Tuesday, 8 July 2014

Creative industry tax reliefs: have you checked out the HMRC website?

In the UK, Her Majesty's Revenue and Customs has recently revised its web page on Creative Industry Tax Reliefs. According to the rubric:
"Creative industry tax reliefs (CITR) are a group of 5 Corporation Tax reliefs that allow qualifying companies to claim a larger deduction, or in some circumstances claim a payable tax credit when calculating their taxable profits.

These reliefs work by increasing the amount of allowable expenditure. Where your company makes a loss, you may be able to 'surrender' the loss and convert some or all of it into a payable tax credit.

Film Tax Relief (FTR) was introduced in April 2007 and 2 additional reliefs were introduced in April 2013. These are Animation Tax Relief (ATR) and High-end Television Tax Relief (HTR). A fourth relief for Video Games Development was introduced from 1 April 2014. A fifth relief for Theatre Tax Relief is to be introduced in Autumn 2014".
This web page, which is full of links and useful information, explains who can claim the reliefs, and how and when to claim. If you are creative, pay UK tax and either run at a loss or are a big spender, it might be worth taking a careful look ...

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