Media & entertainment
Accounting Services for Media, Entertainment and the Arts
Talented performers, managers and personalities still have to deal with their taxes. We’re sorry to say it’s unavoidable.
If you find yourself out on tour or working late nights, it can be difficult to schedule the time to carry out all of the tax returns and sort through all of your expenses.
So let us do it for you. At Cottons, we work closely with media industry professionals and help them keep on top of their obligations to HMRC, so they can focus on what they do best.
If you want to claim tax relief on work carried out in the UK, you’ll have to pass a cultural test which sets standards against the work you do to check if you’re eligible for reclaiming some of the production costs.
If you’re in the film industry, for example, you may be able to keep 10% of your budget for work completed in the UK if you meet the eligibility criteria.
We always recommend talking to a professional about your tax claims. With how expensive it can be to run a production or organise a tour, it pays to have a team of professionals to help you throughout the process.
Find out more about how we can help you from the categories below or ff you’re ready to take the next step please get in touch.
Want to take the next step?
If you’re looking to further your business, our team is waiting to hear from you.
Accountants for Agencies
Digital agencies need accountants who understand online business models. They often have a mix of long term projects and short term campaigns which impacts cash flow management.
Our Key Agency Services:
- Cash Flow Management: Managing unpredictable cash flows with expert forecasting and budgeting.
- Tax Planning: Ensuring compliance with taxes while reducing tax liability through planning.
- Payroll Services: Managing complex salary structures, including bonuses and commissions for influencers, freelancers and full time staff.
- Financial Reporting: Providing detailed reports to help directors and agents make informed business decisions.
Digital Agencies
Accounting services for agencies offering a range of digital services, including, SEO, content marketing, social media management, and more
Web Design & Developers
Accounting services for agencies focused on designing, building and maintaining websites for clients.
Accountants for Web Design & Developers
Accountants for Content Creators
Specialist accounting for content creators addresses the financial and tax challenges of YouTubers, social media influencers and niche website owners who create content.
Earning money online means identifying revenue streams, managing finances and understanding tax obligations.
Popular areas our team can help with:
- Income Tracking and Management: Content creators often have multiple income streams, such as ad revenue, sponsorships, affiliate marketing, and merchandise sales.
- Tax Preparation and Planning: Ensuring compliance with tax regulations, preparing and filing tax returns, and developing strategies to reduce tax liability.
- Bookkeeping: Maintaining accurate and up-to-date financial records, including tracking income, expenses, and transactions.
- Invoicing and Accounts Receivable: Managing client invoices, tracking payments, and following up on overdue accounts.
- Consulting and Advisory Services: Providing expert advice on financial strategies, business growth, and operational efficiency.
- Royalty and Licensing Management: For content creators who earn income from royalties and licensing deals, managing these agreements and tracking associated revenues.
Content Creators
Accounting services for digital content creators, such as YouTubers, bloggers, podcasters, and social media influencers.
Accountants for Content Creators
Social Media Influencers
Accounting services for social media influencers including Tiktok, YouTube and running social media shops.
Accountants for Social Media Influencers
Content Websites
Accounting services for content website creators and niche sites. Driving revenue through content or affiliate sales.
Accountants for Content Websites
Accountants for Film & The Arts
The film and arts sector can vary in needs due to the huge fluctuations in income year on year or even month to month. With a range of set ups for creative artists available, our team can help your or your business become tax efficient while planning for the quieter times.
Our key services for production companies, actors and actresses, musicians and artists include:
- Production Accounting: Managing the finances of film and television productions, including budgeting, cost tracking, and financial reporting.
- Tax Credits and Incentives: Navigating and applying for film tax credits and incentives offered by various states and countries.
- Royalty and Residual Management: Tracking and managing royalties and residual payments for artists, musicians, and filmmakers.
- Bookkeeping and Financial Recordkeeping: Maintaining accurate and up-to-date financial records, including tracking income, expenses, and transactions
- Payroll Services: Handling payroll processing for cast, crew, and other employees involved in productions, including calculating wages, withholding taxes, and ensuring compliance with employment laws.
Production Companies
Accounting services for production companies. Managing the finances of film and television productions, including budgeting, cost tracking, and financial reporting
Actors & Actresses
Accounting services tailored for actors and actresses with fluctuating income, self employed and other unique needs.
Accountants for Actors & Actresses
Musicians
Accounting services tailored for musicians,bands, solo performers, professional, part time and contractors.
Accountants for Musicians
Artists
Accounting services tailored for artists address the unique financial and operational needs of individuals in creative professions.
Accountants for Artists
Want to take the next step?
If you’re looking to further your business, our team is waiting to hear from you.
Media & Entertainment Accountancy
Media and entertainment accountancy is about managing finances, business advice and industry specific regulations. This sector has unique financial needs with a variety of flexible situations arising.
Sector Specific Financial Needs
Revenue can be unpredictable and comes from multiple sources such as box office, digital streams and sponsorship deals.
Accountants in this sector have to manage cash flow and complex royalty payments. We plan for short term projects and provide business advice for different business purposes to optimize resources and maximise profits.
Regulatory Environment and Compliance
One of our roles is to ensure companies comply with multiple legal and tax regulations. Or specialists stay up to date with industry specific legislation to avoid legal traps and ensure statutory compliance.
We can help manage international tax as productions often span multiple countries. They also handle employment regulations for freelance and contracted workers in the entertainment industry, tax and VAT filings.
Industry Professional Accounting
Our Accounting services for industry professionals in the media and entertainment sectors includes specialist tasks such as taxation, business and personal accountancy and bookkeeping. These services cater to the specific financial needs of production companies, freelancers and other creative professionals.
Bookkeeping, Financial Management, Expense Claiming
Good bookkeeping helps to maintain accurate financial records. We provide detailed bookkeeping services, tracking income, expenses and managing invoices. These records are the foundation for informed financial decisions.
As well as bookkeeping, financial management involves budgeting, cash flow management and financial reporting.
Accountants for the media and entertainment sectors provide industry specific solutions to help production companies and freelancers achieve their financial goals efficiently. Through financial control we help bring stability in the fast changing entertainment landscape.
Specialist Accounting for Talent and Creatives
The creative industries require industry specific advice to manage the financial complexities of being in the entertainment industry.
Production Companies
Production companies in the media industry face accounting challenges due to the size and complexity of their projects. As specialist accountants we can manage everything from initial funding to final financial reporting.
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Project Funding: Access to funding and grants specific to film and TV production.
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Production Budgeting: Creating budgets that account for all production costs from pre-production to post-production.
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Tax Incentives: Advice on available tax incentives and credits for productions, including Film Tax Relief (FTR).
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Royalty Tracking: Tracking and distribution of royalties to actors, directors and other stakeholders.
By providing these services accountants help production companies stay financially healthy and compliant throughout their projects.
Actors & Actresses
Actors and actresses have consistent financial challenges to manage with fluctuating income and international work. As entertainment accountants our services help with self assessment tax returns, deducting expenses for travel, costumes and training.
Managing royalty payments and residuals is another key area, ensuring accurate and timely payments. Without proper guidance there is a risk of pay too much tax and not planning for unforseen changes in income.
For actors working abroad we can advise on double taxation treaties and foreign income reporting.
We can also work with agents to maximise their clients’ earnings while staying tax compliant.
Media & Entertainment Blogs
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How accountants for musicians can help you hit the right note
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The value of accountants in the UK’s film sector
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Ready to connect?
If you’re curious about how we can help you, please reach out: our team is very keen to hear from you.
