Creative Industries - All you need to know: Tax Reliefs & Legal Advice

26th September 2017

At our September workshop we decided to keep the topic on all things digital, with it being Brighton's Digital Festival month we hosted a workshop titled 'Creative Industries - All you need to know: Tax Reliefs and Legal Advice'. Our speakers this month were Luke Thomas and Alex Koupland from Plus Accounting and Mark O'Halloran from Coffin Mew. 

Luke Thomas kicked off the session discussing the topic of EIS and Seed EIS and the benefits to both the investor and the company being invested in.

There are a number of rules surrounding the qualification of either EIS and Seed EIS and you will need to establish which best suits your business. If you are thinking of obtaining this type of investment, please ensure you speak with your accountant. 

Alex then went on to discuss the Patent Box, this is a UK tax incentive designed to encourage innovation and protect technical inventions. Alex advised that this can be a very lucrative tax relief, but would involve advice from both your accountant and solicitor.

He then discussed the topic of Research & Development, this tax credit is one that has featured heavily in the media recently. Due to the description of R&D it is heavily under-used and if you feel that your business could qualify for this relief you should consult your accountant. The benefits of R&D again can be very lucrative but you must ensure your calculations are apportioned correctly. 

Luke then took back the stage and discussed the various different creative industry tax reliefs, including;

  • Film Tax Relief (FTR)
  • Animation Tax Relief (ATR)
  • High-end Television Tax Relief (HTR)
  • Children's Television Tax Relief (CTR)
  • Video Games Tax Relief (VGTR)
  • Theatre Tax Relief (TTR)
  • Orchestra Tax Relief (OTR)

The most important point to note on all of these reliefs is that in order to quality you must pass a 'cultural test'.

Mark O'Halloran from Coffin Mew then discussed the Brexit impact on;

  • Immigration & Employment
  • IP and Data Exports
  • Advertising, Funding & Investment

IP proved to be a topic that a number of the audience wanted to understand more about and the impact that Brexit would have on the current rules. 

Why not take a look at the full presentation 'Creative Industries - All you need to know about Tax Relief and Legal Advice'.

 

 

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