Getting paid from a magazine

[STIfree]

After a little advice here. I recently got asked by a car magazine if I could cover a meeting for them with my photography. I was given a price that they would pay me plus mileage expenses. This is the first time I’ve done anything like this and I presumed everything would be fairly straight forward so I accepted the job and was rather excited. I’ve sent them the pictures and now its came to the point of them paying me.

They have put me on their accounts and have asked me to invoice them for the payment. Now this is where I’m lost, being 20 year old and have very little in the way of financial knowledge I need some advice. How do I go about invoicing them? I’m presuming I need some form of template to fill out with information of my bank details and the amount required. Can anyone expand on that?

Also, I have a full time job working as an apprentice, how will this affect me in my current job? I presume that my tax will change as this will now become another source of my income. I don’t know how regular these things will be but I’ve been asked to do another event coverage next month so it could be once every now and then.

The only upside is that my mother is an accountant so I will be able to ask her a bit more about it when I see her and how to go about it but can anyone who has been in this situation shed a bit of light on the process of it all?

Thanks.

[Simpo Two]

First, congrats on getting the job!

An invoice is simply a piece of A4 with your name and address on the top, then that of the customer, then details of the job, and a total. You might also add your terms.

Details might be something like:

'To photograph meeting at (place) on (date): £100
'Travel: x miles at yp/mile: £50
'Total: £150

'Payment can be by cheque payable to (name) at above address or by bank transfer to (account details)
'Terms: 14 days


Then make a diary note to chase it as doubtless they will otherwise take months to pay.

As for tax, yes, you would need to declare it on your tax return - luckily your mother can sort this out.

[Magic919]

I generally date the invoice too.

[silverous]

Invoice should have date and number on it. If you don't invoice many people I like to add a number up front so it doesn't look like you don't invoice many people e.g. first invoice is 10001

http://www.itzbits.co.uk/business-articles/64/What...

[trackdemon]

STIfree said:

my mother is an accountant so I will be able to ask her a bit more about it when I see her

This!!

[Simpo Two]

Yep, forgot date, and make up a number. You should also quote their Purchase Order number if you have one, or if not, 'Verbal (or e-mail) Fred Bloggs 4/4/2013' etc. The more easily they can tie it up with their own records the better.

[GetCarter]

...and print a copy for your accounts/taxman. It's easy to try and forget!

[STIfree]

Thanks chaps. Am I classed as a business now then?

[GetCarter]

STIfree said:

Thanks chaps. Am I classed as a business now then?

I haven't read it... Life is too short. But: http://www.moneymagpie.com/article/making-extra-mo...

[MysteryLemon]

STIfree said:

Thanks chaps. Am I classed as a business now then?

You're self employed and what they pay you is a taxable income meaning you now need to fill out a tax return.

Invoice is simple. Your name/company name/logo at the top. Your address and contact details etc. Then the invoice. Who it's to (the company that owes you) with address etc. Date of invoice and some terms like "balance due 30 days from date of invoice". The amount due (best to itemise it so their account dept can work it out easy) then how to pay you (cheque payable to "whoever" etc). Something nice at the bottom like "thank you for your custom" etc.

Plenty of basic templates online you can modify. No need to go overboard though. A simple table will do the job.