Services to the Media
THAT'S ENTERTAINMENT!The Brebners to Media Services.
Brebners was formed in central London in 1934 and has developed a high reputation as a medium sized firm with 100 staff in its two UK offices and overseas connections, as well as membership of an international network of professional accountants.
Services to the Media
Introduction
This is a broad indication of the various services provided by Brebners to clients in the media world, both in front of and behind the camera, in film and broadcasting companies and in the associated public relations and advertising industries.
Brebners is a medium sized firm, large enough to provide a wide range of services and with specialist departments equal to those found in larger firms – but small enough to recognise the importance of providing the personal service which we believe is vital in dealing with the financial requirements of our clients. We have had a long association with the media industry, having acted for clients in this field for many years, giving us a keen understanding of the particular needs of the profession. Our modern offices at The Quadrangle in Wardour Street are conveniently situated in the heart of media activity and our Media Division reflects our continued commitment to provide a high quality service to the industry.
We have a number of dedicated partners who for many years have been personally involved in looking after the financial affairs of leading figures and companies in the entertainment industry :
Simon Cryer, José Goumal, Michael Burton and Raef Gregory.Supporting them is a team of specialists drawn from each of the departments within the firm, providing the experience and flexibility needed to meet the particular requirements of innovative and entrepreneurial clients operating in a competitive environment.
José Goumal has extensive first hand experience in the industry , being involved in theatrical productions, both touring and in the West End.
Financial Management
In our experience, many of our broadcasting and entertainment clients find it difficult to spare the time to properly manage their own personal financial affairs. Their time and energy is often wholly devoted to creative work with the result that financial matters can be neglected. Even those with substantial earnings are not always well placed to deal with their income and outgoings so that sometimes the purchase of a house (or even a car) can prove to be an administrative problem. We are able to assist in this areas by monitoring the income flow and ensuring that money is in the right place at the right time (or is made available) to meet various financial commitments.
Individual attention
The personal financial management service offered by our Media Division has been welcomed by clients who are left to concentrate exclusively on their work, knowingthat the financial aspects are safely in experienced hands.
This is particularly the case during periods of high activity, or possibly foreign engagements, where matters need to be attended to when the client is not available. We have developed good working relationships with many agents so that we can ensure that no only are the client’s finances properly managed, but incoming funds are dealt with speedily to their best advantage.
Media Related Business
For the media related business such as those in advertising or graphic design, we are able to provide not only regular management information but also detailed cash flow forecasts and statements in a manner understood and accepted by banks and other lending institutions. Accurate and up-to-date information presented in a clear and intelligible form can often make the difference between obtaining additional funds required for the business at acceptable rates – or failing to do so.
A soundly based accounting system which provides prompt and accurate information together with an independent financial appraisal can also pay large dividends. We are familiar with the latest computer software packages designed to help with accounting records and we can advise in details on the operation and suitability of each system for the individual business. We are also able to act on behalf of production companies to evaluate and advise on commercial propositions put forward by others, so that all the financial and taxation implications are properly considered before important decisions are made.
Accounts
Personal
Accounts and record keeping are an inevitable fact of commercial and professional life and are particularly important for those connected with the entertainment world. Time is always at a premium and the maintaining of financial records represents a real burden, distracting clients from their work. However, without proper record keeping, difficulties can arise not only with ordinary financial matters, but also with the tax authorities. This is especially important in the field of VAT which is largely a matter of accurate accounting and where the penalties for errors (sometimes comparatively trivial errors) can be substantial. Our Media Division can relieve clients of a great deal of this burden, leaving them to devote as much time as possible to their work.
Many of our clients rely on us to maintain their records to a high standard so that they are troubled as little as possible by visits and enquiries from tax authorities.
Business
Those in the business of film and video production as well as the management and promotion of media personalities often have mor extensive accounting requirements and the regular management information we prepare can be invaluable in times of expansion.
Our professional staff are fully supported by extensive computer facilities enabling the production of comprehensive financial information such as budgets, cash flows and management accounts, providing a fast and efficient service able to cope with every demand.
Taxation
Tax advice is regarded as a vital part of our service, not only in saving tax for our clients and enabling them to retain as much as possible of their earnings, but also dealing with the routine aspects. Tax and VAT compliance is an essential part of any business or professional activity and we have long experience in dealing with these matters. This is an important area because the consequences of neglect can be serious and expensive in terms of penalties and interest on unpaid tax.
Planning
Our tax specialists are able to advise on all the relevant regulations and to make recommendations about how tax liabilities may be mitigated. The regular flow of accounting information is valuable in enabling us to keep under review all available tax planning opportunities. It may be that a company should be formed or a trust established to reduce the impact of income tax on earnings, as well as the other main taxes, capital gains tax and inheritance tax.
We are able to advise on what can (and equally important what cannot) be done to legitimately reduce tax liabilities.
Inheritance tax is often a matter of concern to the more successful client because although they may have considerable wealth they may feel that their long term earnings are insecure and therefore may be reluctant to make irreversible transfers of money to their family. We are familiar with this problem and are able to offer a number of solutions to meet most, if not all, of the clients requirements.
In addition to the services provided for our clients we are often called upon to advise other firms of accountants and solicitors both in the UK and abroad in connection with tax matters and on the creation of suitable tax saving arrangements for their clients.
Value Added Tax
Most types of business or professional activity are obliged to register for VAT when their annual income exceeds certain limits. It is essential that these limits are not overlooked but clients are naturally reluctant to become involved in the detailed record keeping required. We are able to maintain VAT records for our clients and prepare the VAT returns in good time to ensure compliance with all statutory requirements.
The VAT legislation makes no allowance for absences from the UK and stiff penalties are imposed for failure to register for VAT or to submit returns on time. By maintaining the necessary records in our office, we can usually arrange for inspection visits by HM Customs & Excise to take place at our premises rather than at the client’s home. Being registered for VAT is an administrative burden but it has some advantages because VAT paid on expenses can be recovered from HM Customs and Excise each quarter.
Furthermore, the regular preparation of VAT returns enables the results of a business to be monitored so that positive advice can be given at the earliest opportunity. The VAT records prepared each quarter can also be helpful in providing the basis for the ultimate preparation of both management accounts and final accounts to be submitted to the Inland Revenue.
Trusts
Trusts have an important part to play in the financial affairs of many of our clients as a means to preserve and enhance family wealth. The tax advantages of trusts are such as to make them an essential part of the successful client’s tax planning arrangements.
The variety of trusts is almost infinite and many personal financial and tax problems can be solved by means of one trust or another. However the abstract nature of a trust, usually involving a lengthy deed framed in complex language, can cause the subject to be shrouded in mystery. We trust to ensure that our clients understand the nature of any trust which may be established so that they can appreciate the benefits which arise from their use.
We have had experience of many kinds of trusts both in the UK and in overseas jurisdictions over a long period of years and indeed some of our partners act as trustees for our clients.
