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Hi everyone just a quick question: How am I supposed to pay the models?

So far I have been paying by cash but I am not sure if this is right as I am doing all my takings through my limited company.

Any help would be greatly appreciated.

Regards James

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Paying by cash is perfectly ok.

In the olden days most people got a brown envelope with some cash in at the end of the working week. Nowadays it's just MPs.

As the models are freelance suppliers you have no worries about PAYE or tax issues for them, but you should get them to sign a receipt for your records to show the taxman that it was a legitimate expense and not drawn from the company for your own use. Its up to your suppliers to declare their income to HM taxman.

Doesn't your Accountant get involved in this ?

If not have a look at http://www.qwicksolve.co.uk - they handle some industry clients.

We are a limited company and got loads of grief from our auditors for paying cash - they said that is just inviting an inspection from Customs or the Inland Revenue.

We now only pay by cheque, and also on the model release include the amount paid and get the models full address.

As a limited company you need to account properly for all monies paid out.

Thanks for your help guys, I really appreciate it. I will start payin by cheque just incase. What about model travel expenses? Im sure I could claim them back on my vat.

My accountants do not know the business I am in but I think they may have to find out soon as I can't get full advice.

Thanks again.

Regards James

Hello

We pay by cheque, Keeps our accountant happy that there is a paper trail

Only time we pay in cash is when they girl comes from outside the UK

Cheers
Darren