Starting out “ONCEYOU’RE REGISTERED,YOU’LL BEABLETOCLAIM JUSTIFIABLE EXPENSES AGAINSTYOUR EARNINGS, SUCHAS THE COST OF EQUIPMENT”
Insurance: Get yourself covered
MONEY FOR NOTHING Start earning a few quid from photography and making sure everything is above board becomes a priority. You need to think about tax, VAT, keeping accounts and everything else that comes with running a business
Tax: Don’t get caught out
there are advantages – once you’re registered, you’ll be able to claim justifiable expenses against your earnings, such as the cost of equipment, marketing and travel. Ultimately, you can get plenty of good advice on photography accountancy from a specialist company, such as Green & Peter (greenandpeter.co.uk), allowing creatives like you to get on with making pictures, while they worry about the equations. If it means you can spend time booking clients and shooting on jobs, it’s well worth it.
REMEMBER THAT AS soon as you start making money from your images, the taxman will be interested. And that’s whether you’ve gone into photography full time or as a side project. If it’s the latter, make sure you file a separate self- assessment tax return, including any money you’ve made outside of your PAYE earnings. If you’re going ahead as a full-time photographer, register as self-employed as quickly as possible. Listing as a limited company is worth looking at, but you need to earn enough to make it worthwhile. In either case,
BE SAFE, NOT SORRY Insurance is not just about being covered for breakages and theft, but will cover you when shoots don’t go according to plan
THERE ARE TWO main types of insurance you need to know about for photography – liability cover and gear cover. Whether you need one, or both, depends on what type of business you’re running. But, if you’re unsure, get both! Justify the cost by building it into your prices. Professional and general liability cover is probably the most important when working with clients, whether they’re businesses or individuals. Basically, it offers some protection if you get sued for anything, from causing accidental injury if someone trips over your camera bag, to claims from dissatisfied customers, property damage and even libel. Remember, you may be cited in a lawsuit and confident in your innocence, but if you’re not insured, it will still cost to defend yourself. As for gear cover, you’re looking at insuring against loss, theft and accidental damage. In a professional environment, there will be a lot more risk to your gear, so it makes sense to have cover. What’s more, though you might think your house insurance covers you, it’s likely only up to a certain amount per item. Too low to pay for pro gear, and may not cover theft or damage during a paid job – just as your car insurance wouldn’t cover you for delivering packages when all you’ve paid for are social and commuting journeys. With gear cover, it’s best to get the specifics right and read the terms and conditions closely to see if you need to provide a kit list. Check whether your gear is insured for the stated original value, or the actual value (which is lower), and whether you’re covered overseas, too. For more info, friendly advice and some competitive packages, check out The Insurance Emporium (emporium.co.uk), Glover & Howe (gloverhowe.co.uk) or Thistle Insurance Services (thistleinsurance.co.uk).
CONTACTS › Accountancy services Green & Peter greenandpeter.co.uk › Insurance The Insurance Emporium emporium.co.uk Glover & Howe gloverhowe.co.uk Thistle Insurance Services, thistleinsurance.co.uk › Portfolio and business cards M oo moo.com P lastic Sandwich
plasticsandwich.co.uk › Website providers A mazing Internet amazinginternet.com P ixpa pixpa.com
20 Photography News | Issue 89
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