Unlocking Creativity and Innovation : Media & Technology
Our Creative Media & Technology specialists offer a comprehensive suite of services tailored to your business’s stage and sector. Our experienced team of advisors and accountants have a deep understanding of the Creative, Media & Technology sector. We work closely with clients across various sub-industries, including advertising, design, film and television, music, software development, and more. Our goal is to provide tailored financial solutions that drive growth, foster innovation, and ensure compliance with industry-specific regulations.
Our Services to the Creative, Media & Technology
Supporting Start-ups
Starting a new venture can be daunting, and our guidance is always aligned with the needs and goals of owners, managers, and stakeholders
- Providing guidance on available tax reliefs for startups, including Research & Development tax relief, Enterprise Incentive Scheme (EIS), and its more generous counterpart, SEIS.
- Facilitating introductions to our network of banking and solicitor contacts.
- Collaborating on the creation of a comprehensive business plan and the formalisation of business strategies.
- Assisting in the implementation of effective management information systems.
- Advising on the optimal legal structure for your business.
- Establishing performance targets and ongoing performance monitoring.
- Managing essential back-office functions, including accountancy, payroll, and business advisory services.
Accounting and Financial Reporting
Our team of experts offers comprehensive accounting and financial reporting services designed to provide a clear and accurate picture of your business’s financial health. We can assist with:
- Bookkeeping: We handle day-to-day financial transactions, ensuring accuracy and compliance.
- Financial Statements: We prepare detailed financial statements that offer valuable insights into your business’s performance.
- Budgeting and Forecasting: We help you plan for the future and make informed financial decisions.
- Management Reporting: We provide regular reports tailored to your needs, allowing you to monitor key performance indicators.
Tax Planning and Compliance
Navigating the complex world of taxation is essential for businesses in the Creative, Media & Technology sector. Our tax experts can assist with:
- Tax Compliance: We ensure that your business complies with all tax regulations, minimising the risk of penalties.
- Tax Planning: We develop tax-efficient strategies that help you retain more of your hard-earned money.
- Research and Development (R&D) Tax Relief: We specialise in identifying R&D tax relief claims opportunities, allowing you to recoup a portion of your research and development expenses.
- VAT Services: We offer VAT planning and compliance services, helping you manage indirect taxes effectively.
Outsourced Services
Our partner business BM Connect offers efficient, cost effective outsourced management reporting, accounts preparation, and payroll management.
Management Reporting
BM Connect’s outsourced management reporting will streamline your business operations. With cloud-based technology, we maintain accurate and efficient accounting records, providing instant access to real-time information without the need for costly hiring. Our industry-leading technology ensures precise results, empowering you to make informed business decisions efficiently.
Accounts Preparation
BM Connect’s experienced accountants prepare your accounts meticulously, ensuring tax deadlines are met. We structure your accounts for clarity, helping you gain valuable business insights and plan effectively. Our technology-driven approach ensured accuracy, letting you focus on other business priorities with confidence.
Payroll Management
BM Connect’s payroll management services relieves business owners of its complexities. With specialist technology and up-to-date knowledge, we ensure compliance, save time, and minimise payroll-related stress. Our team is well-versed in handling recent payroll developments, including auto-enrolment, the apprenticeship levy, and Covid-19 schemes. We also manage core services like bacs processing and can assist with workplace pension schemes through our partner business, Integrity365. BM Connect’s industry-leading payroll software and delivery systems provide efficient access to reports, payslips, and statistics.
Find out more about BM Connect’s suite of outsourced bookkeeping, management accounting and payroll solutions and choose a package which is best suited to your needs and budget. Visit bmconnect.co.uk
Tax Reliefs & Incentives
The creative sector has seen significant expansion in tax reliefs in recent years, covering various areas such as film, high-end television, animation, theatre, video games, museums, galleries, and orchestras. Each relief has its specific conditions, making it crucial for businesses to consult with a professional to help navigate them effectively. Our team is well-versed in these complexities, ensuring you maximise these reliefs. We critically assess production expenditure for eligibility, manage timing for optimal cash flow, advise on business structure optimisation, and handle the ‘Culturally British’ test.
Research and Development (R&D) Tax Relief
We specialise in identifying R&D tax relief claims opportunities, allowing you to recoup a portion of your research and development expenses.
Film tax relief
This provides substantial benefits to the UK film industry, encouraging investment and growth. Beavis Morgan can assist you in navigating and benefiting from this valuable relief.
High-end Television and Children's Television Tax Relief
A UK government initiative supporting production in these sectors. We can help maximise your benefit from this relief.
Video Games/Animation Tax Relief
Available for UK companies involved in video game development. Beavis Morgan can assist in optimising your claim for this relief.
Theatre Tax Relief
Supports theatrical productions, offering a super additional deduction and a payable tax credit. We can assist you in utilising this creative sector relief.
Museum Tax Relief
Effective since April 2017, this tax relief supports museums and galleries. Beavis Morgan can help these cultural institutions benefit from this tax relief.
Orchestra Tax Relief
Qualifying orchestra production companies staging orchestral concerts can access this relief against corporation tax. It covers expenditure from April 2016, and mirrors the Theatre tax relief model.
Creative industry tax reliefs play a vital role in fostering innovation, job creation, and the continued success of the creative sector. If you have queries regarding creative sector tax reliefs, reach out to our experienced team for guidance.
We are also available to advice on share incentive plans to help motivate and retain key staff.
Business Advisory
Our business advisors are dedicated to supporting Creative, Media & Technology businesses. We provide guidance on:
- Business Growth: We develop strategies to help you expand your market presence and increase revenue. We can also assist with expansion abroad, by devising optimum structure and making introductions to our overseas contacts.
- Funding and Financing: Through our partner businesses Moorfields Commercial Finance and Cadence Advisory, we assist in securing funding, grants, and financing to support innovation and growth.
- Mergers and Acquisitions: We offer M&A advisory services, guiding you through the intricacies of buying or selling a business.
- Audit Efficiency: We streamline the audit process to minimise disruption to your business while delivering optimal value for your investment.
- Restructuring Expertise: Our partner business, Moorfields Advisory, comprises of expert restructuring specialists to guide your business through challenging times.
Strategic Exit and Wealth Maximisation
At some point, every business owner faces the prospect of exiting their venture or redirecting its course. To capitalise on the fruits of your labour and optimise personal wealth, you require the guidance of specialists intimately acquainted with your industry. Beavis Morgan’s Creative, Media, and Technology experts are your trusted partners, equipped to:
- Ensure Entrepreneurs’ Relief Eligibility: We assess your business structure to ensure it qualifies for Entrepreneurs’ Relief, minimising your capital gains tax liability.
- Streamline Business Sale or Flotation: Our team assists in preparing your business for sale or flotation, optimising its appeal to potential buyers or investors.
- Intellectual Property Valuation: We accurately assess the value of your business and its intellectual property, providing you with essential insights for negotiations.
- Facilitate Sales Transactions: Our professionals guide you through the sales process, from negotiation to completion, ensuring a seamless transition.
- Secure Funding for Transitions: Whether you’re looking to buy out partners or bring new ones in, we help you raise the necessary funds.
- Expertise in IPOs: Should you opt for an initial public offering (IPO), we can act as reporting accountants, ensuring compliance and transparency.
- Capital Tax Mitigation: By verifying Entrepreneurs’ Relief availability, we minimise your exposure to capital taxes, safeguarding your wealth.
At Beavis Morgan, we understand that your business journey may lead to various destinations. Our dedicated experts are here to help you navigate these transitions, making informed decisions that enhance your financial well-being.
Client Success Stories
Over the years, we have helped numerous businesses in the Creative, Media & Technology sector achieve their financial and strategic goals. Here are some of our success stories:
Unlocking Entrepreneurs Relief
We assisted a high-tech design and packaging company in securing Entrepreneurs’ Relief for its non-exec Chairman. Through innovative structuring involving a special class of shares, we successfully navigated the sub-5% shareholding restrictions.
Optimising R&D Tax Relief Claims
An online games developer was dissatisfied with the R&D tax repayment from their previous advisor. Leveraging our extensive experience in this area, we revisited the claim, resulting in an additional payment of nearly £60,000 for a company with a turnover of under £1 million.
Expanding Global Reach
A small communications agency faced the potential loss of its largest client due to inadequate representation in crucial offshore territories. Leveraging our international network, we facilitated the establishment of offices in Singapore and Dubai. This ensured local support and implemented robust procedures for transfer pricing, overseas funding, and profit repatriation.
Employee Incentives
To address a media agency’s struggle to motivate key staff due to profitability challenges, we devised a tax-efficient EMI share scheme (Employee Management Incentive). This solution provided staff with share awards at significantly lower costs, fostering staff retention and incentivisation.
Find out more about BM Connect’s suite of outsourced bookkeeping, management accounting and payroll solutions and choose a package which is best suited to your needs and budget. Visit bmconnect.co.uk
Contact Us Today
If you’re in the Creative, Media & Technology sector and looking for financial partners who understand your industry, we are here to help. Contact Steve Govey, David Rose, or your usual Beavis Morgan Client Partner to schedule a consultation and explore how our tailored financial solutions can drive your business forward.
