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Self employment query

Discussion in 'General Business Forum' started by Bluesky67, Sep 14, 2020 at 8:25 PM.

  1. Bluesky67

    Bluesky67 UKBF Newcomer Free Member

    10 0
    Hi guys,
    To cut a long story short my Partner and I are both Employed PAYE.
    We have recently started modelling as a couple and have a number of bookings scheduled for which we will be paid. We will of course have to fill in a self assessment as the work will be classed as self employed.
    My query is to do with the best way of going about this. Should I just have the money paid into my account and fill in a tax return myself? Or, in light of the fact that we are both working for this money should we open a joint bank account for the modelling money to be paid into and then us both separately fill in a tax return for the money in the joint account, as this seems like it could be a little complicated when trying to calculate each persons proportion of tax to pay in conjunction with the money that is in the account.

    Any advice is appreciated, thanks guys.
     
    Posted: Sep 14, 2020 at 8:25 PM By: Bluesky67 Member since: Jan 9, 2018
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    16,390 3,466
    It would be simpler having separate bank accounts. However if you keep good records a joint account woulkd work.
     
    Posted: Sep 14, 2020 at 11:10 PM By: Scalloway Member since: Jun 6, 2010
    #2
  3. Bluesky67

    Bluesky67 UKBF Newcomer Free Member

    10 0
    Thank you for your help, much appreciated!
     
    Posted: Sep 14, 2020 at 11:17 PM By: Bluesky67 Member since: Jan 9, 2018
    #3