Page 1 of 2 12 LastLast
Results 1 to 25 of 31

Thread: UK - Camming and Taxes/Accountants

  1. #1
    Member NikkitaExotica's Avatar
    Joined
    Nov 2013
    Posts
    71
    Thanks
    127
    Thanked 78 Times in 29 Posts
    My Mood
    Blah

    Question UK - Camming and Taxes/Accountants

    Hello Ladies!

    Having looked through the taxes thread and Dollar Den I think I might be more confused than ever! I started camming on Streamate last week and I have been worried about the tax side of things. I am a UK citizen and I have been unemployed for the last year and claiming benefits. I plan to stop claiming benefits this week, and I have a few questions about taxes.

    1. should I register as self-employed with HM Revenue & Customs?
    2. Should I register to pay all of these taxes? -
    • Self Assessment (including Class 2 National Insurance contributions)
    • Class 4 National Insurance Contributions
    • Corporation Tax
    • PAYE for employers
    • VAT
    3. If I was to hire an accountant would they do all of this for me and does anyone have an idea of how much accountants cost in the UK (I have just registered on FindUKAccountant)? Do you have to hire the accountant for a whole year or is it just a one-off thing each time it is time to pay taxes
    4. As a cam model am I employed or self-employed?

    Oh my gosh why does this have to be so complicated and confusing?
    As you can see this UK tax stuff is making my brain melt! Any insight from UK camgirls would be awesome! Thank you!

  2. #2
    Featured Member
    Joined
    Jun 2010
    Posts
    1,652
    Thanks
    902
    Thanked 2,116 Times in 832 Posts

    Default Re: UK - Camming and Taxes/Accountants

    1. Yes
    2. SA yes, Class 4 Yes, Corp tax no (not if you are registering as a sole trader), PAYE no, VAT no (unless your turnover (income) goes above about £70,000.
    3. You can usually hire one-off but the more time in advance the better
    4 Self Employed.

    It is super complicated I have been doing my own but actually got myself in a bit of a muddle over my tax amount and student loan this year so will be hiring an accountant from now on! Once you register with HMRC they do send you some useful info though.
    Quote Originally Posted by HaydenBlue View Post
    Somebody call the WAHHHHmbulance.

  3. The Following User Says Thank You to BritishBecky For This Useful Post:


  4. #3
    Member NikkitaExotica's Avatar
    Joined
    Nov 2013
    Posts
    71
    Thanks
    127
    Thanked 78 Times in 29 Posts
    My Mood
    Blah

    Default Re: UK - Camming and Taxes/Accountants

    Oh gawd! Thanks for the info, I think I'll go the accountant route too, its just too complicated for me to tackle on my own!

  5. #4
    God/dess Vlodina's Avatar
    Joined
    Oct 2011
    Location
    Scotland
    Posts
    2,768
    Thanks
    10,297
    Thanked 7,385 Times in 1,952 Posts
    My Mood
    Bitchy

    Default Re: UK - Camming and Taxes/Accountants

    I had initial queries (which I phoned HMRC about and asked) but overall my tax affairs are simple and I find it very easy (albeit boring and I don't enjoy giving them my money!).

  6. The Following 2 Users Say Thank You to Vlodina For This Useful Post:


  7. #5
    Member NikkitaExotica's Avatar
    Joined
    Nov 2013
    Posts
    71
    Thanks
    127
    Thanked 78 Times in 29 Posts
    My Mood
    Blah

    Default Re: UK - Camming and Taxes/Accountants

    In the section where it asks for the job name did you put 'Entertainer'?

  8. #6
    God/dess Vlodina's Avatar
    Joined
    Oct 2011
    Location
    Scotland
    Posts
    2,768
    Thanks
    10,297
    Thanked 7,385 Times in 1,952 Posts
    My Mood
    Bitchy

    Default Re: UK - Camming and Taxes/Accountants

    Entertainer will work. It needs to correspond to your allowable deductions (which are another matter). I'm an open book and I'm listed as "adult entertainment".

    The HMRC website has vast information. If you want to do taxes yourself you have to do a lot of reading to begin with. In the meantime make sure to track all your earnings and expenditures (make sure you keep receipts!).

    Xx

  9. The Following 3 Users Say Thank You to Vlodina For This Useful Post:


  10. #7
    Senior Member
    Joined
    Jun 2013
    Location
    UK
    Posts
    126
    Thanks
    136
    Thanked 199 Times in 73 Posts
    My Mood
    Chatty

    Default Re: UK - Camming and Taxes/Accountants

    I have an accountant, mine worked at HMRC for 20 years so knows it all like the back of his hand, really nice guy and makes it all nice and simple, and wraps it all up with a pretty little bow and all i have to do is sign the dotted line! Well not quite.. but i send him figures and he does all the sums, he also receives all the post from HMRC, lots of cam girls do it themselves, but i'm a huge procrastinator and i NEED someone to say 'put ___ aside' 'you will need to pay ___ at ___ date' etc etc.. I'm just disorganised.

    Also, having an accountant (or 'agent' with HMRC as they call it) looks great to future creditors, if you're thinking of applying for a mortgage in the future. It's a couple of hundred a year as a very rough figure if you were to hire one, my accounts are very simple and i payed £150 for the last one. But for me i find it worth every penny.

    Just a thought :-)

  11. The Following 2 Users Say Thank You to graciejames For This Useful Post:


  12. #8
    Member NikkitaExotica's Avatar
    Joined
    Nov 2013
    Posts
    71
    Thanks
    127
    Thanked 78 Times in 29 Posts
    My Mood
    Blah

    Default Re: UK - Camming and Taxes/Accountants

    I think I will go the accountant route at least for the first year until I know what I'm doing! So if you are self-employed you fill everything out and pay it once a year? (eekk I hate being a tax-noob!) Is there anything I should be doing in the meantime? Vlodina says keeping receipts, is that receipts for everything I buy throughout the year or just work related stuff? Is their anything else I should be doing? Thank you for all your help ladies!!

  13. #9
    Senior Member
    Joined
    Jun 2013
    Location
    UK
    Posts
    126
    Thanks
    136
    Thanked 199 Times in 73 Posts
    My Mood
    Chatty

    Default Re: UK - Camming and Taxes/Accountants

    Just work related stuff. Keep everything you think you can claim for, there may be some you cannot, but just to be safe.

    You have to pay tax on everything over £9,440 (i think that's the right number, but it's all on HMRC website) so after you've earned that, you will need to be putting a percentage aside, could be higher or lower depending on if you make more or less than around £35k i think it is. This is just from memory, HMRC website is the best place.

  14. The Following User Says Thank You to graciejames For This Useful Post:


  15. #10
    Member NikkitaExotica's Avatar
    Joined
    Nov 2013
    Posts
    71
    Thanks
    127
    Thanked 78 Times in 29 Posts
    My Mood
    Blah

    Default Re: UK - Camming and Taxes/Accountants

    Ahh thank you so much! *wonders if a boobjob would count as work related* :p

  16. #11
    Featured Member
    Joined
    Jun 2010
    Posts
    1,652
    Thanks
    902
    Thanked 2,116 Times in 832 Posts

    Default Re: UK - Camming and Taxes/Accountants

    You actually pay twice a year once once your first one is done. So, you file in January and have to pay all taxes due to the previous April. You also pay 50% of that amount which will then be deducted from your next January bill. Then in July you pay the other 50%. So, the following January you should have nothing to pay for the previous year, but still have to pay 50% for that 'current' year. All that depends on your income being relatively stable though (which is why I got in a muddle after having a particularly good year!)

    In rough terms, if you make around £35,000 or less per year camming then you should set aside around 22% of ALL your income for taxes (30% if you have a student loan). The basic rate is 20% plus 9% National Insurance, but your first £10,000 earnings are tax free (well, will be once the personal allowance is increased) so that's how the rough figure comes out at 22%.

    If you make more than that then prepare to be setting aside a lot more. For example, were you to make £67,000 you would need to set aside around 30% of ALL your income (just over £20,000). Again, that would be more if you have a student loan (which is paid off as 9% of income over £15,000).
    Last edited by BritishBecky; 11-18-2013 at 05:16 PM. Reason: typo
    Quote Originally Posted by HaydenBlue View Post
    Somebody call the WAHHHHmbulance.

  17. The Following User Says Thank You to BritishBecky For This Useful Post:


  18. #12
    Featured Member
    Joined
    Jun 2010
    Posts
    1,652
    Thanks
    902
    Thanked 2,116 Times in 832 Posts

    Default Re: UK - Camming and Taxes/Accountants

    should add that the figure for student loan is correct for my type, but the more 'modern' type is run differently I believe
    Quote Originally Posted by HaydenBlue View Post
    Somebody call the WAHHHHmbulance.

  19. The Following User Says Thank You to BritishBecky For This Useful Post:


  20. #13
    Member NikkitaExotica's Avatar
    Joined
    Nov 2013
    Posts
    71
    Thanks
    127
    Thanked 78 Times in 29 Posts
    My Mood
    Blah

    Default Re: UK - Camming and Taxes/Accountants

    Oh my god! I'm going to print out this tread for future reference. I have a student loan too (the old type) so I'll be setting aside 30% (ouch!). Thank you so much for all that info, I kind of know what I'm doing now! 100% getting an accountant though numbers are not my strong suit!

  21. #14
    Newbie
    Joined
    May 2014
    Posts
    5
    Thanks
    3
    Thanked 0 Times in 0 Posts

    Default Re: UK - Camming and Taxes/Accountants

    This is super helpful thanks girls :-)

    I have just registered as self employed on HMRC's website and have printed out a direct debit form to pay my class 2 contribution as well. I will be calling he tax credit people to let them know as well.

    I think that's me pretty much covered, pleas holla at me if I have forgotten something! Now to begin the dreaded book keeping!

  22. #15
    Featured Member Bootsie's Avatar
    Joined
    Oct 2013
    Posts
    1,012
    Thanks
    2,157
    Thanked 2,150 Times in 696 Posts

    Default Re: UK - Camming and Taxes/Accountants

    Oh God, I'm in complete denial that I have to figure out how to deal with both taxes for camming and my vanilla job this year. I might just throw in the towel and get an accountant, I hate taxes! Well, not taxes per se, but all the forms and math and such.

  23. #16
    Senior Member lilmerry's Avatar
    Joined
    Oct 2015
    Location
    UK
    Posts
    138
    Thanks
    81
    Thanked 209 Times in 77 Posts

    Default UK camgirl - payoneer and taxes.

    Hi! I've searched through different 'UK taxes' posts but I haven't managed to get all the info I need so I thought I'd make a post in hopes I could gather all the info I need together.

    I joined MFC at the end of September so I have until the end of December to register as self-employed, but I'm looking for payment / tax advice from UK models please.

    I currently get paid via a Payoneer card and lift all the money at the one time from a local ATM, but the fees seem to be so high. I gather that the fees will come off as an expense during my self-assessment as I won't pocket that money that is lost? I tried to get money sent to my bank account through payoneer, but the site stated that my account doesn't allow is so it seems lifting money from a local ATMs, getting hit with high lifting fees and then going to the bank to put the money into my account is my only option (bit of a hassle.)

    Is there a better method of receiving payment for UK girls? I can't do wire transfer because I don't make $1000 every pay period. I had been looking at DailyPay because I'd quite like to try AdultWork as a second site, but the lack of information does put me off and I'd obviously have to delete my MFC profile and rejoin through DailyPay (MFC might catch me doing that aswell!) I'm not popular at all through MFC, but it's still a risk I guess. Do you think if I mailed MFC and asked them if I could delete my account so I can rejoin for a different payment they'd let me if I was honest with them? Does anyone else use Dailypay? I have a part time vanilla job, but I do eventually want to give it up and do camming full time.

    I'm not savvy with numbers so I do feel I'll need an accountant. How did you girls go about finding a decent accountant? Did you just message local offices explaining what it is you do and such? I live in rented accommodation, last month I stopped doing as much overtime at my work and put more hours into camming, but this month, I noticed that my electricity was up £25 because of working from home as much (I work at night - lights and heating kept on longer). I imagine that something like that would also come under an expense? Or at least a % of it?

    Any advice you UK girls can give me would be very much appreciated.

  24. #17
    Featured Member
    Joined
    Jul 2015
    Posts
    869
    Thanks
    728
    Thanked 628 Times in 336 Posts

    Default Re: UK camgirl - payoneer and taxes.

    You can claim up to 25% of utilities if you are working from home against your tax bill. That includes a portion of rent but you would need to try and work out if you are part time what % that would be.

    I just transfer straight from Payoneer to my bank account I don't have a payoneer card and have never had any problems so can't answer that one.

    AW pay straight into a UK bank account once you have £150 in your account the transfer is free but it takes a couple of weeks to get the money.

    I don't use studios or daily pay but sure someone will come along who knows about that.

    RE: Taxes self assessment is pretty easy to fill in yourself you just go online and register and fill in the forms its a lot cheaper than an accountant. Hope that helps a little bit.

  25. The Following User Says Thank You to Horny For This Useful Post:


  26. #18
    Senior Member lilmerry's Avatar
    Joined
    Oct 2015
    Location
    UK
    Posts
    138
    Thanks
    81
    Thanked 209 Times in 77 Posts

    Default Re: UK camgirl - payoneer and taxes.

    Quote Originally Posted by Horny View Post
    You can claim up to 25% of utilities if you are working from home against your tax bill. That includes a portion of rent but you would need to try and work out if you are part time what % that would be.

    I just transfer straight from Payoneer to my bank account I don't have a payoneer card and have never had any problems so can't answer that one.

    AW pay straight into a UK bank account once you have £150 in your account the transfer is free but it takes a couple of weeks to get the money.

    I don't use studios or daily pay but sure someone will come along who knows about that.

    RE: Taxes self assessment is pretty easy to fill in yourself you just go online and register and fill in the forms its a lot cheaper than an accountant. Hope that helps a little bit.
    Thank you horny. I have no idea why Payoneer won't let me transfer money straight into my bank account, if it did, it would make things so much easier. I gather they still take fees to put the money into your bank account? I really can't see it being more than ATM fees though. I had requested a bank transfer, but I got an e-mail saying that my account doesn't support it, perhaps because I have a card? I'm going to mail support today about it.

    At the moment I only work 4 hours a night 4 nights a week so I'm part time, but when I leave my vanilla job I want to go full time with it. I really would rather get an accountant, at least for my first assessment in case I mess it up. At least they know about what I can claim for and all that ho ha. My brain hurts when faced with % and numbers, haha. Thanks again for your response

  27. #19
    Featured Member
    Joined
    Jul 2015
    Posts
    869
    Thanks
    728
    Thanked 628 Times in 336 Posts

    Default Re: UK camgirl - payoneer and taxes.

    I'm with Barclays if that helps but I haven't got a payoneer card only a bank transfer set up I believe you can only have one or the other. Maybe that is the problem. I would message them if you haven't already I've looked on the site and its not really clear! I'm not aware of additional charges to transfer money but i'm using MGF I think they take the fees off there end.

  28. #20
    God/dess Vlodina's Avatar
    Joined
    Oct 2011
    Location
    Scotland
    Posts
    2,768
    Thanks
    10,297
    Thanked 7,385 Times in 1,952 Posts
    My Mood
    Bitchy

    Default Re: UK camgirl - payoneer and taxes.

    With Payoneer's Global Transfer (ie. bank transfer) it's just $3 per load. No other fees to worry about.

  29. The Following User Says Thank You to Vlodina For This Useful Post:


  30. #21
    Veteran Member Luna66's Avatar
    Joined
    Jan 2014
    Location
    England
    Posts
    322
    Thanks
    927
    Thanked 859 Times in 226 Posts

    Default Re: UK camgirl - payoneer and taxes.

    Quote Originally Posted by lilmerry View Post
    I have no idea why Payoneer won't let me transfer money straight into my bank account, if it did, it would make things so much easier. I gather they still take fees to put the money into your bank account? I really can't see it being more than ATM fees though. I had requested a bank transfer, but I got an e-mail saying that my account doesn't support it, perhaps because I have a card? I'm going to mail support today about it.
    You need different accounts for different things (which sucks). I have one account with a card, one account for global bank transfer and one account for the US payment service. Go to this link https://www.payoneer.com/WithdrawToBank.aspx and sign up there. I think you might have to use a different email address (i'm not totally sure on that), but you can use the same name, address etc. They know that some people need all 3 of their services (card, bank transfer and US/EU payment service) so they're fine about people having multiple accounts.

    Once you've signed up for a bank withdrawal account (a pop-up will come up when you click on "sign up now" asking for your withdrawal method, make sure you click "local bank account", not "prepaid mastercard card"), just message MFC with the details for that Payoneer account and they'll change it. Like Vlodina said, the fee is only $3 per load.

  31. The Following User Says Thank You to Luna66 For This Useful Post:


  32. #22
    Senior Member lilmerry's Avatar
    Joined
    Oct 2015
    Location
    UK
    Posts
    138
    Thanks
    81
    Thanked 209 Times in 77 Posts

    Default Re: UK camgirl - payoneer and taxes.

    Quote Originally Posted by Luna66 View Post
    You need different accounts for different things (which sucks). I have one account with a card, one account for global bank transfer and one account for the US payment service. Go to this link https://www.payoneer.com/WithdrawToBank.aspx and sign up there. I think you might have to use a different email address (i'm not totally sure on that), but you can use the same name, address etc. They know that some people need all 3 of their services (card, bank transfer and US/EU payment service) so they're fine about people having multiple accounts.

    Once you've signed up for a bank withdrawal account (a pop-up will come up when you click on "sign up now" asking for your withdrawal method, make sure you click "local bank account", not "prepaid mastercard card"), just message MFC with the details for that Payoneer account and they'll change it. Like Vlodina said, the fee is only $3 per load.

    I had no idea. Thanks very much, I'm going to give it a shot! x

  33. #23
    Senior Member ArtsyScarlett's Avatar
    Joined
    Apr 2015
    Location
    Australia
    Posts
    145
    Thanks
    82
    Thanked 343 Times in 100 Posts

    Default Re: UK camgirl - payoneer and taxes.

    Is the exchange rate still preposterously bad with Global Bank Transfer? That's the thing that makes the card so expensive that they add something like 3% over base rate....
    Me after an hour on SM...



    Follow me on twitter
    @artsyscarlett

  34. #24
    Featured Member
    Joined
    Jun 2010
    Posts
    1,652
    Thanks
    902
    Thanked 2,116 Times in 832 Posts

    Default Re: UK camgirl - payoneer and taxes.

    ^Yep but most banks do that too so we end up paying it regardless (including on payoneer withdrawals from UK ATMs)
    Quote Originally Posted by HaydenBlue View Post
    Somebody call the WAHHHHmbulance.

  35. #25
    Veteran Member RebeccaT's Avatar
    Joined
    Sep 2011
    Posts
    607
    Thanks
    380
    Thanked 822 Times in 284 Posts

    Default Re: UK camgirl - payoneer and taxes.

    I just use my Payoneer card to pay in stores and online...there's no charge for that. If I want cash, I pay for my husband's petrol and he gives me the cash (He always buys fuel with cash).
    rebeccateal.com

    Breast cancer? I kicked its butt...back on cam and loving it!







Page 1 of 2 12 LastLast

Similar Threads

  1. Camming and taxes
    By LilRedRidinGood in forum Camming Connection
    Replies: 31
    Last Post: 08-07-2014, 08:31 AM
  2. New to Camming and Taxes
    By Popular in forum Dollar Den
    Replies: 7
    Last Post: 10-09-2013, 01:33 AM
  3. Re: Taxes- is camming still worth it?
    By webstreamuk in forum Jobs
    Replies: 3
    Last Post: 09-10-2013, 06:03 AM
  4. Camming and Taxes???
    By lovelife in forum Other Work
    Replies: 23
    Last Post: 12-13-2009, 11:40 PM
  5. Camming, taxes, and 2257
    By ambellina in forum Other Work
    Replies: 4
    Last Post: 08-20-2006, 01:45 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •