Money is always a tricky subject, and with debt, benefits, taxation and VAT to worry about, it’s a lot to get your head around. This section goes through some of the need-to-know details surrounding your money, including some great resources to help you keep yourself and your money safe.
All of this may seem daunting, but you shouldn’t feel worried or threatened about keeping your finances in order.
Our MASH case workers can help with your basic financial situation; such as benefit claims, basic debt advice and housing.
For specific debt and welfare advice, please follow the links.
Taxation & VAT
You must declare your earnings to HMRC and pay income tax, National Insurance Contributions and, depending on your income, VAT, by filing annual returns where necessary.
There are some basic guidelines and advice on the Support and Advice for Escorts website, including how to register with HRMC and how much money to set aside each week.
It is important to get good accountant early on to help you with your record keeping and expenses as this will ensure that you don’t pay too much tax. It will also assist you to get whatever working benefits you are eligible for.
You may be worried about information sharing between HMRC and the police; unfortunately there is no guarantee that this will not happen. Information can be shared further to a production order issued by a court in limited circumstances. Be reassured, however, that the use and disclosure of information by HMRC is tightly regulated and protected by the Data Protection Act.
If you are wholly self-employed, you should register with HMRC within three months of starting work or advertising for work. You could be fined if you do not register within the time frame. You do not have to give your profession as a sex-worker when you register, you can say entertainer or masseuse or something else more general that fits in with what you do.
This information is from Release’s booklet Sex Work and the Law. The full version is available at http://www.release.org.uk/publications/sex-workers-and-law-booklet.
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