As discussed in yesterdays article ‘PHOTOGRAPHER’S GUIDE TO GOING FREELANCE: PART 1,’ many freelancers opt to trial working as a photographer by working in their spare time at first; while also remaining in their full time job.
Working with photography as a side-job gives the option to see if a freelancing business is viable and a profession you’d like to purse without the financial risk.
It is not neccessary to notify your employer you are freelancing part time if you do not wish to. However, it is sometimes advisable in case of any potential conflict or clauses in your contract.
Freelancing part-time if a good entry into becoming a full-time sole trade. All you would have to do to register with the HMRC by filling in a CWF1 form within 3 months of you setting up.
If you need help with this let us know, we’re here to help.
At the end of the tax year, (5th April), you will be requested to complete a Personal Tax Return which declares your business profit – which is, in effect, your income or ‘payment’ for the year.
To do this -at least for the first few years- you should hire an accountant. This is so you can be sure to limit the risk of mistakes, which can lead to excessive penalties; as well being able to access, several tax incentives that could save you from spending more than you need to. When choosing an accountant be sure to hire a specialist in your field, this way you accountant will be experienced with giving a tailored service to you that will save you the maximum amount of money and time. For example, Bambridge Accountants specialises in professionals in the creative industry- such as photographers. This means we have immediate knowledge of your profession and what approach to take on numerous financial opportunities and problems surrounding the photography field.