Film Tax Relief
What should you know! Counting King can help
Learn more about
Film Tax Relief
Film Tax Relief was the first incentive under creative tax relief, and it was first introduced in 2007. The relief is available to companies that are subject to Corporation Tax Relief and the benefit is given as a reduction in Corporation Tax liability or a payable credit depending on whether the company is profitable or loss-making.
Film Tax Relief Eligibility Criteria
To qualify, your company must hold the responsibility for operations such as payments for:
Be accredited by the British Film Institute (BFI) and receive at least 18 points out of the 35 points available.
Your shooting day must be after January 1st 2007
- Be in charge of your ‘core costs’, which by HMRC is defined by expenditure spent on:
- Pre-production stage of your production
- Principal photography
- The complete delivery of your production
- 10% of your expenditure must also be spent in the UK
Your company must also be in charge, or at least actively engaged in activities such as:
- Decision-making for your production
- Planning of your production
How Much Tax Relief Can I Get?
Benefits Of Film Tax Relief
You can claim up to 80% of your eligible costs through this incentive
There is no cap on the amount you can claim, so it does not matter how big your budget is as you will still be able to claim back up to 80% of what you have spent
How Does Counting King Handle My Claim?
The process is simple:
Getting To Know You
We will hold an initial, informal conversation with you to understand what activities you have conducted, what your business is and whether you qualify for the incentive
Evaluating Your Costs
We will request your financials to evaluate your costs and calculate your benefit
Writing Your Claim
We will write the claim for you which you can look over before submission to HMRC – you can be as involved in the process of writing your claim as you want to be
Receive your benefit in either a reduction in your Corporation Tax liability or a payable credit
For help or advice please contact us:
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