People working in the media face unique challenges in their accounting and taxes; as such, they require the expertise of media accountants. These are chartered accountants with extensive knowledge of the industry, making them qualified to work with producers, directors, actors, performers, musicians, creative agencies, and freelancers associated with these jobs. They share their client’s passion for entertainment, speak the industry jargon, and are capable of working odd hours.
A seasoned media accountant has the following roles and responsibilities to fulfil:
Business advisor
Do you need advice to set up the most appropriate business structure? It can be overwhelming to go over tax issues, the location of your project, the target market, required resources, and the domicile or nationality of the people in charge. You may even wonder if it’s worth investing in a particular project. A media accountant can support you by doing the due diligence from all possible angles, such as reputation, taxation, funding, and feasibility. Their support will improve your confidence when making crucial business decisions.
Ensure sufficient funding
Media accountants understand the information required and how to present an application to potential investors and lenders to secure sufficient funding for your project. They carefully pick lenders on your behalf, particularly those investing only in projects in the entertainment and media sector.
Provide tax advice
A media accountant will support you all the way whether you have inconsistent income or get your pay from multiple sources. They will work with you to reduce your tax bill and provide expert advice on specialist VAT schemes. They can also support clients concerned with foreign taxation and advise them on domicile or non-domicile tax issues and withholding tax.
Bookkeeping, VAT return, payroll, account management, and cashflow forecast
These will be the least of your worries when you hire a media accountant who can take full responsibility for your accounting data and its accuracy. They will take responsibility if you incur any penalties.
Give legal advice
Media accountants can collaborate with solicitors who specialise in reviewing contracts in your industry. Likewise, they will apply their knowledge of sharing profit, paying freelancers and employees, and ensuring the protection of your intellectual property.
