Self Employment query

Kcaj94

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.

AskAsk

tax returns are done for the individual so it is best you guys keep your finances separate for ease of reference.  you should record your earnings on a spreadheet with dates so when you come to do your tax return you can access the information easily.

unless of course you are paid as a couple, then you couldn't get it paid into 2 separate accounts?

Kcaj94

Thank you for the reply, much appreciated. 

We was going to get paid as a couple, would this be possible?

AskAsk

Kcaj94 said:

Thank you for the reply, much appreciated. 

We was going to get paid as a couple, would this be possible?

so will the earnings be 50/50 split?  whatever split, you can record on the spreadsheet the split everytime you get paid.
as you are paid as a couple, then it would make sense to keep one bank account.  as far as the tax man is concerned, he doesn't care where you put the money, you can put it in a tin box under your bed if you like   

if he ever asks to see proof of income, it will be invoices that you sent to your agent or payments from the agents into your bank if they don't send you payment confirmation slips.  you can do the split manually yourself for the tax return.  don't forget to claim expenses to offset against your earnings.

Kcaj94

AskAsk said:

Kcaj94 said:

Thank you for the reply, much appreciated. 

We was going to get paid as a couple, would this be possible?

so will the earnings be 50/50 split?  whatever split, you can record on the spreadsheet the split everytime you get paid.
as you are paid as a couple, then it would make sense to keep one bank account.  as far as the tax man is concerned, he doesn't care where you put the money, you can put it in a tin box under your bed if you like   

if he ever asks to see proof of income, it will be invoices that you sent to your agent or payments from the agents into your bank if they don't send you payment confirmation slips.  you can do the split manually yourself for the tax return.  don't forget to claim expenses to offset against your earnings.

Thank you so much!!! You’ve been a huge help!