ASK & DISCUSS INDEX

5 years, 6 months ago - Vinca .

Hi Peter,
Are you looking for an accountant or a useable viable budget template/advice that you/ your producer/Line Producer etc.., can use? I would say if you're producing a microbudget feature that spend on accountant might be better used in other areas.
Vinca

5 years, 6 months ago - Peter Simmons

Thank you for the advice Vinca!

5 years, 6 months ago - Marlom Tander

Question 1 - is it even a business? If you don't expect to make money, and don't have anything that you can offset a loss against, you can simply decide it's a hobby and keep income/expenses records that show it, if anyone asks.

But lets be optimistic :-)

Your key issue is Ownership Structure.

If YOU own it, lock, stock and barrel, you can treat it as a Sole Trader business. Easy. No expensive reporting requirements. Losses can be used to offset profits in your other ST ventures, (sort of. Accountant needed).

If a couple/few own it equally, Partnership is an option (not one I've ever liked, but an option). Joint and Several Liability. The 4 most scary words in finance.

If multiple people with unequal stakes, you really need a limited company, (tenner online from Companies House) even though an accountant will charge you a few hundred to do the accounts.

The things you need to get right from Day 1 are VAT and Payroll.

You won't hit the VAT threshold and while you can register even if below, the paperwork is probably not worth the candle.

Payroll - you will need to deal with this for any Employees. You just register with HMRC and get some simple online software like Sage. GOOD NEWS - cast can all be self employed, not employees., Co Directors are not employees (though they can be, and if you make any money, will be, your accountant will show you the tax break) and most Crew roles are allowed to self employed. (I posted a link to the HMRC page a while back).

5 years, 6 months ago - Peter Simmons

Thanks so much Marlom, this is really invaluable advice!