Boring but, UK Taxes Questions...

[Fyre_Guy]

Hello,

I've just been paid for my first few weeks of camming on CB.

I'm from the UK and I've done some research into taxes, and i understand that I need to submit a self assessment of tax at the end of the year and register for self employment etc.

My question is more to do with the details, and I think the answer is going to be to go see an accountant, but I'm just starting up and imagine that's going to cost me all my earnings.

A few questions i have:
Do I need to put aside 20% of my earnings before or after conversion from USD to GBP.

For example if im paid 100USD and the conversion rate is 0.72

Do I A: Put away 20% of the 100USD * 0.72

or B: Convert First so 100 * 0.72 and then put away 20% of the result?

Also, what exactly can I write off as a business expense Rent, Electricity and Internet wise. I have no idea how much camming uses my electricity or internet, is there a certain amount I can not be taxed on this?

Any Help or direction would be useful here. Happy to sit down and read but I'm struggling on finding resources for this scenario.

 

[MiaFoxUK]

Sign up now for self assessment, they send out some really helpful emails about what you can claim, and there's loads of info on the gov website too.

Unless you are earning mega bucks then it's simple to do yourself. Keep a spreadsheet of incoming and work related outgoings. There's a breakdown on the gov website of what % you can claim, it's easier if you have a dedicated cam room but easy enough too if you don't.

If you earn over 11.5k (I think, double check) then you pay 20% of what you earn. The easiest way to record it is what you get in gbp. Then save 20% of that.

But register now, you won't have to file for ages unless you worked before April. Sign up for their emails, they also do videos and webinars etc