Fortunately the £2.10 a week Class 2 NIC can be exempted - otherwise I'll be making a loss without even trying. The plus side is that I can offset losses against the (massive amount of) tax I pay with my day job.
Other possible losses I expect to make include a new camera, some lights and a new PC.
The first time I called they told me that I'd be liable for a £100 fine if I registered a start date more than 3 months ago. So I put the phone down and went off to "check my paperwork".