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Need Help with Freelance Photography

  • 08-02-2016 5:34pm
    #1
    Jeazy
    Registered Users, Registered Users 2 Posts: 10 ✭


    Hey guys,

    I recently graduated from college and been doing freelance photography work here and there making some decent income. I see the potential in this so I want to do it full-time.

    I've been reading about being self-employment in Ireland, yet neither of the websites made it easy for me to understand anything about it.

    From what I understood, I need to register my business name at CRO.ie

    Then register with the Revenue as Sole Trader, correct?

    Main question is the whole Income Tax situation, I don't quite understand it nor I'll have time to do taxes myself, so I'll need an accountant to help me out here.

    Could anyone point me to the right direction here? Where to start to get the ball rolling?

    Cheers.


Comments

  • #2
    pedronomix
    Closed Accounts Posts: 997 ✭✭✭pedronomix


    You only need cro registration if you wish to trade under any name other than your own. see an accountant to get registered and to do your returns...simples!


  • #3
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,826 ✭✭✭Gloomtastic!


    As a sole trader any money you earn is your revenue. Any money you spend to earn that revenue is your cost. At the end of the tax year (31st December), Revenue minus cost is your income for the year and that's what you are taxed on.

    Expect to pay about €500 for an accountant to file your tax return. Any additional advice will be charged extra.

    Have a look at this Accounts Template. https://db.tt/n4zrxw6S

    In the comments Section attached to that file there is an explain all.

    Hope that helps!


  • #4
    Oedo
    Registered Users, Registered Users 2 Posts: 35 ✭Oedo


    How sure are you that there's enough work out there to work full time at it?

    In my experience photography is getting fiercely competitive. I've dealt with highly skilled professionals with many years of experience working on projects for household name brands who were willing to drop their rates down massively to get some work.

    I'm not saying there's no future in it but I'd encourage you to be realistic with the numbers and assess how viable a career it actually is.


  • #5
    Jeazy
    Registered Users, Registered Users 2 Posts: 10 ✭Jeazy


    Thanks for prompt response guys.
    Gloomtastic! wrote: »
    As a sole trader any money you earn is your revenue. Any money you spend to earn that revenue is your cost. At the end of the tax year (31st December), Revenue minus cost is your income for the year and that's what you are taxed on.

    Expect to pay about €500 for an accountant to file your tax return. Any additional advice will be charged extra.

    Have a look at this Accounts Template.

    In the comments Section attached to that file there is an explain all.

    Hope that helps!

    Ah, I see.

    So what if I want to trade using my own name?

    I assume any accountant can answer my questions that I have on this topic?

    I have a few friends that are accountants, maybe they'll be willing to help me with this.
    Oedo wrote: »
    How sure are you that there's enough work out there to work full time at it?

    In my experience photography is getting fiercely competitive. I've dealt with highly skilled professionals with many years of experience working on projects for household name brands who were willing to drop their rates down massively to get some work.

    I'm not saying there's no future in it but I'd encourage you to be realistic with the numbers and assess how viable a career it actually is.

    I am 120% sure.


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