If you run a business involving the creation of animation programmes, high-end TV programmes, or video games, you can look forward to extra tax relief on the production costs. This results in corporation tax relief on no less than 200% of the actual costs on UK expenditure up to a maximum of 80% of the total core expenditure.
We now have more details of the rules and regulations and can advise you of the scope for getting this new tax relief, which can give you an alternative tax credit where the enhanced tax relief results in a loss arising.
HMRC promise a pro-active approach through their new CREATIVE INDUSTRIES TEAM and in particular have a target to process 98% of tax credit claims within 28 days.
For more advice or information contact John Elliot.