If your photography makes a loss HMRC may (probably I would say) view this as a hobby, i.e they won't let you offset your losses for your "hobby" from your IT business. That's one reason for separating them. If you keep a set of different accounts you would be then in a position to offset losses from your photography business in later years should it take off. You may also get a lot of hassle from HMRC questioning your photography business. Lets say you made continuous losses over several years and HMRC came around and did an audit; you would want to be sure that you could demonstrate it really was a business.
Personally I would separate them, and consider combining them if the photography makes a profit, in which case it would be no problem.
Personally I would separate them, and consider combining them if the photography makes a profit, in which case it would be no problem.
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