Discovering that you are being investigated by HMRC can be very stressful, even if you are...
Key Business is a firm of Chartered Accountants in London. This is how we helped Reality Check Management Ltd.
We were referred Mark Harris in September 2015 from another client who we were working with on several of his other businesses at the time.
As a modelling agency he uses a model management CRM bespoke to the industry which he wanted to keep using for his management purposes. We sourced an online bookkeeping systems to work well with this other platform to automate sales data to be synced with the minimum of manual intervention.
KBC then trained Mark to be able to do his own bookkeeping ongoing but have since stepped in to allow him to free up his time for better areas instead of bookkeeping. We are discussing with him succession planning and organisation structure development so that he can have internal assets and personnel to carry on the business without the need solely for himself to be ever present.
We also are engaged in personal tax planning to reduce his tax burden and to invest in tax efficient structures ongoing such as pensions and (S)EIS.
We have kept pace with this growth, advising on all areas from international VAT on their sales and purchase, tax residence certificates, preparing statutory year end accounts for Companies House and HMRC to personal tax planning for the director.
The Key Challenges
Reality Check Management Ltd is a boutique model and talent agency with over 15 years’ experience. They represent quality artists to the UK and internationally recognised clients across the fashion, commercial and broadcast industries. They represent extremely talented artists whether be it for film/tv roles, TV commercials, print campaigns or even through fittings. Since their establishment, have successfully launched their branch in Sydney.
The biggest challenges the agency faces are marketing itself to its clients as well as the artists, as agencies need to deliver and find a way to get paid for their service on top of what is being paid to the artist. Naturally, this involves legal contracts and interventions when something is not quite in agreement.
In addition, the speed of innovation in the media and marketing have been changing drastically, and it all comes to a steep cost for the agency to keep up with it all.
Democratization of technology and proliferation of social media has given everyone the tools to go into the business of creativity, as anyone can be their “own agency”, a big challenge that Reality Management faces.
What Are They Getting Right?
They are utilising their most important asset in the correct way; its relationship with its clients. They approach their clients with a unique point of view and integrating and understanding technologies into their solutions.
Being able to manage the talent in a fair way and to match them to the appropriate client is a skill that can only be naturally understood or learned over a long period of time. Mr. Harris has got both and that makes it efficient when dealing with multi-national parties with geographic, financial and ethical needs.
What Makes Them Different?
Reality Check Management not only keeps up with the growing trend of handling all digital and traditional marketing assignments but also gains more interesting work with more high-level brands if they can determine a focus and make an ongoing effort to market this expertise.
The company turnover has grown fivefold, 500%+, since coming on board with us. This success involves building more and better relationships with the talent and the network community at large.
Reality Check Management has become the go-to managing agent for all talent across all media. Mr. Harris’ reputation as a matching service has truly taken off.
What’s New For Them
Mr. Harris aims to set up an agency in Australia. Key Business Consultants have advised with a local agent the options on how to set this up and effectively manage the entity and individuals from the UK.
This covers web domain build to systemise and manage staff and work, legal issues and human resource advice and referrals where appropriate. As well as registration of trademarks and IP to reduce risk on the company and personal brands.
If you'd like to work with a a firm of Chartered Accountants in London, contact us.