These services include: corporate and personal income tax; IP and royalty revenue; accounting and book keeping; management reporting; VAT returns preparation and submission; audits; payroll solutions; assistance with business plans, cash management, budgeting and forecasting; and assistance with tender and investment schemes applications
Why have an IP royalty audit?
Due to the complexity of license agreements and trade practices, the calculation of royalties due on such agreements can result in costly mistakes, resulting in the loss of royalty income.
Costly mistakes that can occur include: understated royalty rates; unreported sales units/money; overstated expenses deducted from royalties; excessive free goods, reducing royalties paid; unpaid royalty rate ‘bumps’ for gold and platinum sales; and accounting system errors resulting in underpaid/unpaid royalties.
Such mistakes can result in the accrual of penalty clauses, misunderstandings and litigation.
Who should be interested in an IP audit?
Anyone who is either a producer (licensor) or rights or beneficiary (licensee) of rights, including artists; record companies; venture capital (VC) and other investors; computer games companies; distributors; copyright societies; and book publishers.
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