The UK government offers a range of creative tax reliefs to eligible businesses. These include theatrical productions, orchestras, museums, galleries and exhibitions.
Recognising and championing the creative sector
Navigating the seas of creative tax reliefs can be a daunting yet rewarding experience. It is not simply about finding fiscal benefits; it is also about recognising the legitimacy of the creative industry as a critical component of the economic landscape. Each brushstroke, musical note, line of code, and historical artefact adds to the tapestry of our national identity and global influence.
WR Partners ignite the synergy between art and business. We stand at the intersection where creativity meets commerce, ready to guide you towards claiming the tax reliefs that are rightfully yours.
At its core, creative tax reliefs are a financial incentive for businesses and organisations engaged in the creative sector.
What is creative tax relief?
Does your company produce musicals, dramas, operas, dance performances or put on exhibitions? If so, your company could claim a creative industry tax relief.
What are the creative industries
‘Creative industry’ is a collective name given to companies acting in the arts, including the following areas:
- Theatre
- Orchestra
- Museums and galleries
Companies operating in these areas can qualify for tax reliefs specific to each industry.
What qualifies for tax relief
For theatres, orchestras, museums and galleries making a claim on qualifying productions, the cost of developing, producing and closing the production should be eligible for additional tax relief.
What tax relief could be received
The additional tax relief mentioned above could generate a loss and, subject to conditions, the loss could be surrendered for a repayment at the applicable rate for the industry. These rates vary from 45% to 50% up to 31 March 2025 and fall to 40% to 45% from 1 April 2025.
Helping you make your claim
The road to securing creative tax reliefs may seem fraught with complexities but with a diligent partner by your side, the benefits are well worth the effort. WR Partners offer comprehensive advice to the creative industries, including:
- Theatre
- Orchestra
- Museums and galleries
By consulting with WR Partners, you will unearth vital information about whether your business or organisation can claim creative tax relief. We understand that every creative endeavour is unique, and we tailor our support to ensure that your organisation is claiming the creative tax relief you are rightfully eligible for. Our services help you identify whether the qualifying conditions are met and aid you in the completion of the necessary documentation.
How We Can Help
WR Partners offer comprehensive advice on the creative industries mentioned above. Click here to contact one of the team to start claiming tax relief
FAQs
Where can I get tax advice?
Our tax consultancy team at WR Partners is able to provide tax advice on a wide range of taxes.
What is tax advice?
Tax advice can cover income tax or corporation tax advice on your business profits as well as VAT on business transactions. It can include capital gains tax or stamp duty land tax advice on disposing of a property as well as inheritance tax when you pass assets on to others.
Is tax advice confidential?
Absolutely – we never share tax advice provided to our clients with third parties unless the client specifically requests that we do so.
Can I claim financial advice as a tax deduction?
That will depend on the nature of the advice – there is no hard and fast rule, unfortunately.
How do I work out VAT?
Broadly speaking, VAT is 20% of your taxable supplies. In your VAT return, you can deduct 20% of the associated input VAT and the result is the amount owed to or from HMRC.
What are the types of property tax in the UK?
There are many different types of taxes on property. There are corporate taxes if the property is held by a company, such as corporation tax and the annual tax on enveloped dwellings. There are individual taxes such as income tax on rental profits and capital gains tax if a property is disposed of. There are also transaction taxes (SDLT, LTT or LBTT depending on where the property is in the UK).
Is there a difference between English and Welsh tax systems?
For income tax, the Welsh Government is able to vary the income tax rate to a point. To date, they have chosen to keep the same rate as for taxpayers in England. This means that Welsh taxpayers should identify which country they are paying tax in, in order to pay to the right authority. This can be done through your PAYE code but also it is declared in your self-assessment tax return. There are also differences between the English Stamp Duty Land Tax and the Welsh Land Transaction tax.
How do I reduce my tax?
There are a variety of ways to mitigate a tax charge. Depending on your circumstances this might be by claiming a particular relief or expense against your taxable income or reducing the tax you pay because some types of income or gains attract lower tax rates.
Get in Touch
We love meeting new, exciting businesses. Get in touch with our team to see how we could enhance and protect your financial position.
Or if you’d prefer to speak to someone directly just give us a call on: 08000 664 664 or email: hello@wrpartners.co.uk.
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