MediaSpecialists - Protect Yourself from Tax Investigations

There have been some big changes this year to how HMRC will be checking on small and medium businesses to ensure that their record keeping is correct – and these new business record checks could lead to further tax investigations if things don't seem to be in order with your accounts.

For media specialists who work in the creative arts sector, it can be hard to know what is claimable in terms of tax offsetting. Because this industry is full of freelancers, it can be particularly challenging for them to balance work commitments with admin work and business accounts. This might not be a problem in itself - but it could be if HMRC decide to check your records and discover that you’ve been getting it consistently wrong for some time.

It's Hard to Manage Everything Yourself

Even if you think you know what you're doing with your accounts, you can still make mistakes. This can be down to naivety, disorganisation, or perhaps just because the job of a media specialist is very much different to that of an accountant! While you may be a specialist in your own industry, it doesn't necessarily mean that you've had any experience of recordkeeping and tax issues - and when you're busy trying to make a living, it's hard to learn a whole new skill at the same time.

MediaSpecialist Accountants

So how do you know the right way to manage your accounts? Essentially, without professional help from a media specialist accountant, you can't be sure that everything you're doing is correct. If you do become the subject of tax investigations and your records are inaccurate, there are penalties that can be imposed which can hit you hard in your pocket. This means that if you're trying to manage your accounts yourself, it might be a better idea to approach an accountant who works with media specialists, and who can give you the advice and support that you need.

Working in the media or creative arts sector won't offer you any insight into tax legislation and laws. So if you've taken a somewhat haphazard approach to your record keeping, or simply don’t really know what you’re doing, a structured package from a specialist accountant is probably worth investing in. Peace of mind is priceless, and a small outlay for the potential savings of fines, as well as knowing that your tax assessments are completed in accordance with HMRC guidelines, could make total business sense.

MediaAccountants - More Than Just an Accounting Service

If you work in the TV or media industry, it’s likely that you seek support from an accountant in order to keep your business finances in good order. This is good practice and allows you to meet your tax obligations with the minimum of stress and hassle - especially if managing your accounts strikes fear into your heart as it does with many freelancers and business owners. However, it often goes unrecognised that there are specific media accountants out there who can offer you multiple layers of support in order to help you with other aspects of your business management.

Managing everything that comes with freelancing or running your own business is no mean feat - it's almost impossible for anyone to have the in-depth business knowledge required for every facet that you need to organise. This is why you should always look toward a specialist accounting service that can help you to understand and cope with all of the other pressures that you will face in the daily running of your professional situation. Bookkeeping facts and figures, while important, are only one small part of your work.

Support for Every Aspect of Your Business

The beauty of specialist media accountants is that they can help to guide you through every part of your business responsibilities, providing you with professional support that could stop you from making costly mistakes either to your pocket or your reputation. Unless your goals are very clearly defined and you have no desire to grow your business or your ability to earn more money, a helping hand from somebody who understands your industry and can help you to progress is essential. It's very hard to wear all of the hats all of the time, so this additional outside help will give you another brain to pick for ideas that you may not have the time or experience to formulate yourself.

Help With Negotiations and Development

The added benefits that you will receive from using specialist accounting services are numerous, but some of the main things you should look out for are as follows. Firstly, and this particularly applies to freelancers, is the additional provision for contract and rate negotiations. Many media accountants, due to their extensive experience of the creative arts sector, are in a fantastic position to advise you on the kind of pay you should be seeking for your skills. Also, because they've been working with people in a similar position to you and also with a variety of media companies for the whole time they've been operating, they have the insight needed to enter into negotiations with the right attitude, degree of flexibility and the ability to know when to stop pushing.

The same principles apply to negotiating the terms and conditions in your contracts, and the best news is that these extra services will usually be included in your yearly fixed fee. You can also generally choose whether your media accountants take care of negotiations themselves, or just advise you on the best way to handle that particular company. Your accounting service will also come with business development support, helping you to devise ways to grow your offering and become more successful. With all things considered, it’s clear to see why a specialist accounting service can give you much more bang for your buck!