A camera man is a sole trader. This is because a camera man can work free lance meaning they can keep all the money they earn after tax.
A sole trader does not earn a constant wage, they get paid every time they do a job and the payment can vary depending on what they are doing. The personal tax responsibilities of a sole trader include sending a self assessment tax return every year, pay income tax on their profits each year and pay national insurance. A Sole Trader must also register for a VAT if they expect their annual profits to be more than £82,000.
Partnership
A business partnership is when two or more people or companies run a business together. Production companies are often started off as partnership with multiple people working there way up to build their business.
Bob Lawrie and James Studholme are founders of Blink Productions. They began their partnership by creating the animation company which they late evolved in to a live action company.
In a partnership, both partners share responsibility for the company and can share the profits. Only one partner has to send off a partnership self assessment tax return every year. They also have to pay income tax and national insurance. If they expect to make more than £82,000 a year then they must apply for a VAT.
Health and Safety
When starting a small business, it is vital that you can ensure all members of the business are safe. When starting a production company, it is better to have trained professionals on the set who know how to use the equipment. There is a lot of dangerous equipment involved in productions so having just anyone operate it will put everyone at risk. There are a number of common safety precautions that you can have on set in case of emergency. With all the electrical equipment around, there is a large fire hazard.
By simply having fire extinguishers nearby, you are prepared to tackle a fire if one were to occur. By having these on set you can stop a fire before it gets out of hand.
Laws and Regulations
There are multiple laws and regulations that must be considered when starting up a small business. You must tread lightly with everything business related as there are so many laws and regulations.
A big law that will get a lot of businesses in to trouble is copyright. Almost anything can be copyrighted to another business if they have came up with it. A company must be careful when choosing something as simple as a company name. If it is the same as or too similar to another company, they can sue.
You can also get in to trouble if the name is considered offensive. This can breach the 'protecting minors' regulation. If the name had a swear word in it then parents would be offended that you are teaching their children this word. You would also be fined if the name discriminated against a selected group. If it was racist or sexist, then the group that have taken offence can choose to take action and fine the company.
Tax Liabilities
A Tax liability is the amount of tax money that a company would need to pay to an authority after an occurrence that requires taxing. It is important for companies to know there tax liabilities so they can ensure they have the correct amount of money needed and can pay their taxes when it comes to it. Tax is based off how much money the company makes in profits. The more money you make the more tax you pay however people with higher earning jobs will still have more money than lower earners.
Tax is paid to the government that then goes back in to the country. The money goes towards things such as running the government, the army and education systems.
Business Loans
A business loan is the same as any other loans however it must be used for business purposes only and not for personal reasons. The loan can only be handed out if it is beneficial for the company.
Like a regular loan, a business loan will be issued by a bank or loan company and will have interest added on. The interest will increase based on how long it takes to repay the loan.
These companies might often decline businesses loans if they do not believe they can pay it back. Companies will often have to pitch their business to the banks in order to persuade them to give them money.
Public Funding
Public funding is when a business is given funds usually by the government. They are often only given this money if there business or plans will benefit the general public and community.
This funding is different from a business loan as you do not have to repay it. It is given to you with trust that it will benefit the community.
The interview process is also needed to get public funds. The people bestowing the money on to you need to know it will be used to good cause. The government give funds like this because they are getting a favour out of it themselves. They are improving the community they have to run.
Financial Systems
A financial system is put in place so that companies can keep track of their financial activities. The financial system also enables different companies to loan and exchange funds. The financial system covers: accounting measures, revenue and expenses schedules, wages and balance sheet verification.
Business' need the financial system so that they can keep track of the money they are giving out and taking in. It helps them to ensure that all the right funds are going through and it is easy for them to detect if it is not.
The financial system has been very important in the creation of many well known products. It is necessary for people to invest in ideas and companies. Without it, many businesses and individuals would not be able to fund there projects as they would not be able to gain loans and grants
Intacct is a system that is used to assist small businesses with their financial systems. It includes: modules for core financials, a general ledger, payable accounts, cash management, order management, purchasing and collaborations with other companies. Additional modules can be added to this system to suit businesses to their needs and make it more personal.
Credit Control
Credit Control is in place to ensure that you make necessary payments to suppliers and receive payments from your clients. A big risk when extending credit is not getting paid or getting paid late. Either way there will be a negative effect on your own business. It is important to look into the client who will be paying you as they may have a poor credit history. If this is the case it is a risk working with them as you are likely to not get the money you need.
When starting a small business, it is vital that you can ensure all members of the business are safe. When starting a production company, it is better to have trained professionals on the set who know how to use the equipment. There is a lot of dangerous equipment involved in productions so having just anyone operate it will put everyone at risk. There are a number of common safety precautions that you can have on set in case of emergency. With all the electrical equipment around, there is a large fire hazard.
By simply having fire extinguishers nearby, you are prepared to tackle a fire if one were to occur. By having these on set you can stop a fire before it gets out of hand.
Laws and Regulations
There are multiple laws and regulations that must be considered when starting up a small business. You must tread lightly with everything business related as there are so many laws and regulations.
A big law that will get a lot of businesses in to trouble is copyright. Almost anything can be copyrighted to another business if they have came up with it. A company must be careful when choosing something as simple as a company name. If it is the same as or too similar to another company, they can sue.
You can also get in to trouble if the name is considered offensive. This can breach the 'protecting minors' regulation. If the name had a swear word in it then parents would be offended that you are teaching their children this word. You would also be fined if the name discriminated against a selected group. If it was racist or sexist, then the group that have taken offence can choose to take action and fine the company.
Tax Liabilities
A Tax liability is the amount of tax money that a company would need to pay to an authority after an occurrence that requires taxing. It is important for companies to know there tax liabilities so they can ensure they have the correct amount of money needed and can pay their taxes when it comes to it. Tax is based off how much money the company makes in profits. The more money you make the more tax you pay however people with higher earning jobs will still have more money than lower earners.
Tax is paid to the government that then goes back in to the country. The money goes towards things such as running the government, the army and education systems.
Business Loans
A business loan is the same as any other loans however it must be used for business purposes only and not for personal reasons. The loan can only be handed out if it is beneficial for the company.
Like a regular loan, a business loan will be issued by a bank or loan company and will have interest added on. The interest will increase based on how long it takes to repay the loan.
These companies might often decline businesses loans if they do not believe they can pay it back. Companies will often have to pitch their business to the banks in order to persuade them to give them money.
Public Funding
Public funding is when a business is given funds usually by the government. They are often only given this money if there business or plans will benefit the general public and community.
This funding is different from a business loan as you do not have to repay it. It is given to you with trust that it will benefit the community.
The interview process is also needed to get public funds. The people bestowing the money on to you need to know it will be used to good cause. The government give funds like this because they are getting a favour out of it themselves. They are improving the community they have to run.
Financial Systems
A financial system is put in place so that companies can keep track of their financial activities. The financial system also enables different companies to loan and exchange funds. The financial system covers: accounting measures, revenue and expenses schedules, wages and balance sheet verification.
Business' need the financial system so that they can keep track of the money they are giving out and taking in. It helps them to ensure that all the right funds are going through and it is easy for them to detect if it is not.
The financial system has been very important in the creation of many well known products. It is necessary for people to invest in ideas and companies. Without it, many businesses and individuals would not be able to fund there projects as they would not be able to gain loans and grants
Intacct is a system that is used to assist small businesses with their financial systems. It includes: modules for core financials, a general ledger, payable accounts, cash management, order management, purchasing and collaborations with other companies. Additional modules can be added to this system to suit businesses to their needs and make it more personal.
Credit Control
Credit Control is in place to ensure that you make necessary payments to suppliers and receive payments from your clients. A big risk when extending credit is not getting paid or getting paid late. Either way there will be a negative effect on your own business. It is important to look into the client who will be paying you as they may have a poor credit history. If this is the case it is a risk working with them as you are likely to not get the money you need.
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