In addition to VFX/post/soundtrack recording prices qualifying for the UK Film Tax Relief, the prorated ‘neutral’ prices (qualifying prices which are spread throughout the manufacturing process, including senior producers, writers, manager, insurances) will also qualify whilst activity is based in the UK i.e. if VFX/post/soundtrack recording prices amount to 20 percent of the entire core cost, 20 percent of ‘neutral’ prices will also qualify whilst activity is based in the UK. They are a great business and we certainly enjoy working with them! See the case studies below for further information. A fantastic test to find out whether the job undertaken qualifies as R&D, is if your project group faced uncertain outcomes at the onset of the job. Further info.
That means that your staff did not know from the beginning if a specific outcome was achievable. Interim claims could be made — in the conclusion of principal photography, for instance — so that pro-rated tax aid may contribute to post-production costs. If you’re able to demonstrate that your job goes beyond just applying existing technology, then you may be entitled to make a claim. There is not any limit on capital available. Which scheme is ideal for me? There is no ‘sunset’ date. There are two different schemes for R&D tax relief depending on the dimensions of your company and if the job was subcontracted to you or not.
The Tax Relief has been supported and maintained by both major UK political parties. 2) The massive company scheme; also called RDEC (Research and Development Expenditure Credit). The UK’s planned departure from the European Union will not negatively impact the Film Tax Relief. SMEs are firms with less than 500 employees with a turnover of under 86 million.
The UK includes a range of national and regional filming incentives which may used in conjunction with the Film Tax Relief. Businesses above the SME threshold are classed as large companies. It’s possible to combine the UK Film Tax Relief with incentives from non-UK authorities either beneath a Production Service Agreement or from qualifying as an official co-production. Does your business qualify?
How to apply. Speak to our specialists today to see whether your activities qualify. DCMS British Film certificate (interim/final) which you will get via the British Film Institute’s (BFI) Certification Department because of qualifying as a British movie Statutory accounts Tax return. https://ifaceonline.com/optima-tax-relief-reviews This R&D tax credits calculator will provide you with a quote of the company tax savings which you might get from HMRC following a claim for R&D tax relief. Turnaround Times.
What’s the process to claim R&D tax credits? For straight forward asserts: R&D tax credit claims are tracked and processed by HMRC and you’re able to make a claim going back two accounting periods. BFI (DCMS) turnaround time is about 21 days.
Even though it is not a legal obligation, we recommend that an R&D technical analysis is produced that justifies the technical advancement and uncertainties as well as details the eligible cost which is being claimed on a project by project basis. HM Revenue & Customs turnaround time is about 28 days. To be able to maximise your R&D maintain, we recommend speaking with an R&D tax specialist to guarantee you’re not leaving cash on the table. Contact. In the past, we’ve been able to exceed the claim value for companies who’ve previously compiled asserts in house.
Contact us for further guidance on UK taxation reliefs and how to qualify as a British manufacturing. How can we assist? Contact the BFI to find out how to make an application for certification as an official British creation under the cultural evaluation or as a co-production. By profiting from our expert R&D tax credit wisdom and expertise, you can be sure of securing & maximising your R&D tax case. Contact HMRC to find out how to apply for UK Creative Sector Tax Reliefs.
Typically, we publish R&D tax relief asserts that deliver up to 3x more value than in-house prepared claims or those registered by generalist accountants. Case Studies. Our ethos. Below are two examples of ways to qualify for the UK film tax aid. Excellence and an uncompromising dedication to quality. VFX/Post case research. A partnership which tries to add significant added value to our client.
A script that’s been developed in the US needs to shoot at a location with sand dunes or tundra because of its main photography, but the studio/producer wishes to bring VFX, post, and also the soundtrack recording to the UK.