Specialist Financial Solutions for Creative Professionals
The entertainment industry in London is fast-paced, high-pressure, and full of financial complexities. Whether you’re a West End actor, a touring musician, a film producer, or a digital creator, your financial needs demand precision, foresight, and an understanding of your world.
At Pearl Lemon Accountants we specialise in working with creative professionals, handling the details of royalty management, creative industry tax reliefs, and HMRC compliance. Our approach is built around keeping your finances clear and actionable, so you can focus on your craft while we deal with the numbers.
Struggling with Financial Chaos? Let Us Bring Clarity to Your Finances
With multiple revenue streams, unpredictable income, and ever-changing tax regulations, managing your finances can be overwhelming. We’re here to simplify your financial world, offering tailored solutions that give you peace of mind.
Our Services:
Royalty Tracking: We ensure every penny of your royalties from platforms like Spotify, Apple Music, and YouTube is tracked accurately and efficiently, giving you full control over your earnings.
Expense Management: Touring or producing? We’ll capture and categorise every deductible expense—from accommodation to equipment hire—so you can maximise your tax savings.
Income Reconciliation: Whether you’re freelancing, performing, or producing, we keep your accounts in perfect order, making your HMRC filings stress-free and straightforward.
Stay Compliant and Avoid Tax Pitfalls
The entertainment industry faces increased scrutiny from HMRC. Our expert services ensure your contracts are compliant and your filings are on time, so you avoid unnecessary audits and fines.
Our Services:
Contract Reviews for IR35 Compliance: We’ll review your contracts with agents, production houses, or freelancers to ensure they meet HMRC standards, protecting you from potential penalties.
Late Filing Resolutions: If you’re behind on submissions, we’ll quickly sort things out, minimizing penalties and getting you back on track.
Audit Assistance: In the event of an HMRC inquiry, we’ll handle all communication and documentation, ensuring you’re fully protected.
Tackle Unpredictable Income with Confidence
The entertainment industry’s feast-or-famine income patterns don’t have to throw your financial goals off track. Our systems keep you on top of your finances, ensuring you’re always prepared for both high and lean periods.
Our Services:
Cash Flow Forecasting: We project your income and expenses based on historical data and upcoming contracts, helping you plan for both prosperous and lean months.
Savings Strategies: We create tailored savings plans to ensure you’re always prepared for the unexpected, making sure your finances are secure no matter what.
Tax Efficiency Reviews: Our team will assess your financial structure, identifying ways to reduce your tax liability and improve your overall take-home pay.
Our Services Are Built for the Entertainment Industry
We work exclusively with creative professionals, which means we understand the nuances of your industry. We don’t offer generic advice—we provide solutions tailored to your needs.
Royalty Accounting
- Detailed tracking and reconciliation of royalties from streaming platforms, licensing agreements, and international sources.
- Ensuring payments are processed on time and accurately reflected in your accounts.
Production Accounting
- Budget tracking and financial reporting for film, television, or stage productions.
- Claiming tax credits through Creative Industry Tax Reliefs, covering Film Tax Relief (FTR), High-End Television Tax Relief (HETR), and more.
Tour Accounting
- Managing income and expenses for musicians, comedians, and performers on tour.
- Tracking merchandise sales, ticket revenues, and tour-related expenses for tax deductions.
VAT Services
- VAT registration, filing, and compliance, including handling reverse VAT charges for international transactions.
- Reclaiming VAT on eligible expenses incurred during productions or tours.
Case Study: Turning Chaos into Confidence
Problem: A London-based film production company struggled with budget overruns and an HMRC audit related to incorrect Film Tax Relief claims.
Solution:
- We reviewed the entire production budget, identifying eligible tax credits totaling £50,000.
- Implemented a cloud-based tracking system for real-time financial monitoring.
- Represented the client in discussions with HMRC, resolving the audit within weeks.
Result: The production wrapped without further financial penalties, and the company now uses our services for every project.
FAQs for Entertainment Industry Professionals
Expenses related to your work, such as travel, costumes, training, equipment, and studio hire, are typically deductible. We ensure all claims align with HMRC guidelines to avoid red flags.
IR35 affects contractors and freelancers, determining whether you’re treated as self-employed or an employee for tax purposes. Misclassification can result in hefty fines. We review your contracts to keep you compliant.
We centralize your global income streams, account for currency exchanges, and ensure proper reporting to HMRC. This includes navigating double taxation treaties where applicable.
These reliefs provide tax credits for eligible productions in film, television, video games, and more. We assess your project’s eligibility, prepare claims, and ensure you receive the maximum benefit.
Take Control of Your Finances Today
Whether it’s managing royalties, navigating VAT for international tours, or ensuring compliance with HMRC, we’re here to simplify your financial life. Focus on your art while we handle the complexities of your accounts.
