Entertainment Industry Client
I have a client that works in the entertainment industry taking on various roles within the world of entertainment including Acting, Directing, Production and as an Agent.
When taking over this client their financials were overdue and HMRC had estimated that they owed a large sum of money in VAT, my client knew this was not the case but as they were busy focusing on the business development side of work they were unable to devote the time and attention required to get this overturned.
One of my first tasks working for this client was to produce her VAT returns from the point she became VAT registered up to date, I discovered that not only did she not owe HMRC but HMRC in fact owed her, after producing the returns and submitting them my client received a substantial VAT repayment which went towards the budget for her next film.
My client also follows the standard accounting practice of setting up special purpose vehicles (SPV's) for each major release which I manage the company formation side of as well as the necessary tax returns associated with this.