so many people try not to pay their taxes (especailly with whats going on with our current government!)
Glad employers cant track any government doc back to what you have done.
A friend of mine is an accounant amd he said to put all your receipts into a carrier bag, shake it and if the yax office want to see it they have to sort through it all, they shouldnt bother after that cos they dont want to do it lol!
Re: Uk ladies- q about taxes
Quote:
Originally Posted by
malika29
A friend of mine is an accounant amd he said to put all your receipts into a carrier bag, shake it and if the yax office want to see it they have to sort through it all, they shouldnt bother after that cos they dont want to do it lol!
That made me smile but the danger with that is they're more likely to search through the lot.The more in order and organised your accounts are the more thay can see you're meticulous about everything. Also, HMRC is incredibly helpful; they will even talk you through filling in your Self Assessment.
Re: Uk ladies- q about taxes
Income Tax Personal Allowance for 11-12 is £7475. Does that mean I only pay tax on anything I earn above this amount?
Re: Uk ladies- q about taxes
In theory , yes, but that figures next years. It goes up slightly ever year.
Re: Uk ladies- q about taxes
I wonder how many (if any) UK camgirls would be interested in an accountant that specializes in Webcam Industry ?
I have an Accountant that covers the whole of the sex industry (UK) at the moment but they are really expensive.
Re: Uk ladies- q about taxes
Quote:
Originally Posted by
malika29
So how do hrm track your actual earnings? Surely uf your being paid by cheque there can be loopholes in tax aviodence as the bank account doesnt show who the cheques are from? For all the inland revenue could know its money from a relative living abroad
Guess what? It doesn't matter if it IS from a relative. Technically, you have to pay taxes on everything except lottery winnings!! You do get the first 7K (approx) tax free on earnings, and up to 5K "gifts" tax free (I would have to check the figures, its been a few years since I was in London), but above that, you are supposed to pay taxes on everything that you have. I find this really annoying - if your parents (for example) want to help you out a little each month, then the money they are giving you is out of their income which has already been taxed....grrrrrrr.
Taxes drive me insane, but it IS a really good idea to pay. Not just for the sake of Karma, but also for the sake of peace of mind and a good credit rating.
Re: Uk ladies- q about taxes
Quote:
Originally Posted by
ManyRoses
Guess what? It doesn't matter if it IS from a relative. Technically, you have to pay taxes on everything except lottery winnings!! You do get the first 7K (approx) tax free on earnings, and up to 5K "gifts" tax free (I would have to check the figures, its been a few years since I was in London), but above that, you are supposed to pay taxes on everything that you have. I find this really annoying - if your parents (for example) want to help you out a little each month, then the money they are giving you is out of their income which has already been taxed....grrrrrrr.
Taxes drive me insane, but it IS a really good idea to pay. Not just for the sake of Karma, but also for the sake of peace of mind and a good credit rating.
My accountant has told me that 'gifts' from family/friends etc are actually not subject to tax up to a certain amount.
So if you get £6000 from a friend as a 'gift' then you do not pay tax on it.
Also if you give away millions of your lottery winnings you have to live for 7 years after - or the recipient will be subject to Inheritance tax
http://www.thisismoney.co.uk/money/e...tery-cash.html
Re: Uk ladies- q about taxes
Quote:
Originally Posted by
ManyRoses
Guess what? It doesn't matter if it IS from a relative. Technically, you have to pay taxes on everything except lottery winnings!!
I believe it to cover the majority of gambling , not specific to lottery winnings.
Otherwise we'd get professional poker players , claiming their stakes as expenses, and their wins as profit , I believe for this reason , most gambling profits* are non taxable.
Missy
Re: Uk ladies- q about taxes
Well thats pretty awesome, if I make £7000 and then receive £6000 in tributes (i.e. gifts), thats £13000 all mine not taxable! Thats quite a sizeable amount!
Re: Uk ladies- q about taxes
Quote:
Originally Posted by
21stcenturyfox
Well thats pretty awesome, if I make £7000 and then receive £6000 in tributes (i.e. gifts), thats £13000 all mine not taxable! Thats quite a sizeable amount!
If the IR ever investigate you you'd have to prove they were gifts - this means your clients would become involved and learn your identity.
Re: Uk ladies- q about taxes
Another thing to remember is earnings in currency other than GB pounds have to go into your accounts as pounds at the exchange rate on the day you received them.
http://www.hmrc.gov.uk/taxon/foreign.htm