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CREATIVE INDUSTRIES RELIEF

CREATIVE INDUSTRIES RELIEF

There are 7 different types of corporation tax relief under the wide ranging umbrella of creative industries relief which enable qualifying companies to claim larger deductions. These work by boosting the amount of expenditure allowed.

TYPES AND QUALIFYING CRITERIA

Companies can claim creative industries relief if: They are liable for corporation tax and If they are involved directly in producing and developing any of the following:

  1. Certain films
  2. Children’s and high end TV programme
  3. Animation programme
  4. Video games
  5. Orchestral concerts or theatrical productions

All must be subject to a cultural test I order to certify that it meets the criteria.

Types Of Creative Industries Relief

  • Film Tax Relief
  • Animation Tax Relief
  • High end Television tax relief
  • Children’s television tax relief
  • Video games tax relief
  • Theater tax relief
  • Orchestra tax relief

Advice for Creative Industries Relief

When working out the enhanced deduction the core expenditure relates to the total spend on the costs directly incurred in creating the project. The qualifying expenditure relates to the spending on services or goods used, however the amount of enhancement or payable tax credits are determined by the amount of total core expenditure has been incurred. They also vary depending on the type of relief claimed. This is a very complex area of tax law, and a skilled and certified accountant can help you navigate it successfully. Here at The Accountancy Solution we can ensure that you only pay as much tax as you have to and that your company remains within the law. Using our knowledge and experience, we can determine the right tax relief to suit your company’s needs and we can submit all of the relevant paperwork at the right time to ensure compliance with HMRC’s regulations.

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