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SERVICES

Creative Tax Credits

The UK's creative industries have seen strong long-term growth, outperforming the wider economy between 2010 and 2023, contributing £124 billion to the UK economy in 2023 through £125 billion of Gross Value Added (GVA) and employing 2.4 million people in 2023.

Since being introduced in 2007, the creative tax credits have been made more generous and expanded so a wide variety of projects can access it and there are now ten different creative tax credits available:
 

  • Film Tax Relief

  • Animation Tax Relief

  • High-end Television Tax Relief

  • Children’s Television Tax Relief

  • Video Games Tax Relief

  • Theatre Tax Relief

  • Orchestra Tax Relief

  • Museums and Galleries Exhibition Tax Relief

  • Audio-Visual Expenditure Credit

  • Video Games Expenditure Credit


See the resources below for further information on these important reliefs.

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How Affect will help you​​

​Affect are recognised as market-leading experts in the creative tax credits and we help our clients navigate through these depending the nature of their project by:
 

  • Assessing the project and which creative tax credit it might qualify for

  • Estimating of the amount of tax credit and timing or receipt

  • Structuring advice to maximise overall benefit for SPV unable to use notional tax credit

  • Preparing a comfort letter for lender to cashflow the tax credit (see TAX CREDIT FINANCING)

  • Completing applications to BFI to certify the projects as culturally British

  • Providing advice on allocation of costs to territories on used and consumed basis

  • Preparing the detailed tax computations required by HMRC

  • Preparing the mandatory additional information forms

  • Tracking the claim and dealing with any queries which HMRC might have

Creative Tax Credit Resources

Some useful resources have been prepared by the Affect team. See more here.

TV Tax Credit Placeholder

Theatre Tax Relief Placeholder

VGTR Factsheet

VGEC Factsheet

IFTC Factsheet

Museums Factsheet

Notional Tax Deduction on AVEC

Testimonials

We believe in building lasting relationships, which is why our clients are our biggest advocates.

You can see some of the projects we have worked on via our IMDb page.

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"We’ve had the pleasure of working with Affect for the past few years, and the experience has been nothing but positive. Their deep industry knowledge, practical expertise, and consistently high level of customer support have made a real difference in our projects.

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They’re a great team to work with, and it's clear why they've been going strong for nearly 10 years and we look forward to continuing our partnership in the years ahead."

Phil White, CEO

Need accountancy support for your project?

Speak to our team today.

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