Navigating the HMRC Website

Since launching the 'Finance for Photographers' series of materials, the vast majority of questions that I get asked have been tax-related. Tax considerations for your photography business are a broad topic, and it’s important to always get advice tailored to your specific circumstances from a tax professional who is up to date on the latest rules. An accountant will almost always save you at least the equivalent of their fee on your tax bill, by ensuring that you are claiming all relevant deductions and that your business is structured appropriately to minimise your tax expense. There is also a lot of helpful information available on the UK Government website, and once you find the information that you are looking for, it's actually fairly easy to comprehend. To help you navigate your way around, I've included below some links to the topics which are most commonly raised with me.

If you are ... Self-employed / Sole Trader

Simplified expenses if you're self employed (Simplified expenses are a way of calculating some of your business expenses using flat rates instead of working out your actual business costs. You don’t have to use simplified expenses.) : https://www.gov.uk/simpler-income-tax-simplified-expenses Allowable business expenses: https://www.gov.uk/expenses-if-youre-self-employed/overview Keeping business records: https://www.gov.uk/self-employed-records What is the 'cash basis' of accounting?: https://www.gov.uk/simpler-income-tax-cash-basis Online resources to learn more about tax for the self-employed: https://www.gov.uk/government/news/webinars-emails-and-videos-if-youre-self-employed

If you are ... Setting up your business for the first time

Choosing a legal structure for your business: https://www.gov.uk/business-legal-structures Register your new business with HMRC: https://www.gov.uk/new-business-register-for-tax Registering for self-assessment: https://www.gov.uk/register-for-self-assessment Setting up as a sole trader: https://www.gov.uk/set-up-sole-trader Running a business from home: https://www.gov.uk/run-business-from-home

If you are ... Growing your business

Employing staff for the first time: https://www.gov.uk/employing-staff When and how to register for VAT: https://www.gov.uk/vat-registration 

To ask me a finance related question, please join me in my Facebook group 'Finance for Photographers'.