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Sex working means that your income is probably cash in hand, which can make it harder to manage your money. Here is some advice about rates, tax, money and benefits.
Money, tax and benefits
We know that a lot of this might seem obvious, especially if you have been working in the industry for a while, but it never hurts to remind yourself.
No one likes to talk about tax but sadly, it’s a necessity! The best thing to do is to register as self-employed. You do not need to declare your occupation as an escort (although some people do). If you do not feel comfortable doing so, you can say you are a ‘complementary therapist’ (such as a self-employed counsellor or masseuse).
Register with the Inland Revenue and Customs and Excise Departments here: hmrc.gov.uk
It is relatively painless but try to do it as soon as possible, or at least within the first three months. If you register after three months you might get a fine for working without registering.
Don't forget you can claim travel expenses and a lot of the things any other self-employed person will be claiming as tax deductible. Keep a record of all business expenditure otherwise you will end up paying too much tax.
It can be a good idea to put around 30 per cent of your earnings aside, preferably in a savings account, so you receive interest. Keeping money aside for tax will mean that you won’t get a nasty surprise when it is time to pay!
If you do not register and the Inland Revenue investigates, they can force you to pay tax for all the years you didn’t pay, as well as fines. This is a horrible situation so please be careful.
For more advice on tax and escorting, please go to taxrelief4escorts.co.uk or contact SWISH for more information.
The Inland Revenue sound scary but their phone operatives are usually really helpful and friendly.
Last review: 25/09/2014
Next review: 25/09/2017