Creative Industry Tax Reliefs
The creative industries are a considerable part of the UK economy and as such the HMRC have released a tax incentive for any new project that is created/produced here. If your company produces content within Video Games, Film, Theatre, High End Television, Children's television or the Animation industry; then this relief will be best suited to you.
What is the benefit?
The relief is worth up to 20% of the core expenditure and can be claimed as a tax credit which can be cashed in for a tax refund even if you have not paid any corporation tax!
So for any production title costing £500,000 the benefit could be worth £100,000 in the form of a tax refund.
Do you qualify?
To qualify you need to be a company with a corporation tax liability.
The title needs to be certified by the British Film Institute (we can help with this process).
What about R&D tax credit?
A company can qualify for both Creative Industry Tax Relief and R&D but you will need technical experts to clearly define the project costs into either CITR and R&D.
We have experts versed in both tax allowances and can clearly identify for the client the most appropriate benefit as an individual or mixed relief.