OVERVIEW
The UK Government recognises creative industries like films, TV, media, and videogames in maintaining a competitive advantage for the economy. The Creative Industry Tax Relief provides excellent benefits to companies engaged in those sectors. The benefits are :
- Film Tax Relief
- Animation Tax Relief
- High-end Television Tax Relief
- Video Games Tax Relief
- Children's Television Tax Relief
- Theatre Tax Relief
- Orchestra Tax Relief
- Museums and Galleries ExhibitionTax Relief
To claim creative industry tax reliefs for Corporation Tax companies must claim on their company tax return.
Companies will also need to provide additional supporting evidence to be sent along with the tax return to make a valid claim. The information provided will help HMRC swiftly assess the claim made.
Details needed
For each production, companies will need:
- The name of the production
- A document showing the tax calculations, including the amount of:
- deductions
- credit
- The production's total core expenditure
- A breakdown of the core costs (directly used in the making of the production) and non-core costs (marketing, distribution, financing, Initial concept work, ordinary running costs of the production) between:
- UK and European Economic Area (EEA) countries
- countries outside the UK and EEA
- The company's qualifying expenditure
Further details are needed for Theatrical Productions, Museum and gallery exhibitions and Orchestral Productions. We are happy to provide you with full guidance based on your industry area.
The benefit of the Creative Industry Tax Relief is similar to the R&D Tax Relief, such that it creates an additional deduction which can be used to reduce your corporation tax liability if you are profitable, or to exchange for a cash repayment from HMRC if you are loss-making.
To qualify for any of the above reliefs:
- Your business must be incorporated in the UK or have a permanent establishment that is subject to UK corporation tax
- You need to be actively engaged in production of relevant entertainment areas, and
- Pay for rights, goods and services related to these areas
OUR SERVICE OFFERINGS
We are here to help you smooth up the claim process by tailoring our approach to suit your needs. We offer the following services:
Fully outsourced claim process
To free up your time, we will handle the claim process from end-to-end. Specifically we will :
- Assist you to identify all qualifying project activities and costs. Prepare your claims and documentations as per HMRC guidelines.
Desktop review
If you already have the knowledge and resources to prepare the claim in-house and just want some quality assurance before submission, this service is for you. Under this offering, we will:
- Provide full guidance and templates to help you put your claim together.
Assisting you with your existing HMRC enquiries
If you are having trouble responding to HMRC questions and need specialist advice, talk to us!
Souvik heads Innovation Incentives & Product operations in the UK. He is a versatile professional with a successful track record of over 10 years in the Innovation Incentives space and over 12 years overall in UK technology landscape with 360 degree innovation strategy. He has a background in Computer Science Engineering with MSc. Information Systems Management from the University of Sheffield. Souvik is an ex-Disruptive Technologies lead with 9 years of experience at Deloitte UK.
Souvik has led over 200 client engagements ranging from start-ups to FTSE 100 which includes some of the very big names in the industry, while successfully generating and securing over £1 Billion qualifying R&D expenditure. Souvik’s experience also includes managing the delivery of emerging AI and Digital solutions, product development and client strategy, specifically focusing on end-to-end lifecycle planning, commercials, launches and operations.
Carrie is a Tax & Finance Senior Manager in the UK specialising in Innovation Incentives with an excellent track record in delivering over 300 R&D Tax Credits claims in the UK. Carrie is an ex-Deloitte professional who was responsible for the end to end delivery of the R&D claims and managing the client relationship together with providing sales support. She has spent almost 10 years working with a range of clients from small start-ups to some of the largest companies. Carrie has a background in Life Science, where she completed her PhD in Pharmacology from UCL and held a postdoctoral research position for over 3 years at UCL, including working as a scientist at a pharmaceutical company for new drug discovery.
Steve is a seasoned Business Development Senior Manager with more than 18 successful years working in sport in various commercial and sponsorship positions for a Premier League football club. Steve moved into the finance sector with a successful track record and a wealth of skill within in the Research and Development (R&D) sector where he has successfully worked on claims from SMEs to those listed on the FTSE 250.