If you’re a business owner or freelancer in the TV and media industry, then a Blue Skies media specialist accountant could help you to manage your finances and avoid problems with HMRC. Every business person and contract worker knows that they have certain responsibilities in terms of their financial record keeping and tax assessments. However, in such a fast paced industry as the media sector, it can be hard to juggle work and contracts with the administrative responsibilities that you also need to take care of.
It has recently been revealed that HMRC intend to undertake business record checks and tax investigations on a large proportion of small and medium sized businesses. With between 40 and 50% of these companies being targeted for these record keeping checks and the potential tax investigations that they can elicit, it has never been more important to ensure that your business accounts are up to date and in good order.
A Blue Skies Media Specialist Can Help
By using a media specialist to help you with your accounts, not only will it free up more of your time to enable you to focus on growing your business, but it will also give you peace of mind. If you’re one of the selected businesses to be put under the scrutiny of these record checks, or subsequent tax investigations, you won’t have the stress of worrying whether or not you have got your self assessments and tax returns correct.
It’s important to bear in mind that the tax inspectors at HMRC are only doing their job; however, that doesn’t necessarily eliminate that feeling of worry that most small businesses face when they know that their financial records are going to be looked over by an inspector. Because fines can be imposed for the late filing of tax returns and for poorly managed accounts, it’s important that your record keeping is kept up to date every month, so that not only do you know exactly where you stand, but in the event of a tax investigation, you’ll be confident that everything is in order and you won’t face additional payments to the tax man.
Approachable Accountants and a Friendly Service
By employing the services of a media specialist at Blue Skies, all of your records will be kept current and in line with tax legislation. Unless you have experience of managing your tax accounts, it’s easy to overlook things and to make mistakes. While these may be unintentional, it still poses a potential risk that your tax returns have been completed incorrectly and that you haven’t paid the correct amount of tax. The business record keeping checks and tax investigations that are currently being rolled out are there to identify any inconsistencies or mistakes which could lead to an additional tax bill for to you to pay.
Besides providing a professional and comprehensive accountancy service, by using Blue Skies’ media specialist accountants, you’ll also receive a friendly service and the opportunity to contact us at any time you feel you may need some additional support, guidance or advice.
If you’d like to find out more about tax investigations , please follow the link. Alternatively, why not take a look at our media specialist accountancy services .