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HM Accountax Ltd
HM Accountax Ltd, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 135
Experience:  I am an accountancy professional with more than10 years hand on experience in audit, accountancy and tax affairs.
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To cut a story short my Partner and I are both Employed

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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 help is appreciated, thanks guys.
JA: Are you filing as a sole proprietor or independent contractor?
Customer: Neither
JA: Anything else you want the Accountant to know before I connect you?
Customer: No

Hi,

I am an advisor at Just Answer and i am more than happy to help you.

How much per annum are you expecting to make from modelling venture?

Regards

HM Accountax

Customer: replied 4 days ago.
Hi there,
Thank you for responding.
At this stage I cannot say for sure but I would approximate we will make £5k as a couple (so if split 2.5k each)
Please let me know if you need anything else.
Thanks
Jack

Hi,

I'll suggest that you open joint bank accounts for your modelling work, split the income and declare it on your respective tax returns.

I hope this answers your query.

Regards

Muhammad

Customer: replied 4 days ago.
Brilliant thank you Muhammad.
Just finally, when it comes to us submitting Our respective tax returns at the end of the year, if HMRC ask for evidence will our joint bank account statement be sufficient? Or will this throw HMRC because it will be one payment into a joint account?
I guess what I am asking is will we have to split the monies into two and then show evidence? Or will HMRC realise that the money is being split into two?

Yes, bank statement will be sufficient and you can show that you split the money equally and declared it on individual tax returns.

Regards

Muhammad

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