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The relief gives a qualifying company an additional deduction to their taxable profits, reducing the amount of corporation tax payable.
For a company to be eligible for Television Production Tax Relief, the programme they’re producing must be viewed as a comedy, drama, or documentary that’s at least 30 minutes long. In addition, the programmes must be confirmed by the British Film Institute as being ‘British’, with the intention to be broadcast to the public – whether it be via the TV or an online stream.
WR Partners has extensive experience in claiming back valuable tax relief for the creative sector.
In terms of cost, the Government states that at least 10% of the total expenditure, i.e. total production costs, relate to activities solely in the UK. Also, programmes should have a minimum of £1,000,000 per broadcast hour core expenditure.
Expenditure qualifying for enhancement i.e., ‘core expenditure’ includes expenditure incurred on pre-production, principal photography, and post-production. Non-qualifying expenditures include costs relating to development, distribution, and other non-production activities.
If a television production company is eligible for Television Production Tax Relief, there is an additional deduction from tax profits for the lower of 80% of total expenditure or the amount of core expenditure incurred in the UK. Additionally, if a company is making a loss, a 25% payable tax credit can be claimed on some or all the loss.
Our tax consultancy team at WR Partners is able to provide tax advice on a wide range of taxes.
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.
Absolutely – we never share tax advice provided to our clients with third parties unless the client specifically requests that we do so.
That will depend on the nature of the advice – there is no hard and fast rule, unfortunately.
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.
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).
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.
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.
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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