Creative Industries Tax Relief
Since 2012, a number of tax reliefs have been introduced (similar to the R&D Tax Relief) in order to assist a variety of creative sectors by reducing their tax exposure or in some circumstances obtaining a payable tax credit from HMRC.
There are currently 7 Creative Industries Tax Reliefs available:
- Theatre Tax Relief (“TTR”)
- Film Tax Relief (“FTR”)
- Video Games Tax Relief (“VGTR”)
- Animation Tax Relief (“”ATR”)
- High-end Television Tax Relief (“HTR”)
- Children’s Television Tax Relief (“CTR”)
- Orchestra Tax Relief (“OTR”)
All of these reliefs operate in a similar manner by increasing a company’s allowable expenditure through enhanced rates of deductions and where this turns the company into a loss making position, the company may be able to surrender the loss and obtain a cash payment from HMRC.
RMT is best placed to offer advice, support and carry out the required calculations in order to ensure that you are claiming the maximum deductions and obtaining any tax repayment as soon as possible to help your company grow.
Over recent months we have helped a number of our clients claim under these schemes and many of those have ultimately received cash payments from HMRC.
These tax repayments are invaluable to companies which operate in the creative industries sector allowing them to improve their cash flow especially during the current economic climate which is seeing creative sector budgets being reduced.