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.
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.
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.
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
We prepare the artist and producer royalty statements for independent record labels and the songwriter royalty statements for independent publishing companies.
The number of digital downloads and streaming transactions is enormous. These transactions require fair and accurate reporting, which 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.
Brand Licensing Audit & Compliance
At C. C. Young & Co., we also specialise in Brand Licensing, both in audit and in advice on licensing deals. Between us, we have carried out several hundred licensee audits in over 30 countries in EMEA, Latin America and Asia.
Auditors learn a great deal about how licence agreements work in practice in many different contexts. We can advise on contractual wording and essential clauses to include in order to make licence agreements that work clearly and efficiently for both parties.
A more detailed document on Brand Licensing Audit can be viewed here.
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.
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.
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.
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
Registered office: 4th Floor, East Wing, Chancery House, 53-64 Chancery Lane, London WC2A 1QS