Photography Business

[princephotography]

Hi,

I am about to setup my own Wedding Photography Business and just after a bit of help.

I have been told by a few people that its best to go LTD. Obviously the first year is going to be hard and with possibly not alot of money coming in so...

I need an accountant. How much do they charge? , is it dependant on turnover?

Also if i invest £4000 into the business for equipment can i claim that back eventually?

Any help much appreciated

Matt

 

[CassioAcc]

Your investment in the business is tax deductable, if you go the LTD company route then this will be a loan to the company which you can take back when the company can afford to pay you.

A sole trader is simpler than a LTD in terms of tax and accounting requirements, however the decision needs to be made based on all the facts of your business

You could alsways start as a sole trader and then incorporate at a later date.

Look for an accountant that offers fixed fees, for your type of business it should not be too much.

 

[princephotography]

1. speak with the photographers on the forum at
2. £4000 is nothing considering you need duplicate kit, insurance, software, fast PC's mac's etc.. realistically double or tripple it
3. Wedding photography payments are usually NOT deposits AND often fall in a different tax year to the wedding. This requires simple but special tax an accountancy advice
4. I have spoke with over50 photographers in the last 2 moinths, and they are ALL stuggling. We were getting boked 2 years in advance, we are now getting poor quality (from a booking point of view) phonecalls 2-3 months before the weddinng date. Budgets for photography overall have been slashed
5. Dont expect to be busy - you will need to diversify your photography. portraits, products, events..
Expect the double it principle. If you are very good and very lucky you will book 4 weddings in year 1. 8 weddings in year 2, 16 in year 3
6. Dont waste money on yellow pages - no one is getting good enquiries from it

When you want a website call me - I have dealt with a lot of photographers

Hi,

I probably didnt make myself 100% clear. I already have lots of kit (canon 5dMkII, Canon 50d, 24-70mm f2.8, 70-200mm f2.8IS etc etc)

The £4000 is for a really fast PC and for marketing.

Also , i already have 11 weddings booked for next year. It must be area related as i know quite a few photographers locally and they arent struggling as much as you are saying.

I think i will actually go self employed to start (been reading it up all afternoon) and then go LTD once i am more into it.

Matt

 

[artona]

Hi

You have made an excellent start. You must be very pleased. How have you got off to such a good start, booking 11 weddings in your first year

stew

 

[princephotography]

Ive been doing photography for a while now and know quitre a few people. Its actually 12 now as a friend of a friend has booked me aswell for february