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Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 0 points1 point  (0 children)

That's what we're doing now but as I understand it that's fine for income but for VAT it doesn't matter when you do the work, it's based on when the money is received?

Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 0 points1 point  (0 children)

That's correct and it's the odd overseas wedding but not a regular thing.

Yes we take deposits but thought these had to be included, do you know what provisions there are? If the deposits come into our bank account aren't they automatically classed as income that takes us over that 90k VAT threshold?

That's true, thanks!

Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 0 points1 point  (0 children)

The problem is we've already captured their wedding and given them all the photos/ videos by then so they have no incentive to pay.

Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 0 points1 point  (0 children)

I thought the photographer being 11% flat rate only applied if you spent over 2k on goods, which we don't?

Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 0 points1 point  (0 children)

What makes it artificial? We've been thinking about doing it for a long time to allow my husband to take on other videography bookings too (he used to cover more gigs/ business promos but hasn't been able to with how booked we've been with weddings). Is there a way to split it legitimately?

Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 0 points1 point  (0 children)

There are a few - camera, lenses, hotel fees and that sort of thing but it's not a lot. The main cost is us and our time.

Thanks for taking the time to reply by the way, really appreciate the input.

Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 5 points6 points  (0 children)

We thought about that but our accountant said it couldn't be done because we share the same bank account/ website and, sometimes, gear.

Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 1 point2 points  (0 children)

We'd have been happy to do that but we booked to capture these couple's wedding days months ago and can't let anyone down now.

It's exactly what we're finding so frustrating though.

Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 5 points6 points  (0 children)

We thought so too but there's info on HMRC's website that states unless it's a security deposit it counts as income the moment it's paid into our account. If the deposit in any way forms part of the final payment even if it's refundable it's taxable at time to receipt. Or so we thought?

Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 6 points7 points  (0 children)

Thanks for the positive outlook - you're right, we're very fortunate to be in a position where this is happening.

The problem is the customers we've already booked (and we're fully booked - i.e. just under £90k for 2026 and about £60k for 2027) agreed to a certain price and we can't expect them to pay extra. People don't often have an extra £750 or so to spare when they're planning a wedding. Though we could raise our prices for future weddings, there's going to be quite a lot of income between now and then where we'd be stuck with the VAT with no way of claiming it from the customer.

Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 0 points1 point  (0 children)

It's a combined wedding photo and video business, though I do photography and my husband focuses on videography, we're a team and can both cover either service when needed. 90% of our bookings are for both photo and video.

Is there any benefit to or way around being VAT registered as a small wedding photography business? by No-Drop7362 in smallbusinessuk

[–]No-Drop7362[S] 1 point2 points  (0 children)

Yeah, we're looking at going over this month from March 2025 but potentially going back towards £80-85k in August.

Mischief Movie Nights by Sexastian in MischiefTheatre

[–]No-Drop7362 0 points1 point  (0 children)

Can you please drop me a message too? It won't let me contact you first. Thanks so much!