The UK government has introduced a range of tax reliefs in recent years to encourage investment in the create sector. These include:
- Video Games Tax Relief
- Theatre Tax Relief
- Film Tax Relief
- Animation Tax Relief
- Children’s Television Tax Relief
- High-end Television Tax Relief
- Orchestra Tax Relief – for qualifying expenditure incurred on or after 1 April 2016.
These tax reliefs enable creative sector companies (including charitable companies) to claim tax credits amounting to between 16%-20% of eligible production costs.
Alternatively, for profitable companies, the reliefs enable companies to claim for an enhanced deduction from tax, which will reduce their tax liability.
Tait Walker were involved in the consultation with HMRC around the introduction of creative sector tax reliefs. Since their launch, they have helped clients in the North East claim back more than £1m in tax credits from HMRC.
We offer all companies a free no obligation meeting to discuss their productions, to see whether it may be possible to claim one of the tax reliefs available.