Income/Expenditure

Whether you become a self employed photographer or if you work for a company in the photography industry, there are multiple incomes and payments that you can receive. Taking necessary and luxury items into consideration as well, there are lots of factors to remember.

Income Tax rates and bands

Band	Taxable income	Tax rate
Personal Allowance	Up to £11,000	0%
Basic rate	£11,001 to £43,000	20%
Higher rate	£43,001 to £150,000	40%
Additional rate	over £150,000	45%

As an employee: You pay National Insurance contributions if you earn more than £155 a week. You pay is 12% of your earnings above that limit and up to £827 a week (for 2016-17). The rate drops to 2% of your earnings over £827 a week.

Expenses per year:

• Phone – £360
• Travel (self employed) – £1248
• Food – £1040
• Wi-Fi – £300
• Rent – £5700
• Travel (full-time) – £3120
• National Insurance - £145.60

Self Employed: 

• £300 per day, two days a week, amounts to around £28,800 a year. (4 weeks holiday)

- £600 camera equipment 

- £500 computer equipment 

- £400 editing software

- £1000 studio hire

- £150 personal liability 

- £200 business wifi

- £360 phone bill

- £600 business travel

- £300 accountancy fee

£24,690

- £2740 tax

- £145.60 national insurance

- £5700 rent

-£1040 food

-£100 personal wifi

-£1040 clothing/makeup

-£1200 council tax

- £600 personal travel

£233 p/week spare

• £200 per 5 day week on a four month contract (£16000), which then becomes £350 per day one day a week (£9800) - £25,800

- £600 camera equipment 

- £500 computer equipment 

- £400 editing software

- £1000 studio hire

- £150 personal liability 

- £200 business wifi

- £360 phone bill

- £600 business travel

- £300 accountancy fee

£21,690

- £2160 tax

- £145.60 national insurance

- £5700 rent

-£1040 food

-£100 personal wifi

-£1040 clothing/makeup

-£1200 council tax

- £600 personal travel

£186 p/week spare.

Full Time:

• £12000pa working locally 

- £200 tax

- £145.60 national insurance

- £5700 rent

-£1040 food

-£300 wifi

-£360 phone

-£1040 clothing/makeup

-£1200 council tax

£42 p/week spare.

• £15000 pa working 30min drive

- £800 tax

- £145.60 national insurance

- £5700 rent

- £1040 food

- £300 wifi

- £360 phone

- £1040 clothing/makeup

- £1200 council tax

- £1044 car insurance

- £300 car cost

- £250 car service

- £1920 fuel

£12 p/week spare.

• £18000pa living in Harlow working in London

- £1400 tax

- £145.60 national insurance

- £5700 rent

- £1040 food

- £300 wifi

- £360 phone

- £1040 clothing/makeup

- £1200 council tax

- £4400 season ticket

£46 p/week spare.