020 7291 1690 info@ccyoung.co.uk

Services

Touring And Business Management

Writing & Recording

We advise songwriters and recording artists on the most appropriate business structure with regard to safeguarding copyright and tax mitigation. In respect to the public performance, we assist in securing membership of PRS and PPL and ensuring accurate registration of the songs. We undertake periodic desktop audits to ensure the record label and the publishing company are reporting the royalties fully and correctly as contracted.

Bands on Tour

It is the life cycle of the tour that we excel in and enjoy most of all. This is the lifeblood of our practice. 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. The tax rates range from 5% to 30% depending on the country.

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. If this is done less than 45 days before the show, 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 of international tax legislation.

Tour Accounting

We compare actual results with the budget and investigate any variances.
We calculate the label override and management commission.
In order to ensure effective financial control during the tour, we prepare accurate and timely accounts for the tour managers.

Royalties & Audit

With a focus on technology and systems, we cover a full range of royalty and copyright services.

The number of transactions generated through digital and streaming is enormous; these huge swathes of electronic data need careful management and exact analysis in order for us to make sense of the information.

We are continually reviewing and upgrading our IT systems and databases capabilities to keep pace with the digital music industry.

Compliance

As an extension of our accounting and bookkeeping services, we work for independent record labels (including artists self-releasing under label services deals) and music publishers to offer full royalty accounting compliance: preparing accurate royalty statements for artists and creatives, reporting to third parties such as MCPS, and advising on complex royalty accounting issues such as withholding tax.

Royalty Audits

We regularly and routinely carry out both full and desktop royalty audits of incoming royalty accounting from: record companies, music publishers and copyright collection societies to recording artists and songwriters.

With our continuous investment in our IT systems, we put specific emphasis on the audit of digital royalty data and tracing transactions right back to source.

Catalogue Valuations

From individual recorded music or publishing catalogues, to entire record and publishing companies, we provide tailored analysis and projections to our clients to help them evaluate and understand the value of their assets.

With our data driven approach, we build up libraries of historic catalogue income which form the basis for our valuation models; using adjustable profiles of the market, based on our industry experience, independent market reports and industry benchmarking we project future earnings and consider both multiple based and discounted cash flow valuation techniques.

With our compliance background, we appreciate the need for strong due diligence and record keeping to ready assets for sale.

Taxation

Tax Compliance Is Fundamental

Our approach is to ensure that our clients, affairs are reported accurately, honestly and in compliance with 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, resident for tax purposes in counties from France to Spain, Sweden, Dubai, USA and Australia, to name a few.

Over the years we have established strong affiliations with accountancy and 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 has experience in 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 

© 2019 All rights reserved | CC Young & Co Ltd | Privacy Policy Company registered in England & Wales (No: 03509387) | Company No: 03509387

Registered office:

3rd Floor, The Bloomsbury Building,

10 Bloomsbury Way

London, WC1A 2SL

T: 020 72911690

F: 020 72911697 

E: info@ccyoung.co.uk

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