Video game development companies, theatre production companies and orchestra production companies can benefit from a tax credit regime similar to that introduced for British films in 2007, and subsequently extended to animations, high-end TV and children's TV.
Our work with TV and film and especially our expertise in relation to the tax credits is well-known, so it was a natural step for us to specialise in these creative industries when the incentives began to be introduced in April 2014. Not only are the schemes very similar, they are administered by the same people at HM Customs & Excise (HMRC).
The special company tax reliefs provide a doubling of the tax deduction for certain expenditure. In the event of a loss, it may be 'surrendered' in return for a 'payable tax credit' from HMRC, at the rate of 25%.
How we can help
We can help creative industry companies with issues such as:
- Planning and structuring companies to qualify for the tax credits
- Tax credit claims including assistance with certification as British
- Annual statutory accounts and audit where required
- Corporation tax compliance (returns, computations and payment) and planning
- Witholding tax
- Personal tax compliance and planning for the owners and senior staff
- Payroll and IR35
- VAT compliance and planning
- Company secretarial support
- Business advice.
Please contact one of our creative industry specialists to find out how we can help you.