Creative Sector Tax Relief

Creative sector tax relief - accountants york leeds

The UK creative sector is booming, with many companies leading the way in terms of research and development.
This scheme can offer a 26 per cent tax reduction for profitable companies, for every pound spent on R&D activities. For loss-making companies, the tax credits also return 33.35 per cent, for staff costs and developing new or improved products, processes, services or systems. In a nutshell, whether the organisation is profitable or not, help is at hand to provide support.
I highly recommend that if your company is engaged in projects that could qualify for R&D tax credits, start asking yourself the following questions. If you can answer yes to each one, there is a good chance you would be eligible for some tax relief.

  • Are you working on an innovative project?
  • Does your project have a defined start and end date?
  • Is it in a field of science or technology?
  • Is the work you are doing improving what is currently available in the marketplace?
  • Are you pursuing a scientific or technological advancement?
  • Is there a degree of scientific or technological uncertainty involved?
  • Is the knowledge or capability involved readily available? Or is it deducible by a competent professional?
  • Are you spending time investigating and testing the results?

Although some regions of the UK are slow on the uptake of R&D tax credits, technology and digital sectors are continuing to grow across the country and there is additional support available, for example, HMRC’s online portal to help process claims.

Please contact us for more information on R&D for the digital + creative sectors: hello@garbutt-elliott.co.uk – 01904 464 100 – or fill out our contact form below: