Why Use A Specialist Media Accountant?
The world is full of hundreds of different types of businesses and industries, so it makes sense for some accountants to specialise in specific areas in order to help these different sectors to operate in accordance with tax regulations. One very specialist industry is that of TV and media and commonly, people who work in this type of business need outside support to help with their tax liabilities and record keeping. However well you know the media industry, it's fair to say that you won't have come across very much information in terms of running your business accounts - but good bookkeeping is absolutely crucial for any freelancer, contract work or business owner.
Avoiding Fines
HMRC has recently announced its new Business Record Checks campaign - this means that now, more than ever, it's essential to ensure that your book work is up-to-date and in good order. Any self-employed person or business owner who is suspected of incorrectly managing their accounts could be liable for fines. This means that if you tend to fill in your records retrospectively, or are not making the right calculations to distinguish between personal and business allowances, you could find yourself in hot water.
If you want peace of mind and confidence in your record keeping and tax returns, the best way to achieve this is by using a specialist media accountant. By using somebody who has the right training and knowledge, as well as experience in your specific sector, you can reduce your tax liability completely legally and save a lot of time and stress worrying about whether or not you're doing your book work correctly.
Reducing Your Tax Liability with a Creative Arts Accountant
It's perfectly acceptable to use a regular accountancy service but if you're involved in a specialist sector, it might be more beneficial to use somebody who understands your area of work. Allowable expenses can differ quite dramatically from one type of business to another, so this needs to be fully understood. By using a media or creative arts accountant you can rest assured that only legitimate expenses will be entered into your books.
Ultimately, your time is precious and could be better spent focusing on bringing in new contracts rather than worrying about whether or not you're getting your accounts right. The tax man is the one area that you can't afford to take a gamble with, so it makes good business sense to pay the small outlay for professional help and advice rather than risk the much heavier financial consequences if you get things wrong.
The world is full of hundreds of different types of businesses and industries, so it makes sense for some accountants to specialise in specific areas in order to help these different sectors to operate in accordance with tax regulations. One very specialist industry is that of TV and media and commonly, people who work in this type of business need outside support to help with their tax liabilities and record keeping. However well you know the media industry, it's fair to say that you won't have come across very much information in terms of running your business accounts - but good bookkeeping is absolutely crucial for any freelancer, contract work or business owner.
Avoiding Fines
HMRC has recently announced its new Business Record Checks campaign - this means that now, more than ever, it's essential to ensure that your book work is up-to-date and in good order. Any self-employed person or business owner who is suspected of incorrectly managing their accounts could be liable for fines. This means that if you tend to fill in your records retrospectively, or are not making the right calculations to distinguish between personal and business allowances, you could find yourself in hot water.
If you want peace of mind and confidence in your record keeping and tax returns, the best way to achieve this is by using a specialist media accountant. By using somebody who has the right training and knowledge, as well as experience in your specific sector, you can reduce your tax liability completely legally and save a lot of time and stress worrying about whether or not you're doing your book work correctly.
Reducing Your Tax Liability with a Creative Arts Accountant
It's perfectly acceptable to use a regular accountancy service but if you're involved in a specialist sector, it might be more beneficial to use somebody who understands your area of work. Allowable expenses can differ quite dramatically from one type of business to another, so this needs to be fully understood. By using a media or creative arts accountant you can rest assured that only legitimate expenses will be entered into your books.
Ultimately, your time is precious and could be better spent focusing on bringing in new contracts rather than worrying about whether or not you're getting your accounts right. The tax man is the one area that you can't afford to take a gamble with, so it makes good business sense to pay the small outlay for professional help and advice rather than risk the much heavier financial consequences if you get things wrong.
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