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The Ultimate Accounting Hack That Will Help You Spend As Little Money As Possible For Your Film Production

Save More Money Even In The Film Industry With The Help Of Our Expert Team Of Accountants For Movies

The film industry creates and sells films or movies as a product. This industry’s production and distribution processes generally employ many people.

Approximately 86 thousand people were working in the United Kingdom’s film industry, of which around 66 thousand worked in movie production and distribution, which makes up more than three-quarters of the industry.

 

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Film producers are responsible for arranging the funding for the film and hiring the talent that will create the final product, as well as overseeing the hiring process.

Generally, producers were responsible for arranging the funds to be used in the creation process. 

But who manages the expenses? Who does the tax filing? Who prepares the financial statements?

The limelight can be overwhelming, so it is necessary to have someone to manage your production’s financial accounts. Look for a professional who gives the best financial advice.

We at Pearl Lemon Accountants can provide for all your accounting needs.

So what are you waiting for? Talk to us now.

Duties Of Accountants In The Movie Production Process

Our accountants are well-trained and flexible, so they can provide you with your accounting needs. We have seasoned professionals who are accustomed to the movie industry and understand how it works.

Here are some of the responsibilities of production accountants:

  • In the pre-production phase, accountants prepare budgets and estimated final cost reports for producers and production managers.
  • During the production phase, they are responsible for overseeing all payments, managing payroll, and generating cost reports on a daily or weekly basis. 
  • Furthermore, they produce cost forecasts to evaluate the effects of any changes made to the production process.
  • The production accountant is responsible for preparing a statement of account that shows all incomes and expenditures for the producer or production company and the financiers.
  • They might also need to arrange for an independent audit to be performed.
  • Finally, they may also need to deal with bank financing depending on how a film is financed.
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Our Award-Winning Services

Our team is dedicated to providing you with excellent finance and accounting assistance. We do so using our enlisted services, which you may explore below;

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Corporate Tax Services

Undoubtedly, everyone wants to run their business in the most tax-efficient way possible. However, the risk of non-compliance increases due to the revised, more stringent regulations, so you need to understand the level of risk and compliance mandated by these rules.

Moreover, as your business grows, the complexity of your tax obligations is likely to increase. That is why maintaining a positive relationship with HMRC is essential to preserving your reputation – and, in some cases, avoiding fines and penalties.

However, getting everything right can feel overwhelming when things are already more complex than ever.

We at Pearl Lemon Accounting have years of experience providing corporate tax services to businesses of all sizes and industries. We provide customised services based on your business’s specific requirements. 

If you work with us, you can rest assured that your financial planning will be sound, your tax deductions will be maximised, your compliance obligations will be met, and your overall tax risk will be effectively managed.

International Tax Planning

If you plan to release your movies internationally, our international tax experts can help you reduce UK and non-UK taxes because we know where to find the most advantageous deals.

The structure of your international personal and business affairs will greatly influence the tax you incur. Our experienced team will design a global tax planning strategy tailored specifically to your business so that you pay as little tax as possible.

Our team of international tax experts will use their knowledge and experience to ensure that you and your company are not only compliant around the world but you can also save money on taxes in the UK and overseas. 

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Payroll Services

When you outsource your payroll management to Pearl Lemon Accountants, you will be relieved of the burden of managing payroll and pensions. This will allow you to devote your internal resources to more productive, profitable activities and to become more efficient.

Our specialised outsourced payroll division is highly experienced in handling outsourced payroll in various industries, including the movie industry. We ensure that your production’s back-office payroll is always compliant despite constantly changing laws and regulations.

Tax Planning Services

Taking proactive measures to prepare for your tax return is essential to reducing the tax liability of your production. With highly qualified, commercially minded, and experienced tax specialists on our team, you can rest assured that you are in the hands of professionals who know how to reduce tax bills to a minimum.

We offer our clients a full corporate tax compliance service to ensure that their business activities are set up as tax-efficiently as possible and that their corporation tax liabilities are kept to a minimum.

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R & D Tax Relief Advice

Research and Development (R&D) tax relief in the United Kingdom is one the most effective and generous available worldwide. A company’s tax bill can be drastically reduced or even refunded if the company qualifies for government-backed tax relief.

However, there are still a large number of companies that are eligible for relief but do not file a claim. The reason for this is either they are unaware of the relief, or they feel it is too complicated or inappropriate for the kind of business they are in. Our accountants can guide you through the filing process for your tax relief.

Worry Less About Your Production Accounts

Being in a very fast-paced industry, it is necessary to be at an advantage at all times. As the movie industry keeps growing, producers must focus on their films without worrying about financial obligations.

Needless to say, our accounting firm will give you the freedom to focus on your creation. We are here to provide you with the best accounting support.

Our team at Pearl Lemon Accountants is always available to provide you with practical, smart, and straightforward accounting and business consultancy advice and assistance.

Book a call today to discuss your needs.

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FAQs

A production accountant regularly works closely with the producer, production manager, and line producer.

Nevertheless, suppose a production accountant has to deal with any issues and problems related to the finances of a production. In that case, they have to deal with all the other people involved with the production’s finances.

Production accountants may occasionally need to coordinate their work with studio representatives, payroll companies, or even other department heads to accomplish their goals.

One of the best things about entertainment accounting jobs is that they are some of the only jobs that do not necessarily require CPA status to work.

As production accountants, they must be familiar with the bookkeeping process and the theoretical basis of accounting. Still, they don’t have to learn about either of those things in a formal classroom setting.

The production accounting 101 courses might provide valuable education and training for production accountants, but the experience will make you stand out for any job in the entertainment industry. Production accountants need to understand how to apply their knowledge of bookkeeping and accounting to real-world film production.

As with most crew jobs in the filmmaking industry, production accounting is a freelance profession. The majority of production accountants are hired for periods of months or years at a time. However, their contracts are usually for specific projects.

There are some exceptions to this rule, particularly if you work long-term with a studio or a single production company.

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.