Taxation

‘You can trust me, I'm from the taxation department', so the story goes. Even writing this section brings out my nervous twitch. But taxation is fact of life and we must deal with it efficiently.

I would urge you to obtain sound professional advice from an accountant. There are a number of complications to consider particularly when you are turning pro. For example, it may be that you can claim depreciation on your photographic equipment, plus a percentage of your telephone, heating and travel costs as deductions. If you run at a loss in the first year this could possibly be offset against other income. You may have to estimate the professional/private use percentages on your equipment in order to legitimise your claims.

Here are some points to consider:

Travel log:

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Accounting system:

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Separation of Private/Professional work:

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Claiming for overseas travel:

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Postponement of deductions:

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Purchasing/leasing of equipment:

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