Crosswords0 min ago
basics in business
3 Answers
Hi, in June I plan to start a very small business in photography, to run alongside my part time job.
Can anyone tell me the easiest way to do it so it is all legal, but with the least trouble. There will not be a huge turnover as I intend to only book sessions on Sundays, and will only be charging £70 per client, that includes the session and a cd of all the images.
Thank you in advance for any help you can give me!
Can anyone tell me the easiest way to do it so it is all legal, but with the least trouble. There will not be a huge turnover as I intend to only book sessions on Sundays, and will only be charging £70 per client, that includes the session and a cd of all the images.
Thank you in advance for any help you can give me!
Answers
1 to 3 of 3
Best Answer
No best answer has yet been selected by serendipity2. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
I believe the most suited business structure would be a Sole trader. You submit a note of your profits if any along with your personal tax return yearly to HMRC.
A Sole trader is the simplest way to run a business of this nature. Keeping accounting records are straightforward, and any profits go to you. However, you personally are liable for any debts that your business runs up (which means your assets may be at risk).
There are various expenses that would relate to your sales, which potentially could be offset against the turnover for the year. This would reduce the amount of tax payable on profits at your year-end. For ease, we would suggest your yearend coincides with the tax year-end.
To keep matters simple, you should open a separate business bank account, perhaps in the name of Serendipity2 t/a Serendipity Photos.
You ought to investigate appropriate insurance too!
A Sole trader is the simplest way to run a business of this nature. Keeping accounting records are straightforward, and any profits go to you. However, you personally are liable for any debts that your business runs up (which means your assets may be at risk).
There are various expenses that would relate to your sales, which potentially could be offset against the turnover for the year. This would reduce the amount of tax payable on profits at your year-end. For ease, we would suggest your yearend coincides with the tax year-end.
To keep matters simple, you should open a separate business bank account, perhaps in the name of Serendipity2 t/a Serendipity Photos.
You ought to investigate appropriate insurance too!
1 to 3 of 3
Latest Posts
Do You Have A Favourite Type Of Bean?
ChatterBank11 mins ago
Getting Irish Gaelic Tv Channels In...
TV15 mins ago
