Your trusted adviser for R&D Tax Credits, Creative Tax Relief, and R&D Grants
Your trusted adviser for R&D Tax Credits, Creative Tax Relief, and R&D Grants
Creative Tax Reliefs are the UK government's prime funding mechanism to deliver financial support to the creative sector. Creative industries supported include film, high-end television, children's television, animation, video games, theatre, orchestra, museums and galleries.
The Video Games Expenditure Credit (VGEC) is a government funding incentive that allows digital game producers to claim 34% of their core production expenditure as a tax credit.
Effective from 1 January 2024, VGEC offers tax relief to video game development companies on UK development costs. Games must be certified as British by the British Film Institute to qualify.
The Audio-Visual Expenditure Credit (AVEC) is a new government initiative designed to support British film, television and animation.
Effective from 1 January 2024, AVEC supports British creative industries with a tax credit of between 34% and 53%. Eligible productions must be certified as British by the British Film Institute.
Video Games Tax Relief (VGTR) is worth up to 20% of the core production costs of a qualifying game. It is the predecessor of the new VGEC scheme and is being phased out.
VGTR supports UK game developers by offering them a tax rebate against the money they spend on the design, production and testing of a new video game.
Film Tax Relief (FTR) supports British production companies with tax relief worth up to 20% of the core production costs of the film.
To qualify, films must be certified as British and have at least 10% of their core expenditure related to activities in the UK. FTR is being phased out and replaced with the AVEC.
High-End Television Tax Relief (HETTR) gives qualifying companies up to 20% of the core production costs back as a tax rebate.
Qualifying programmes must be certified as British and spend at least 10% of their expenditure in the UK. HETTR is being phased out and replaced with the AVEC.
Children’s Television Tax Relief (CTTR) is a sister scheme to HETTR, offering the same benefit but to productions which are aimed at children.
As with HETTR, programmes will need to be certified as British and have a minimum spend of 10% of costs in the UK. CTTR is being phased out and replaced with the AVEC.
Theatre Tax Relief (TTR) is currently worth between 32% and 40% of the core production costs. It supports both touring and non-touring productions in the UK.
Qualifying productions must be live dramatic productions (a play, opera, musical or a ballet) and at least 10% of the costs need to be incurred in the UK.
Orchestra Tax Relief (OTR) is worth up to 40% of the core costs of an orchestral production. Productions with at least 12 instrumentalists can qualify. Companies can claim on the costs of production up to the running of the show.
Qualifying companies can reduce their Corporation Tax bill or receive a payable credit.
Museum & Galleries Exhibition Tax Relief (MGETR) could be worth up to 40% of core production costs. Like TTR, it supports touring and non-touring exhibitions. This tax relief is only available to charitable companies, museums or art galleries.
MGETR was made a permanent relief in 2024. It will continue to support the UK’s arts industry, providing a significant boost to companies putting on exhibitions.
Animation Tax Relief (ATR) is worth up to 20% of the core production costs of a qualifying project and can offer companies a reduced tax bill or a cash credit.
To qualify, at least 51% of the core expenditure must be on animation, and at least 10% of core expenditure must be UK-based. The programme must be intended for broadcast and certified as British.
"DR Studios, part of the 505 Group, has worked closely with Myriad since 2018, particularly with Chris Dowsett, who has managed several BFI (British Film Institute) certification applications and subsequent video game tax relief (VGTR) claims for us. Chris is an excellent 'details' man. He's managed both our BFI certification applications and subsequent tax relief claims from start to submission, and we couldn't be happier with the relationship. Chris is backed by the specialist tax team at Myriad, which has years of experience in the creative industry tax relief field. I recommend Chris and Myriad if you're considering a VGTR claim."
Andrew Stephens
DR Studios - Part of 505 Group
"I've worked with Chris Dowsett at Myriad since 2017, identifying qualifying R&D criteria while navigating BFI & HMRC submissions. Chris' knowledge of the entire VGTR process has exceeded my expectations and placed my business in a stronger position. I highly recommend Chris to all my business friends and connections."
Paul Adams
Full Fat Productions
"Chris at Myriad has greatly supported Teach Your Monster over the last five years, working with us to manage our annual VGTR claim for multiple games. His process knowledge is quite remarkable, given the detail and complexity involved. We have a high level of comfort knowing our claims are worked through with great attention to detail and with every area thoroughly scrutinised before submission. This has resulted in significant financial benefits to support our ongoing work developing educational kid's games. Chris is very approachable, always there when you need him, he knows his stuff inside out, and last but not least, he is very pleasant to work with!"
Alison Duddy
Teach Your Monster
Step 1 of #
Is your business registered for Corporation Tax in the UK or are you a partnership with corporate owners?
Have you developed new or improved existing products, processes or services in the last 2 accounting periods?
Does your business have fewer than 500 staff, and either: A turnover of no more than €100 million; or Gross assets of no more than €86 million?
Sorry, you must be a UK limited company or be a Partnership with corporate owners to be eligible for R&D tax credits.
In order to qualify for R&D tax credits you must be seeking to advance science or technology within your industry. As you’ve not developed any new or improved any existing innovative tools, products or services, and not re-developed any existing products, processes or services in the last 2 years. It is unlikely you have any qualifying activity. If you’re unsure, email or call us and we’ll help clarify.
In order to claim R&D tax credits, you need to either employ staff or spend money on contractors, consumable items and other items. If you’re unsure, email or call us and we’ll help clarify.
Thanks for that!
Congrats!! Based on your previous answers, you will qualify for the SME scheme. If you’d like some help maximising and securing your claim, please email or call us.
Congrats!! Based on your previous answers, you will qualify for the RDEC scheme. If you’d like some help maximising and securing your claim, please email or call us.
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