The UK has an enviable reputation for it’s vibrant and world leading creative industries.
We have identified creative industries as a sector where we have particular experience and insights. Creative industry clients, ranging from the performing arts, visual designers, architects, software publishing to advertising will typically be interested in a mix of services such as:
- Start-up assistance, including VAT registration advice.
- Assisting you to make your book-keeping system Making Tax Digital compliant.
- Preparation of annual accounts, including maximising tax claims for expenses.
- Industry specific NIC rules,
- Film tax relief.
- Submitting your tax returns to HMRC, including examining eligibility to claim R&D tax relief,
- Before submitting these tax returns to HMRC, taking out tax investigation insurance to mitigate the potential extra professional fees that would arise if HMRC open a tax enquiry into one of your tax returns. Key risk areas for such an enquiry in this sector:
- Loss relief/profit motive challenges,
- R&D tax relief,
- Employment status.
- Advice on trading medium (sole trader v limited company tax comparison) and tax registrations,
- Managing their finances, including tax, to cope with the ‘feast and famine’ of work opportunities,
- Bench-marking your turnover growth.
- Making pension provision for your retirement.
- Tax planning.
- Valuing your business,
- Business exit planning, perhaps enabling you to retire early.
Our Tax Group “A Brief Guide to…” publications:
- Annual Investment Allowance | Enterprise Investment Scheme Relief | Individual Savings Accounts | Making Tax Digital | Off-payroll Working | Pension Death Benefits | Personal Tax Account | Research & Development Tax Relief | Seed Enterprise Investment Scheme | Tax Year End Planning
Get in touch with your local office and speak to one of our specialist creative industries accountants, to see how we can add value to your business.
We offer a free initial consultation to potential new clients.
In the years that you and your colleagues have acted as my accountants, a professional service has developed into a valued friendship and source of financial advice and guidance. In both service and professional terms, you have really gone the extra mile.