Not for Profit

25/26 was a tough financial year for me…..

My annual accounts and tax calculations are now sorted, and submitted to HMRC, and the combination of a reduction in my client-base - leading to a drop in revenue, and a huge swathe of expenses (mostly car and Hasselblad-related) has resulted in a dramatic reduction in profits. Two years ago, I actually had a tax bill that was higher than the amount of profit I generated last year. Extreme stuff.

There is one bit of good news - much of the income tax I paid upfront last year is now due to be refunded to me by HMRC, and I have no tax to pay in July 26 or January next year. My revenue has actually fallen again since these accounts were put together, but the ridiculous disbursements have come to a halt thankfully. There are new clients on the horizon, and some lovely jobs coming up over the next few months.

One of the benefits of being self employed within this industry is having the ability to see what’s on the horizon, and I’m pretty sure that there is a big economic shock coming to the country very shortly. The billionaires will be fine of course, but hang on to your hats (and your jobs if possible), as things are going to crash. I see companies getting rid of staff, suppliers, and lots of non-essential expenditure.

Of course I’ll not panic, and keep going as always. I was talking to a young video-maker today, and we were discussing some of the people who are doing big jobs for free - repeatedly - in an an attempt to get regular paid work with estate agencies. It’s a pointless exercise which devalues the industry in general, and makes it impossible for others to make a living. Just don’t do it.