Who We Are
CC Young are a firm of Chartered Accountants and Registered Auditors, regulated by the Institute of Chartered Accountant of England and Wales.
We are a leading provider of accounting and taxation services to the music, film and entertainment industry.
The firm was established in 1998 and operates from its office on Chancery Lane.
We have 5 specialist entertainment divisions with over 50 staff:
- Touring and business management
- Royalties and audit
- Business services
- Statutory audit
- Taxation
Colin Young
"Educated at Lancaster University, Colin Young graduated with honours in 1986 with a Bachelor of Science degree in Physics. He then went on to study as a Chartered Accountant and Registered Auditor in the City and received his ACA qualification in 1992, after which he joined one of London’s leading music accounting firms, where he focused both on artist and record label accounting. During his time there, he wrote a thesis on taxation entitled “Tax Planning for the Musician/Songwriter”. In 1998, he founded his own practice, C.C. Young & Co., Chartered Accountants and Registered Auditors, acting for clients in the music and entertainment sectors."
Eric Longley
Educated at schools in various countries around the world including Ghana, Singapore, Egypt and Germany, Eric studied for a Diploma at Coleg Harlech before obtaining a BSc (Econ) (Hons) at University College Swansea. After University Eric was a graduate Inspector with HMRC before moving into private practice. His commercial experience includes having been Managing Director of Factory Records, managing a boy band and a non-executive directorship of a pharmaceutical company. Eric was awarded his Master’s degree from Birkbeck College where his MA dissertation was on the cultural significance of Morrissey’s lyrics – “A Poetic Lyricist In The Era Of Late Capitalism."
Core Values
Passion - A passion for the music, film and entertainment industry.
Integrity - as a firm of Chartered Accountants and Registered Auditors, we undertake our work with a straightforward and honest approach.
Accuracy - to ensure that our clients underlying books and records are complete and accurate, that the audit trail from the accounting records to the financial statements is clear and unencumbered, and the financial results presented are true and fair.
Clarity - to present the financial information in a manner that can be readily understood by management, label and artist.
Technical excellence and due care - to ensure technical competence and knowledge commensurate with a firm of Chartered Accountants and Registered Auditors specialising in the music and entertainment industry.
Tax Compliant - to ensure our clients tax affairs are complete, accurate and compliant and that any tax due is paid on time.
Timely Reporting - to ensure that the financial reporting is prepared on time.
Our Services
Touring and Business Management
Writing & Recording
We advise songwriter and recording artist on the most appropriate business structure with regard to safeguarding copyright and tax mitigation. In respect public performance we assist in securing membership of PRS and PPL and ensuring accurate registration of the songs. We undertake a periodic table top audit to ensure the record label and the publishing company are reporting the royalties correctly as contracted.
Bands on Tour
It is the life cycle of the tour that we excel and enjoy most of all. This is the life blood of our practise. We assist in the budget preparation, the mitigation of withholding tax at the contractual front end, the business management during the tour, the tour accounting and variance analysis, and the utilisation of the tax withheld at the back end.
Budget
The budget is a key financial tool for touring bands. We review the budget at the planning stage and ensure it is prudent, reasonable and complete.
Income should be based on contractual guarantees, excluding any optimistic percentage breaks. We review the expenses for completeness. Do they include a sensible provision for withholding, the label override and management commission?
An accurate budget will enable the band to tour with financial certainty.
Withholding Tax
When performing overseas live shows, the overseas promoter has an obligation to withhold income tax at source. For example the withholding tax rates are Belgium 18%, Spain 24%, Portugal 25%, and US 30%.
The mitigation of tax requires proper planning at the front end. We work with the manager, agent and promoter at the planning stage to ensure the correct business structure and contractual arrangements are implemented from the outset.
We recommend arrangements are started at a minimum of 60 days before the first overseas show date. Please note, less than 45 days and the Central Withholding Agreement will be rejected in the US without exception.
The utilisation of the tax withheld at the back end is key to the financial success of the tour. To provide the maximum opportunity to utilise any tax withheld requires the correct financial structure at the tour start and a strong technical knowledge international tax legislation.
Tour Accounting
We compare actual results with budget and investigate any variances.
We calculate the label override and management commission.
The preparation of the tour accounts that are accurate and presented in a timely manner will ensure effective financial control during the tour.
Royalties & Audit
We prepare the artist and producer royalty statements for independent record labels and the songwriter royalty statements for independent publishing companies
As a consequence of the Internet, the number of digital downloads and streaming transactions is enormous. These transactions require fair and accurate reporting. This can no longer be done using Excel spreadsheets.
These huge swathes of electronic data need careful management and exact analysis in accordance with the contractual obligations.
We employ a royalty software package called Counterpoint. This provides a comprehensive solution for record labels and music publishing companies to meet their royalty accounting obligations to the creatives.
Taxation
Tax compliance is fundemental
Our approach is ensure that our clients affairs are reported accurately, honestly and in the spirit of the tax legislation.
We ensure that the filing is on time and the tax paid.
International Clients
We act for a large number of clients in Sweden and the US.
Over the years we have established strong affiliations with accountancy/tax advisory firms in LA, New York and Stockholm.
Business Services
The Business Services Department was originally set up in order to provide business management and financial accounting services to music management companies.
The department has grown rapidly and now caters to a variety of clients within the entertainment industries, including artist managers, musicians, fine art, producers, film and television.
The department provides a wide-range of services, including book-keeping, preparation of management accounts, preparation of year-end financial statements and business management.
Statutory Audit
Our specialist team have experience of providing statutory audit and assurance services in a wide range of industries.
Our audits are conducted in accordance with International Auditing Standards using a customised approach whereby we gain an understanding of your accounting systems and of how your business operates.
In addition to helping you meet your statutory obligations, by communicating with you both during and after the audit process, we aim to highlight potential improvements and to help you reduce the risks facing your business.
Details about our audit registration can be viewed at www.auditregister.org.uk for the UK and www.cro.ie/auditors for Ireland, under reference number C008871619. The Ethical Standards for Auditors can be accessed at www.frc.org.uk and details regarding audit regulations at www.icaew.com
Our team
Senior Management
Management
Team Leaders
