Accounting for the film industry

Accounting for the film and broadcast media industry is a specialist area that requires expertise and an understanding of the sector. On this page you can access a range of articles, books and online resources providing quick links to practical guidance and background knowledge.

Online articles

Useful links

ICAEW

Entertainment and Media Group
The special interest group provides practical support to chartered accountants within the sector. It offers news updates, technical helpsheets, as well as conferences and seminars.

Accounting resources

HMRC

Film Production Company Manual
Detailed guidance and updates on tax aspects of film production, including:

• film production companies: taxation;
• film production companies: losses;
• film tax relief: qualifying films;
• film tax relief: eligible expenditure;
• film tax relief: calculation;
• film tax relief: claims;
• film tax relief: co-productions;
• avoidance and disclosure.

Film Industry Guidance Notes 2003 Edition
Guidance on PAYE and National Insurance contributions for non-permanent, casual and freelance workers in the film and television industries.

Guidelines on the Special NIC Rules for Entertainers
Full text of the guidelines published in October 2004, and revised April 2005.

Particular occupations: entertainment industry
Section of the Employment Status Manual that gives guidance regarding tax issues (including National Insurance contributions and income tax) and employment status for film, video and television workers.

Budget notes

HMRC produces a series of Budget Notes each year relating to specific changes in each Budget. Relevant notes issued recently include:

• Film tax regime: excluding non-cinema production (2007)
• Reform of film tax relief (2006)
• Extension of low budget film tax relief (2005)
• Countering film tax avoidance (2005)

UK Film Council

The UK Film Council provides information for practitioners and researchers on finance and the film industry, including:

• British films and tax relief
  Guidance on qualifiying as a British film production and the film tax relief system.
• UK film economy
  Statistics and reports giving data on the industry's economic impact and workforce.

US Financial Accounting Standards Board (FASB)

The FASB establishes accounting standards in the US and has issued the following statements:

• Summary of Statement No. 139: Rescission of FASB Statement No. 53 and amendments to FASB Statements No. 63, 89, and 121 (Issued 6/00)
• Summary of Statement No. 53: Financial Reporting by Producers and Distributors of Motion Picture Films (Issued 12/81) (superseded on June 15 2000)

Organisations

Department for Culture, Media and Sport
Government department with responsibility for policy on the creative industries

Production Guild of Great Britain
Body formed by the merger of the Guild of Film Production Accountants and Financial Administrators (GFPA) and the Guild of Film Production Executives (GFPE). Includes a directory of members and comprehensive industry links.

United Kingdom Media Laws
Chronological listing of British media inquiries, white papers, official reports and historical legislation compiled by Terra Media, an independent research publication.

Articles and books in the Library collection

• View a list of articles and books in our collection on the film industry