The Ultimate Guidebook to Managing Your Label Finances Is Here!
Tune In More To Your Career When You Hire Our Accountants for Musicians
A career in the music industry requires you to be passionate and driven; loving what you’re doing helps produce a musical masterpiece. Over 80% of musicians in the UK are already stressed with their careers.
If you’re passionate or stressed enough about one aspect, it might be a handful for you to focus on another thing, such as keeping track of your finances. After all, you still need to pay taxes and bills just like everyone else!
Bookkeeping in your music career can be challenging; this is why you need a professional accounting service to help you. Here at Pearl Lemon Accountants, we have certified chartered accountants for the entertainment industry that will help you:
- Manage your expenses
- Ensure that you pay just the right amount of bills and taxes, and give you financial advice to help you grow your career!
Whether you are a solo artist, music producer, entertainer, limited company, music school, record company, musicians union or anything, our specialist accountants are here to help with your corporate finance and tax compliance.
If you want to relieve the stress of your finances, contact our creative professionals today!
Why do Musicians Need Accountants
Regardless of where you are in the industry, you still need to face the responsibility of budgeting, bill paying, contract reviewing, and much more.
Moreover, it doesn’t matter how successful you are as a musician-whether you’re just starting out or already famous- you still need the skills of accountants because their services are valuable.
Let’s look at how hiring certified accountants can benefit a musician like you.
Like most musicians, you may struggle with the business side of being an artist. Working with a CPA will spare you from dealing with the financial parts of running a career. As a result, you’ll save time and be able to concentrate on what you do best-make beautiful music!
Errors are common among people. This is particularly true if they lack formal accounting training. Even if your publisher takes care of your accounting, your CPA can carry out recurring audits to identify any potential errors in the setup of contracts or songs in the royalty system.
Your overall revenue can significantly change if legal issues, accounting errors, or misunderstandings are found and corrected. CPAs will also take care of your bookkeeping, royalty accounting, royalty statements, invoicing, privacy statement, annual accounts, Income- basically all your accountancy needs.
Focus on Your Career Growth
Music CPAs can assist you in more effectively making important decisions for your career. A professional accountant can advise registering a vehicle under your recording company’s name rather than your identity if you intend to tour.
The usage of accounting services can enhance several business processes. You can accomplish so much if you know where your money is, what it is being used for, how and when you may access it, etc.
One method to guarantee you reach your full potential is having a music accountant. You can reach your career goals with the help of a knowledgeable, skilled, and creative specialist who can also be a fantastic source of knowledge and advice. At Pearl Lemon Accountants, we will do just that.
Hiring a music accountant is not a waste of time and money. Working with a qualified professional can enable you to save money. The money saved can typically be utilised to pay for the cost of hiring a bookkeeper.
With the help of an accountant, your existing Income may increase, which might help free up money for other purchases. The accountant will concentrate on your taxes and associated liabilities while you concentrate on your music.
Time equals money. Time and money must be put into “business.” Every month, music accountants help you save time and money.
Protects Your Image
One best way to be anonymous is to hire a qualified accountant.
Musicians require the confidentiality of their information.
Your accountant will audit your earned music publishing royalties to ensure you understand your financial position. Your financial expert will take care of music publishing royalty audits and ensure you are fully informed about your finances. In addition, the expert will keep all of your information secure to prevent it from getting into the wrong hands.
Accountants have a keen business sense. This enables them to give you valuable advice when making crucial business decisions. In most cases, your accountant will stop you from making little errors that could later result in serious issues.
Additionally, the services they provide can enhance corporate procedures. You can achieve this by ensuring you are always aware of where your money is, what it is doing, how to access it, and when it is best.
Pearl Lemon's Award-Winning Services
Working with several clients throughout the years, Pearl Lemon strives to provide quality accounting services that are proven to help achieve better financial statements. Here are some of the services we offer:
We provide a corporate tax review to help you make the most of your resources. This in-depth research assesses your current position and recommends the most effective setup for your business’s future operations.
Our specialised experts frequently discover tax strategies that had previously gone unreported, resulting in significant savings. We can represent you in any talks with the tax authorities and advise you on the most cost-effective tax structure for sales or purchases.
We also offer advice on capital allowances and capital gains tax, two efficient methods for lowering your tax burden with careful planning.
Accounting in VAT
A professional VAT accountant can help reduce the burden associated with this complex tax system because registration, choosing a VAT scheme to register for, calculating VAT, and reconciling VAT accounts are all part-time occupations in and of themselves.
We provide legal tax services for all tax issues to help you manage your tax duties. Business decision-makers often mix their personal and work life. We collaborate closely with you and your loved ones to offer tax services that satisfy your short-term and long-term goals.
Our tax experts will help you manage your money, safeguard your family’s fortune, and avoid unforeseen personal tax obligations.
Effective tax management is essential as laws and regulations become more complicated, and we specialise in offering a bespoke service to cater to the needs of each unique customer.
Our personal tax services are intended to safeguard your assets and keep you updated on anything that could impact you.
International Tax Planning
Our international tax specialists can assist you in reducing both the UK and non-UK taxes, whether you intend to conduct business abroad or relocate outside of the UK. The tax you pay greatly depends on the organisation of your global personal and corporate operations. We’ll develop a plan for international taxation that makes sure you pay the least amount of tax feasible.
To ensure that you and your business are compliant globally and save money on taxes in the UK and overseas, we have some of the greatest international tax professionals in the industry.
HMRC Tax Investigations Advice
Investigations frequently end with unanticipatedly high tax bills, insolvency, and the requirement for a time-to-pay arrangement, a voluntary company arrangement, or even a creditors’ voluntary liquidation.
Obtain professional assistance as soon as a tax investigation starts because tax audits and inspections can be challenging and frustrating.
Our accounting services include what was mentioned above, and there’s still more.
Can’t find what you’re looking for? Book a call with us today, and let’s talk.
How to become a music business accountant?
Many of the processes needed to become an accountant for the music industry are also needed for other accounting careers.
Here are suggested steps you can take if you’re interested in a career as a music industry accountant:
- Acquire a bachelor’s degree
- Seek internships
- Consider taking a master’s degree
- Pass the board exam
- Obtain work experience
What is a music business accountant?
A music business accountant is an industry expert who works on financial reporting projects for distributors, record labels, and other players in the sector.
There is diversity in the music industry, and that’s why accountants may have a range of duties depending on the particular requirements of their clients.
How much do you pay for a music business accountant?
Accountants who work in the music industry usually make $59,300 a year. Their salaries usually range from $44,000 and $79,000
Music business accountants are paid depending on how complex and the number of tasks they will be doing. One of the greatest starting salaries in the industry is offered to them.
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.