GOING SELF-EMPLOYED
I AM CURRENTLY IN EMPLOYMENT, HOWEVER, I’M NOT DOING WHAT I LOVE AND I WANT TO BECOME A PHOTOGRAPHER. HOW DO I GO SELF-EMPLOYED? IT SEEMS LIKE A BIG STEP AND THE LOGISTICS BEHIND DOING SO (LIKE SETTING UP MY TAXES FOR INSTANCE) SENDS ME INTO PANIC MODE. PLEASE HELP! HELEN LANGTON
While it is a big decision to leave a steady income and work for yourself, there are benefits to being self-employed. From my experience, I love being my own boss, working the hours I want and owning everything I shoot. On the downside, I don’t get holiday or sick pay and my income is inconsistent. However, for me, the benefits outweigh the negatives.
If you want to pursue your dream, don’t let the thought of self-employment stop you as it is not difficult to set up. You simply need to register your photography business with HMRC, either as a Sole Trader or as a Limited Company. A Sole Trader has full ownership of their business and keeps all the profits after paying tax on their income. To
find out more, go to WWW.GOV.UK/
SET-UP-SOLE-TRADER and follow the instructions.
If you predict you will earn a large profit and have a big turnover, or are going into business with another owner, you should register as a Limited Company. Find out more at WWW.GOV.UK/ LIMITED-COMPANY-FORMATION/ REGISTER-YOUR-COMPANY. Seek professional advice from an accountant, who will assess your situation and put you on the right path. Good luck! SETTING YOUR BUSINESS UP AS SELF-EMPLOYED CAN FEEL OVERWHELMING, HOWEVER, IT IS RELATIVELY SIMPLE TO DO