What do I do with my money to keep it safe and keep the banks off my back?

Author Topic: What do I do with my money to keep it safe and keep the banks off my back?  (Read 3056 times)

Friday

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #30 on: September 23, 2011, 11:02:52 PM »
Remember if you are caught the tax man can go back 7 years

I've always known it to be SIX years? Is it different in Scotland?

i could just have it wrong  ;D

Cat_BBW

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #31 on: September 23, 2011, 11:13:01 PM »
Remember if you are caught the tax man can go back 7 years

I've always known it to be SIX years? Is it different in Scotland?

i could just have it wrong  ;D

LOL! PhEW!! Thought they'd changed the rules without telling me :o :D

sammy s

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #32 on: September 23, 2011, 11:25:34 PM »
Honestly pay your tax. Listen to someone who has been in serious bother for not doing so.

When I first started escorting 6 years ago I never bothered paying tax and was earning about a grand a week too. I remember hearing from my other escorting friends that they were declaring their money etc but it still didnt make me want to have to pay taxes as I felt like it was too easy to get away with just stashing the cash in my bedroom and only paying in £800 or so into my bank every month without ever getting caught.

I managed  10 months without paying anything and then a client who took a dislike to me over something trivial ended up grassing me up to the Inland Revenue.

Well..... let me tell you what a complete and utter nightmare it was trying to sort that out! I have been paying my taxes ever since (you don't have to declare every single penny you earn but you should probably declare most of it as then you can sleep at night not having to look over your shoulder).

Look for an escort friendly accountant, register with HMRC as a self employed therapist,  start saving 20-30% of the money you earn on every booking and leave it up to the accountant. 
Your landlord, parents, friends, bank etc will never know anything as it's all confidential.

If you pay tax you can also do things like get a mortgage or buy things on finance (car etc) or open up an ISA.

TSgirl

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #33 on: September 23, 2011, 11:36:12 PM »
I'm registered as a 'creative' :)

Do any of you have contacts for escort friendly accountants in the Herts area?

And it's not so much the fear of them coming knocking on my door, but more the knowledge that I'm not like all the tax dodgers and benefits cheats out there...

elleheart

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #34 on: September 23, 2011, 11:41:13 PM »
I'd like to restate that I do NOT wish to get away from the tax man, the reason I said that I don't wish to be taxed previously is because I didn't know that I didn't have to tell the taxman what my job was.

How can I find an 'escort-friendly' taxman in Staffordshire?

E

Anika Mae

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #35 on: September 23, 2011, 11:50:20 PM »
With all this talk of "escort-friendly accountants" I have to say, I know some people will feel more comfortable finding someone who's known to be ok with sex work, but pretty much all accountants should be. They're professionals and unlike us they don't need to be that fussy about who they take on as clients. Personally I went with the first accountant who answered the phone a couple of weeks before the filing deadline, and that's worked out fine. The chances of you randomly picking an accountant who's so freaked out by your condom receipts that they don't want to take your money is very small.

elleheart

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #36 on: September 23, 2011, 11:53:59 PM »
Who knows... he could become a regular ;)

Ok thank you everyone for all your help, sorry for the misunderstandings that occurred in this thread. On Monday morning I will be sorting out my tax situation. Although I'm unsure if I will get taxed as I'm a full time student, I'm unsure yet. I'll call some accountants on Monday to find out :)

xxxxx

Anika Mae

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #37 on: September 23, 2011, 11:58:55 PM »
Yes, you will. The student thing is a fairly common myth, but the only tax students have any kind of exemption from is council tax.

elleheart

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #38 on: September 23, 2011, 11:59:35 PM »
Ok, thank you :)

xxx

Friday

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #39 on: September 24, 2011, 01:23:37 AM »
Yes, you will. The student thing is a fairly common myth, but the only tax students have any kind of exemption from is council tax.

I think that's people getting confused with your tax free allowance with alot of students only working part time.

As I invest all my earnings in another business I have yet to pay a tax bill, my accountant just sent me the figures for last year this week. It was rather close though so I guess I wont escape it nexy year oooh nooo! lol  :o

scottishgirl001

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #40 on: September 24, 2011, 10:39:40 AM »
you'll need an accountant and 'hospitality consultant' is one title

Anika Mae

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #41 on: September 24, 2011, 11:04:28 AM »
You don't need an accountant. They're handy, but filling your own tax returns is easy enough. I was only 20 when I started doing it.

AngelEyes

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #42 on: September 24, 2011, 01:19:00 PM »
Anika  you are right that you should be able to go to any accountant. However, as we know  there are some moralistic  people about  and some people feel comfortable using  people who are au fait with us escorts and what we do. Basically people who will not bat an eye lid lol.

No, you do not need an accountant but for me personally I find  it very handy. I think a lot of all this is to do with personal preference.  Minus the not paying.


For those who wish to declare their title and  are bothered about which accountant try the following:
[link removed]
« Last Edit: September 24, 2011, 01:23:43 PM by amy »

amy

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #43 on: September 24, 2011, 01:26:52 PM »
There is a thread about finding accountants here.

Lorissa I have removed your link as this is not an appropriate place for advertising; if your account wishes to do so he can sign up and post in the Spamming section. I suggest he reads the above thread first though, if he hasn't already.
You have lovely sheep.

AngelEyes

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Re: What do I do with my money to keep it safe and keep the banks off my back?
« Reply #44 on: September 24, 2011, 01:37:09 PM »
Oops sorry silly me! I forgot that link was there lol.  Ha ha