Chris - Guest Speaker
Anthonisz Neville - Accountants and Tax Advisers
Who we are:
Based in Houston. 3 partners. Worked as a chef, a bank, bought into the firm.
Niche firm. Have a very diverse client base.
Why engage an accountant:
Use your own time more effectively
Assist in financial planning
Review your performance
Understand business
Better to have someone qualified to be in charge of your finances.
Everyone in the UK pays tax and national insurance.
National insurance goes into a pot that funds state pensions. Just another name for tax.
Types of income:
Employee
Self-employed
Getting started:
Think about what sort of clients I’ll be sourcing i.e. what type of photographer am i going to be? Where am I going to get my clients?
Set up a revenue - bank. Doesn’t have to be a business account. Can open another current account.
UTR (unique tax reference) - for self-employed
Keep a record - online, bank statements, quick books, spreadsheet (excel)
Think about VAT or not VAT - if you’re VAT you must charge all your clients. Some clients expect you to be VAT registered. You can claim it back. You have to send a detailed record every 3 months.
Can’t pick and choose who you charge VAT too. Don’t bother unless you have to.
Cannot claim entertainment for expenses. Could claim pre-1998. You can claim food if you’re away from home, overnight. Includes, food, travel, accommodation. Also can’t claim clothes if it’s not uniform or health and safety.
Keep all receipts to claim expenses. Can claim equipment up to 5 years prior to becoming self-employed.
Loosely business can be claimed including photography magazines, printer, books, journals, institutes/associations, cartridges.
