Creative Industries Relief
There are 7 different types of corporation tax relief under the wide-ranging umbrella of creative industries relief, enabling qualifying companies to claim larger deductions—these work by boosting the amount of expenditure allowed.
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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 that 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.
Advice For Creative Industries Relief
At The Accountancy Solutions, 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. We can submit all of the relevant paperwork at the right time to ensure compliance with HMRC’s regulations.
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:
- Certain films
- Children’s and high-end TV programme
- Animation programme
- Video games
- Orchestral concerts or theatrical productions
All must be subject to a cultural test 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
- Theatre tax relief
- Orchestra tax relief
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Are you just looking for an answer to a general question? We always provide free advice to individuals and self employed persons. You can send us an email, call us or fill in the form. But you should be asking answers to general questions.
Types of Corporation Tax
Its rather types of organisations which need to pay corporation tax. Companies can also be classified as non resident or foreign.
Unincorporated Business
Unincorporated Business are associations registered in companies house. Other types of business will include sole traders and partnerships.
Reliefs And Allowances
Claim corporation tax releif on expenses which are eligible under the law. There are penalties for claiming wrong tax relief.
Tax on Foreign Companies
Corporation Tax on foreign companies will depend on certain conditions. Its not always every foreign company have to pay tax.
Frequently Asked Questions
Most frequent questions and answers
No we do not charge any fee for initial consultation. We will try to give you free guidance if its something you can do easily by yourself. We will only charge you if you appoint us to do some work for you.
We are giving free advice on general questions and this is one way of paying back to our local community who cannot get through to tax man. But if your question is of specific nature, we will tell you about our fee.
You can certainly ask question about accounting but you should know that we cannot teach you accounting over the phone or online. If you are not familiar with book keeping or accounting, its best to hire an accountant?
If you are only after advice, we will make a decision after hearing question. It may take further investigation and we may have to look into your personal circumstances to answer your question.
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