As an accountants to professionals in television and film we continuously get asked about what creative industry tax reliefs they are entitled to and what exemptions they can claim.
High-end television tax relief was introduced in the 2013 Finance Act. The legislation outlines the specific rules around relief on high-end television productions and animations.
To qualify for the television tax relief your television production company must be:
· A British Programme
· Intend to broadcast your work
· Have a 25% core expenditure that incurs as a good or service used or consumed in the UK. On 1st April 2015 this percentage was lowered to 10% for programmes, which had not completed principle photography by that date.
Television production companies that are entitled to Television Tax Relief can claim an additional deduction in computing their taxable profits.
The additional deduction and payable credit is calculated on the basis of UK core expenditure, up to a maximum of 80% of the core expenditure by the Television Production Company.
The Manchester Film Tax Credit Unit are a team of HMRC professionals that deal with the Corporation Tax affairs of most companies eligible for the Television Tax Relief.