Should I Pay Tax On My Panty Selling Income?

So here we are, massively successful GLOBAL Pantypreneurs pulling in at least four figures a year, or a month! We’re making bank but to all intents and purposes we’re doing it undercover and well, now it’s time to consider paying taxes.

I have already recorded a training audio around my thoughts on this.

I, for one, am a big proponent of paying taxes on your panty selling income.

Why?

Well, I believe that if you’re taking this seriously as YOUR BUSINESS then you should do all the things that normal businesses (and I recognise this is far from what is deemed a ‘normal’ business) do.

What kind of message are you sending out to the world if you don’t take this shit seriously? And further, if everyone else pays taxes I believe I should to. I benefit from the system so I should pay into it.

That’s just my belief.

But low and behold, a panty seller I met just so happens to work for the tax office (UK) and has kindly given me (and you) a breakdown on the ‘rules’ as far as taxing your panty selling income goes. So here goes…

Advice for UK Panty Sellers…

You still have to pay tax if you are paid in cash (e.g. through cash apps), gift cards (e.g. Amazon) and any other form of payment.

Your income is taxable if you are selling physical items (e.g. panties) and providing services (e.g. pictures, videos and cam or live sessions).

Also tips!

But couldn’t panty selling be considered a hobby business?

Not if you’re aiming to make a profit. In that respect, it is considered trading income and not a hobby.

You are entitled to a tax-free personal allowance of £12,500 from 6th April 2019 until 5th April 2020. That means that you won’t be paying tax until you hit that threshold in the tax year. You are also entitled to a tax-free trading allowance of £1000 per year.

If the only income you receive is through your panty selling business you can earn up to £12,500 before having to consider if you will be required to pay tax.

If however, you have another income, then the likelihood is you will surpass the £12,500, right? So in that case, the first £1,000 (tax-free trading allowance) is tax-free and anything above that is taxable income. So if you made £2,500 over the year (and hopefully you’re making a lot more than that) then you’d need to declare £1,500 of that, because the first £1,000 is effectively ‘free’. That’s income before expenses are deducted by the way.

So say you’re making bank and your income is over the £1,000 free amount. Here’s how to calculate your taxable income

Take the gross income
Deduct the £1,000 tax-free trading allowance
Whatever is left is subject to UK income tax at whatever rate you are on (depends on employment status)

Or

Take your gross income
Deduct actual expenses (cost of stock, postage, PayPal fees etc. Maybe even a proportion of wifi or mobile phone charges)
Whatever is left is subject to UK income tax at whatever rate you are on (depends on employment status)

You can choose which method you wish to use, whichever results in the lowest taxable income makes perfect sense!!

I hope that hasn’t been too overwhelming. Tax isn’t everyone’s favourite subject.

But like I said, if this is a business and you are a serious Pantypreneur, then treat it that way and get on top of your tax situation.


P.S. Ready to start selling your panties online today?

GOOD!

https://pantysellingschool.com/ultimate-guide/

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P.P.S.

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Dalma x

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