Basic start up questions

[christopher247]

Hi

I am keen on starting up a small business to supplement my existing 9-5 weekday job. Photography is my passion and I would like to get into wedding photography, events and parties...

I can't see my income being very high inititially, I have no bookings lined up yet. Am starting up very small! Hopefully it'll grow.

I really don't know much about the "formalities". My questions are:

Do I have to register that I'm a business (at company house)? I don't think it's a requirement initially...

How about income tax issues? Can I just declare any additional income on top of what I already earn in my day job? As I said before this additional income will be relatively small. How do I do this?

Or is it better to declare business income separately somewhere?

If anyone can answer this or perhaps better point me to some good reading somewhere then I'll be very grateful.

Thanks.

 

[KM-Tiger]

http://www.hmrc.gov.uk/businesses/tmastarting-up-in-business.shtml

would be a good starting point for tax issues.

Weddings/events is a fickle market. You will need a good dose of luck as well as ability. Good luck!

 

[bwglaw]

Is this something you can do as a sideline because your clients might not be able to contact you during 9-5! Are you able to contact suppliers in the evening and weekends?

You will need to register as self-employed in addition to being employed and pay NI when required. You do not need to register anything with Companies House unless you plan to become a Limited Company.

Is your sideline in competition with your employer? Will you be working over 48hours a week?

It is not easy to operate a sideline whilst in full-time employment because you will be exhausted if you come across a busy period and may well affect your health and safety at work. If you do more than 48 hours a week your employer should be informed

 

[Michae]

I have a friend who makes a fortune travelling to kids sporting events taking action and team photos and then selling them to parents....easy to set up and very lucrative and mostly at weakends!

 

[Kent Accountant]

http://www.hmrc.gov.uk/businesses/tmastarting-up-in-business.shtml

would be a good starting point for tax issues.

.. and then if you follow the link to "Starting up in business" and then the link to "I don't know very much - take me to a beginner's guide to working for myself/ setting up a business." it will take you to the Business Link website which again has some very useful information.
Dependent upon your anticipated income, you also need to register either to pay or to be excepted from paying class 2 national insurance contributions. An initial free consulatation with a local accountant may also help. For wedding photography, make sure that you take out business insurance in case you have a problem with producing the photographs - it's very expensive to re-stage a wedding

 

[one2escape]

I have a friend who makes a fortune travelling to kids sporting events taking action and team photos and then selling them to parents....easy to set up and very lucrative and mostly at weakends!

What a brilliant idea! I would love to be able to do photography now!

 

[Graham Iceberg]

Hi,

Shame you dont live in Dubai ! I design and technically produce many weddings, amongst other events - I always need a photographer !

Anyway, here's some random points.

a) Try to make a business card and send to all the Banqueting / Conference Managers in the hotels - they can give you a lot of work over time, when their preferred photographer is tied up else where.

b) I expect a photographer at an event to be brave, not shy - to 'get in there' and get all the good shots, head tables, key moments, close ups blah blah. This is easy.... if you are smartly dressed... and not easy if you are not !

c) Take a second camera ! Your master camera will fail at some point !

d) Take a laptop, and be prepared to give clients their photos on a disc, like, 30 minutes after the wedding. You'll need to transfer from camera to pc to disc quickly !

e) Make a list for every event / wedding prior to arriving, of what you think you must capture on video. ie - church, cars, arrivals, the ceremony, speeches, all groups of guests at tables. I mention this because your reputation will drop quickly if you miss a key moment - that is why you are there !

good luck Graham

 

[Graham Iceberg]

In the last post, i meant 'camera', not 'video' !

While here, i might add - do a few weddings for free, this will be good training and everyone wins