Accounting for freelance photographers
Photography front-loads its costs: a camera body and lenses can be the largest spend of the year, and then shoots are invoiced one by one. Taxmo tracks the kit you keep and the jobs you invoice in the same books.
What Taxmo does for photographers
Income and expenses in one place
Record what you earn and spend in categories, and see your profit and what to set aside for tax as you go. On every plan.
Invoices and quotes
Send quotes and invoices from the same records, and see which invoices are still unpaid. A few a month on Free, without a cap on Starter and Pro.
Capital allowances
Keep a register of the assets you claim capital allowances on, with the annual investment allowance and writing down allowances worked out for each. On Pro.
Receipt scanning
Photograph a receipt or forward it on WhatsApp, and Taxmo reads it into an expense for you to check. On Starter and Pro.
Connect your bank
Connect your bank read-only or upload a CSV statement. Each transaction waits for your approval before it counts. On Starter and Pro.
Mileage log
Log business journeys and Taxmo applies HMRC's approved mileage rates for the tax year, including the lower rate once you pass the annual mileage band.
Time tracking
Track billable hours with a timer and turn them into an invoice. On Pro.
Expenses photographers commonly claim
Cameras, lenses and computers
Equipment you keep and use in the business is claimed as an allowable expense if you use cash basis accounting, or through capital allowances if you use traditional accounting. Source: https://www.gov.uk/expenses-if-youre-self-employed/office-property
Software
Computer software your business uses for less than two years is an office cost. Source: https://www.gov.uk/expenses-if-youre-self-employed/office-property
Travel to shoots
Fuel, parking, train and other fares, and hotel rooms and meals on overnight business trips. Travel between home and work is not allowable. Source: https://www.gov.uk/expenses-if-youre-self-employed/travel
Advertising and website
Advertising in newspapers or directories, mailshots and website costs. Entertaining clients is not allowable. Source: https://www.gov.uk/expenses-if-youre-self-employed/marketing-entertainment-subscriptions
Business insurance
Any insurance policy for the business, for example public liability insurance. Source: https://www.gov.uk/expenses-if-youre-self-employed/legal-financial
Training
Courses that improve skills you already use in the business or keep you up to date with your industry. Training to start a new business, or to move into an unrelated area, is not allowable. Source: https://www.gov.uk/expenses-if-youre-self-employed/training-courses
Working from home
The business part of running costs if you work from home, or a flat monthly rate under simplified expenses if you work enough hours there. The flat rate does not include phone or internet, which you claim separately. Source: https://www.gov.uk/simpler-income-tax-simplified-expenses/working-from-home
Rules worth knowing
Cash basis or traditional accounting
Which method you use decides how equipment is claimed. On the cash basis, sole traders can only claim capital allowances on business cars, and other equipment is an allowable expense instead. Source: https://www.gov.uk/capital-allowances
Current figures, each with its GOV.UK source, are at UK tax rates.
Common questions
Can I claim my camera in one go?
On the cash basis, equipment you keep is an allowable expense. On traditional accounting it is claimed through capital allowances, where the annual investment allowance can cover qualifying equipment. Check which applies to you on GOV.UK.
Can I use the trading allowance and claim expenses?
No. The trading allowance is a tax-free amount of trading income each year, and if you use it you cannot also claim expenses or capital allowances. Check the current amount on GOV.UK or on our UK tax rates page.
General information from GOV.UK guidance, not tax advice. Rules and figures change, so verify on GOV.UK using the links on this page before relying on them.