If you’re a professional photographer working as a Sole Trader in the UK, it can be a little confusing when it comes to your Self Assessment with the HMRC and knowing exactly what you can and can’t claim back as expenses.
1. Studio Hire
Let’s say you spend £4,000 a year on studio hire for your photo shoots, that can equal £800 a year on tax – enough for that awesome new camera lens you’ve been looking at. So make sure that you submit all your receipts for studio hire when filling out your Self Assessment.
2. Printing Costs
Many customers would like to get their precious moments given to them as a printed photograph or in a beautiful photo book. If this costs you £3,200 a year to produce, that’s a saving of £640. It’s starting to add up, isn’t it?
3. Website Cost
Getting your name out there is important. You’ll struggle to get clients if people can’t find you online, and a website is a claimable expense. The design, development, hosting – it’s all something you can put through your business. If your website costs are £1,200 a year, you could save £240 in tax.
No photographer can work digitally without the use of professional software. You need to make sure those photos are of the best quality before you give them to your customers. If you’re spending £180 a year on software, that’s a £36 saving… enough for a cheeky Nandos!
5. Photographic Courses
Being on the top of your game gives you the edge against your competitors, even in the photography business. Further developing your skillset with courses is a great way to do that, and they can be claimed back as an expense. If you spend £400 a year on courses, that’s a £80 tax saving you’ll be making!
6. Equipment Repairs and Replacement
Uh oh… you’ve damaged your DSLR, and it’s going to cost you £600 to fix. Fortunately, that will save you an extra £120 in tax savings for the year.
So, there you have it. 6 ways to save money every year on your taxes if you’re a UK Sole Trader. And to make keeping track of all your expenses even easier, 1Tap Receipts exports all of the key data from a simple photo of your receipt meaning you’ll never have to type out another receipt again when claiming back expenses.