new buisness help needed

AMMONITE_2

hi my partner and i are about to set up our own portrait and wedding photography buisness.
i need some help do i need an accountant straight away.
what kind of records reciepts do we need to keep and any advice will be gratefully recieved we have both always worked for others in the past and are stumped.
it appears that everyone is desperate to give advice but always for a price!!!
we are trying to do this without any borrowing, therefore he is working part time as a lorry driver and fitting in the photography around it.
thankyou in anticipation:D

richt71

Why don't you call a few accountants before you start. Many will give you a free consultation with advice. Then once you're up and running they'll usually only charge you for doing major things like tax returns etc.

Astaroth

Often for new businesses you can encourage accountants to give low cost/ free advise on the suggestion (but not promise) of securing your future work.

Good luck with the business, I am only an amateur photographer but a friend is getting married on a shoe string budget and the misses agreed I would do her photos for her and the prints/ album will be their present and I have to say I am very nervous about doing it

superfly_2

if you contact your bank and set up a business account , the business adviser will provide a lot of valuable infomation and advice.
Good Luck

AMMONITE_2

astaroth if you need any advise on the wedding pics let us know.
thanks for your advice:):):)

zenmaster

Loads of info on BusinessLink

moestar

First do make appointments to see any local accountants who give a free initial interview. What you really need is a checklist from them so you can make sure that all your official obligations are covered.

It is expensive to have an accountant actually keep your books - much cheaper if you can keep them yourselves (lots of bookkeeping books around) then just send the numbers to the accountant at the end of the year.

Make sure you register with the Inland Revenue as self-employed within 3 months of starting - otherwise there's a fine.

Keep receipts for anything that is an expense that's incurred "wholly and necessarily" for business purposes. Find yourself 12 big envelopes and write each month of the year on them. Put all your receipts for the business for that month in the envelope. At the end of the month, do your accounts if you can and put the envelope in a cupboard with your tax stuff, then start putting receipts in the new month's envelope. When you come to finish your accounts for the year, they are all sorted and ready for you. Makes a huge difference!

Btw if you are claiming mileage on business journeys, ask for VAT receipts from petrol stations - not just the credit card receipt.

It's really really important to separate your business from your personal accounts and spending. This is one of the major things that gets people into trouble. Have separate bank accounts for business and personal.

Also set out your plans and goals for the business, and every month book a time that you and your partner sit down and look at your progress. Sounds mad when you live in the same house - but I can guarantee it will never happen otherwise!

Check out Business Link as recommended, lots of good info on starting up a business. Also if you enquire at the major banks about setting up a business account, you can get their start-up packs which are usually quite good.

A few thoughts to get you started - good luck!

M

moestar

Also re the kind of records you need to keep: you will probably have relatively few transactions at first (compared to say a bookshop). So you can probably keep your accounts on paper at first. Get a good bookkeeping book - but basically, keep a note of everything you spend and everything you receive for the business (cash out and cash in). This is simple if you keep business and personal separate! You don't need an accounting package at this stage, until the business gets a bit more complex. Just have a special book where you record your cash in and out and update it each month. At the end of the year you need to put profits through your tax return and that's when I would get an accountant to do some work for you, to get everything declared properly and take whatever deductions you can.

HTH

M

Astaroth

AMMONITE wrote:

astaroth if you need any advise on the wedding pics let us know.
thanks for your advice:):):)

Many thanks for the offer. I have been sent an short ebook and a list of the "must have" photos by another wedding photographer. They have also suggested sitting in at another wedding at the venue which has a photographer attending to see what they take/ where they go etc.... my main problems are that it has been years since I last went to a wedding so cant remember where the photographer went etc and have never actually been to a registry office wedding before.

Should be fun (once its over) but it is far removed from my normal wildlife photography... of cause the otherway to look at it is that as the misses agreed it without my consultation she cannot complain with me having to buy new kit for it now.... where can I get a 5D from

Whilst my day job is advising directors running slightly larger companies feel free to ask any further questions

devmcc

Hi there
I have been running my own small business for just over one year and the best advice I was given was to enroll on one of the free HMRC courses for the newly self employed - they take up one day of your time and save you countless sleepless nights!!
They tell you everything you need to do from the off... invaluable - the best of luck with the business...

Pondasher

devmcc is quite correct. I have been registered self employed for almost two years and when I didn't receive a self assessment form I contacted the local tax office and they suggested I attend the course (just half a day in my case). It was very useful - also there was a hairdresser, dog groomer, ebay trader, etc.

You may not need an accountant If you keep a record (e.g. Excel spreadsheet) of incomings and outgoings. The course will cover car milage, etc. After the course I completed the on-line tax return with ease.

I don't think anyone has mentioned registering as self employed. This is worth doing as you pay lower (Class 2) NI contributions.

Hope this helps and good luck with your venture.