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Why Media Specialists Should Protect Themselves from Tax Investigations

There have been some recent changes in the way that HMRC are approaching small and medium businesses to ensure that their record keeping is being managed correctly - the launch of business record checks, and the threat of subsequent tax investigations, are now making it absolutely essential to ensure that you know exactly what you're doing with your self assessments and tax returns.

If you work in the creative arts industry, such as in TV or the media, it can be difficult to know exactly what you can claim as a legitimate business expense, and therefore what items you can claim tax relief for. Of course, anybody can find it difficult to do their accounts themselves, but with the creative arts sector so full of freelancers who are constantly running around trying to secure contracts for the next job, it's particularly common for these professionals to struggle to maintain and manage their financial records. This brings about potential problems; if you're one of the chosen businesses who will be given these record checks, you could face full tax investigations if the inspector feels that you've been getting things wrong for a long 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.

Media Specialist 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.

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