If your company is involved in the creative industry, then it could be eligible for significant tax relief from the Government.
These tax reliefs support the Government’s objective of becoming the technological centre of Europe by promoting growth in the digital, creative, and other high-technology areas.
Your business can claim creative industry tax relief if it falls into the following categories:
- It is liable to Corporation Tax.
- It is directly involved in the decision-making, production, and development (from start to finish) of:
- High-end, animated and children’s television
- Video games
- Theatrical productions and orchestral concerts
- Museum and gallery exhibitions
Sometimes the resulting production may need to pass a cultural test, qualifying it for a British Film Institute (BFI) certification, to claim tax relief.
Businesses involved in the production of live-action film, television and video games are entitled to up to 20 per cent of the core production cost back as Corporate Tax relief.
Theatre and orchestra productions, museums and galleries are entitled to up to 25 per cent of the core production costs of the piece.
Productions of animation and animated film can also claim up to 25 per cent as a tax rebate against the expenses of pre-production, principal photography, and post-production of an animated project.
If you are unsure if your business qualifies for creative industry tax relief, get in touch with our expert accountants today.