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Arts, Entertainment and Recreation is booming with R&D more than ever. The sector took a hit with COVID but is expected to be reversed in the future, as there is now not a better time to begin your Research and Development Tax Claim.
We know that there are a lot of nuances regarding this incentive but that’s why specialists like ourselves are on the market. R&D is everywhere without you even necessarily realising this. We can conduct a casual meeting with yourself to understand your business, how you operate and what costs you’ve incurred that could qualify.
Use our free calculator today and you could have a significant benefit amount within 28 days!
Here are just a few of the many large companies in the Arts, Entertainment and Recreation sector.
Below are project examples that would qualify for R&D Tax Credits in Arts, Entertainment and Recreation.
Designing a product which controls lighting systems which aims to run both the performance and house lighting from the show control desk.
By using things such as AI or new technology which aims to improve the experience of the user whether online or not.
The development of such advancements to the production such as an app development or the engineering of bespoke sets or staging.
Creation of an app which aims to help users have a seamless experience in a museum, whether that be by purchasing tickets or the experience within the museum.
In short, yes. The best thing to do is to figure out how much R&D you are doing, you should then be able to assign a proportion of your light, heat, water and power that was used for your R&D and amend your claim accordingly.
One of the biggest portions of claims for the Research and Development tax incentive is circled around staff costs. Whether that might be people directly involved within the R&D or others who might be indirectly involved.
No, you do not need to create a new product to qualify for R&D Tax Credits. For example, if you tweaked a booking system which had an advancement, this could be claimed for the R&D incentive. Anytime you have attempted an advancement in the Entertainment sector, whether this worked or not, could still have the potential to be a qualifying activity.
In 2020, there were only 625 claims processed by HMRC for the Arts, Entertainment and Recreation sector, however this is set to rise towards the end of the COVID pandemic. On average you could receive £40,000 for your successful claim based on current statistics.
Where do we start? You can claim for:
Yes! You are able to claim for unsuccessful projects as this falls under the ‘uncertainty’ you faced during the Research and Development you undertook.
Examples of uncertainty for R&D are;
Find out how simple it is to claim your R&D Tax Credits.
Sometimes the parts you may think qualify, don’t. Here are some examples of what doesn’t qualify in the Arts, Entertainment and Recreation sector.
Rent does not qualify for R&D Tax Credits under any circumstance.
Anything that comes under marketing is unable to be added into the costs for your R&D claim. For example, making a website for your Entertainment website would not be able to qualify.
The cost of applying for a patent 'IP intellectual property' is not able to qualify under R&D Tax Credits.
Purchasing land is another cost which will not qualify for the incentive. So for example, if you purchased land to develop the idea the land will not be allowed be claim for.
Depending on your company size, you may qualify under the RDEC scheme (Research and Development Expenditure Credit) or under SME incentive (Small Medium Enterprises).
Find out more about your eligibility today.
Don’t hesitate on starting your claim, you could be entitled to money you didn’t realise you could have. With Counting Kings simple process you don’t need to worry about your time invested in the claim.
We have you covered!