Money, ultimately that’s what we’re all after and if you’re serious about making a living from photography then bookkeeping is just part and parcel of the job.

Bookkeeping and taxes varies country to country so make sure you seek the advise of an account in your area. Today we’re focusing on the UK. If you’re an US based photographer then you might want to read New Accounting Requirements for American Photographers by Matthew Dutile at Digital Photography School

If you have any questions then go to accounting for photographers

Managing your business account

Tips

Get a separate business account. Apart from making it easier to distinguish between business and personal finances it’s good for building your businesses credit rating.

Have a system for keeping a record of your sales.

A good studio management software should allow you to easily create invoices that are linked to clients in your database.
There are lots of good programs that are aimed at photographers. I’m personally a fan of Studio Cloud which offers a free version with a pay monthly upgrade. In the long run you might end up spending a little more than software where you pay a one-off fee but it helps

Don’t rush into becoming a Limited company, especially if this is your first couple of years in business. Being a limited company does have its benefits although if you’re the sole owner of your business it might cause more headaches (and costs) than is necessary.

Don’t leave it till January to file your tax return. Get it out-of-the-way as soon as possible. If your books are up to date then there’s no reason why you can’t do it at the end of April.

If photography is your second job then you can file your return as soon as you get your P60.
Any losses made in your photo business can be claimed back against the income tax you’ve already paid in your main job. This means a nice little refund!

Hire an accountant or at the very least seek professional advice.

Expenses

Expenses are a wonderful thing and can be offset against your profits when it comes to paying your taxes.

Most important…. keep those receipts!

A few things that you can claim.

Travel – nice and easy one. When it comes to petrol you can claim …….p on each mile.

Working from home …. % of electricity and …..can be claimed

Stationary – blank DVDs, printer ink, envelopes, postage. Over a year this can really mount up.

Website costs – hosting, site design etc.

Training – as long as it’s relevant it’s counted as an acceptable expense. Training that relates to a different industry doesn’t count.

Equipment – As photographers this is the big one. You do have up to 3 years to claim these expenses so you might want to go searching for those old receipts you forgot about.

If you need advise or indeed an account that specialises in photographers needs the visit our accountancy for photographers page.

Contact Emma and ask a accountancy question