First, you offset the expenses of writing (and shooting, and travel) against the article, so you're being paid (not much, it's true) to do the things that most people do as a hobby.
Second, the tax rate doesn't start at 40%. There's a personal allowance (zero band) followed by at least two lower tax rates, if I recall aright. Many journalists never reach the 40% band (I should know...)
So unless you have other income, or are doing very well indeed from your journalism, you don't pay 41%. When I left the UK I was paying between a thousand and two thousand a year in tax, which was not 41% of even my income.
Or am I missing something?
You havn't missed a thing Roger, I was writing from a personal point of view. If you write for enjoyment nothing is lost, however the constant devaluation of one's efforts should not be ignored.