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Let Us Deal With The Boring Parts With Our Accountants For Entertainment Industry

When you live in the public eye, you need a tax advisor who can stand by you quietly.

The entertainment business includes everything from music and theatre to TV and movies. There are many different services and ways to make money from them.

Aside from the money made from live shows, it is possible to make a lot of money from things like TV appearances (including commercials), product endorsements, royalties from record sales, and selling merchandise.

So, when gathering information for accounting and tax purposes, care must be taken to ensure that all data is correctly recorded. Working with a specialist media accountant who knows and has worked in this field can be very helpful to you and your business.

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Our CPAs work a lot with people in the entertainment business, helping them with high-level financial management and advice. Our entertainment industry accounting services ensure that people and businesses will be profitable and secure in the long run.

One out of every eleven employment in the United Kingdom is connected to the creative industries, providing an hourly output of £10 million for the British economy.

As a result, you may require additional support if art becomes subject to more stringent taxation and accounting requirements.

Pearl Lemon Accountants can meet your accounting needs.

We’re here to help.

In What Ways Can Accountants Help You?

Because our accountants know how the entertainment industry works, they have made a particular way for entertainment professionals to prepare their taxes.

In addition to helping our entertainment clients with their taxes, we also help them manage their money in the following ways:

  • Analysis of insurance
  • Risk management
  • Wealth management
  • Estate management
  • Planning for financial security in the long term

Some of the many tax issues that are unique to or typical of the entertainment industry that we help with are:

Deductible Expenses

With the new tax law, meeting with your tax consultant as soon as possible is vital to find out what deductions you may still be able to take.

How to Handle Royalties

As a possible source of income, you might get over time, royalty payments present a unique tax problem that we can help you solve and plan for in the long run.

business
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Talks about contracts

There can be considerable tax effects from the terms of contracts. We can give you advice early on in the process of negotiating, so you know what deal terms to include and where red flags might be.

Timing of expenses

Many people who work in the entertainment business do not get paid every two weeks. We can help you figure out how to pay for expenses so that your cash flow stays steady between jobs.

No matter how long you’ve been in the entertainment business or if you’re just starting, our entertainment accountants know how to give trustworthy personal and business financial advice to help you make as much money as possible.

What Does An Arts and Entertainment Accountant Do?

It might seem strange to make a difference between general financial advisers and those who work in arts and entertainment. Most clients hire an accountant for the same reasons: to get help with complex financial tasks and make, save, or invest more money. 

But creative professionals and businesses aren’t like most clients because their money worries are often unique to their field.

Accountants who have worked in or around the arts and entertainment industries for a long time learn how to handle these unique goals and concerns. The best ones are significant to the artists, businesses related to the arts, and nonprofits that hire them.

Like general accountants, arts and entertainment accountants help plan and file taxes, keep records and books, look over contracts, pay bills, and make budgets. But they shine when they give advice based on what they see on the ground.

Years of experience in the industry help these professionals make detailed suggestions that a newcomer wouldn’t think of, like the best credit card or bank account for a touring musician, the best virtual assistant to help a music-related business stay on budget, or an affordable local instrument repair tech who can help a client decide whether to fix or replace an old instrument.

Some accountants even focus on tour accounting, which is the art of planning and managing the finances of a touring production, like a band, play, musical, exhibition, or something else.

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Our Award-Winning Services

International Tax Planning

Whether doing business globally or planning to live abroad, our international tax experts can help you save the UK and non-UK taxes.

How you’ve configured your overseas personal and enterprise affairs will affect your tax liability. We’ll construct a global tax plan to minimise your tax burden.

Our international tax professionals will work to make sure that you and your business are compliant worldwide to save money on taxes in the UK and beyond.

Personal Tax Services

With our professional assistance, you can be assured that your tax position is in compliance in every area. Using these tax services, we can assist with enhancing your wealth while reducing your tax bills.

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R&D Tax Relief Advice

The UK’s R&D tax rebate is practical and generous. Government-backed aid can reduce or refund a company’s tax obligation.

Many qualified companies end up not filing a claim because they are oblivious of the relief or because it presents itself as too complicated or unsuitable for their company. Design and engineering development are both entitled toR&D tax credits. Pearl Lemon Accountants is aware of this and can help.

HRMC Tax Investigations

Inspecting or auditing your taxes can be stressful, so seek professional guidance if you are unsure about what needs to be done.

A tax investigation often results in large bills, insolvency, payment arrangements, voluntary positioning of the company, or liquidation of the creditors.

HMRC will get in touch with you to tell you about the investigation. A tax investigation begins with an “information notification” letter. During the tax audit, an inspector will request to see your records.

If HMRC has permission, they’ll most likely contact your accountant. You may be fined if you defy a request for information or reject a visit.

Hiring a qualified tax expert to act and speak in your place is a good option for many reasons, especially during a tax inquiry.

These are just some of the many services we can offer. Interested in something not on the list? Give us a call

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FAQs

With nearly 100 years of combined experience, our accountants are equipped with the knowledge to assist you.

Tax returns, self-assessment, and VAT submissions are all part of this work experience, which includes managing the more traditional aspects of taxation.

Payroll and financial audits are examples of the more complicated accounting tasks our team is well-versed in.

Also, Pearl Lemon Accountants is a giant Pearl Lemon Group subsidiary. As a result, we have access to resources that other businesses do not. We have office locations throughout multiple continents, such as Asia, Africa, and North America, making us an international company.

Sole traders and seven-figure businesses are examples of our clientele.

Through remote work, we have accountants worldwide, including in the UK, the US, and Asia. However, our office is in Chancery Lane in London, United Kingdom. 

At Pearl Lemon Accountants, we realise that a general service provider cannot provide a company with all the advantages of using our accounting services. Any services you select for your enterprise or account will be personalised.

Your financial statements will not match those of the other clients, as we respect and value the diversity and individuality in every business we work in.

Our prices also vary depending on the services you select.

It’s best to get in touch with us to learn more.

When you allow us to keep track of your finances, you give yourself more time to do your work and please more clients. It's a win-win situation for everyone. Aside from that, you'll also gain financial stability because your assets and liabilities are managed well enough not to cause any trouble for you in the future.

So let our experts work for you, and you won't regret it even a bit.

Book a call today to get started.