Your trusted adviser for R&D Tax Credits, Creative Tax Relief, and R&D Grants
Your trusted adviser for R&D Tax Credits, Creative Tax Relief, and R&D Grants
Creative Tax Relief is the UK government's prime funding mechanism to deliver financial support to the creative sector. Creative Industry Tax Reliefs are managed by HMRC and claimed as part of the Company Tax Return. Creative sectors supported include film, high-end television, children's television, animation, video games, theatre, orchestra, museums, galleries, and exhibitions.
Myriad, your trusted and experienced Creative Sector Tax Relief experts, will help you navigate the claim process and ensure your claim is compliant and optimised.
Below are eight simple sections to help you understand how each creative tax relief scheme works:
Video Games Tax Relief is worth up to 20% of the core production costs of a game.
VGTR supports UK game developers by offering them a tax rebate against the money they spend on the design, production and testing of a new video game.
Film Tax Relief is worth up to 20% of the core production costs of the film.
Film Tax Relief (FTR) supports Film Production Companies (FPCs) by offering a tax rebate against the money spent on the film’s pre-production, principal photography and post production.
High-End Television Tax Relief is worth up to 20% of the core production costs of the piece.
High-End Television Tax Relief offers Television Production Companies (TPCs) a tax rebate against the money spent on the pre-production, principal photography and post production.
Children’s Television Tax Relief is worth up to 20% of the core production costs of the piece.
Children’s Television Tax Relief offers Production Companies (PCs) a tax rebate against the money spent on the pre-production, principal photography and post production.
Theatre Tax Relief is currently worth up to 40% of the core theatrical production costs.
Theatre Tax Relief offers Theatre Production Companies (TPCs) a tax rebate against the money spent on the production of the theatrical piece.
Orchestra Tax Relief is worth up to 40% of the core production costs of the pre and post-performance costs.
Orchestra Tax Relief (OTR) offers Orchestra Production Companies (OPCs) a tax rebate against the money spent on the production of an orchestral concert.
Museums & Galleries Tax Relief Museums and Galleries Exhibition Tax Relief is currently worth up to 36% of core production costs, with a higher rate of 40% for touring exhibitions.
Museum and Galleries Exhibition Tax Relief (MGETR) is a creative industry tax relief incentive, funded by the UK government.
Animation Tax Relief is worth up to 20% of the core production costs of an animation project.
Animation Tax Relief (ATR) supports UK animation production companies by offering them a tax rebate against the money they spend on the pre-production, principal photography and post-production of a new animation project.
"DR Studios, part of the 505 Group, has worked closely with Myriad since 2018, particularly with Chris Dowsett, who has managed several BFI (British Film Institute) certification applications and subsequent video game tax relief (VGTR) claims for us. Chris is an excellent 'details' man. He's managed both our BFI certification applications and subsequent tax relief claims from start to submission, and we couldn't be happier with the relationship. Chris is backed by the specialist tax team at Myriad, which has years of experience in the creative industry tax relief field. I recommend Chris and Myriad if you're considering a VGTR claim."
Andrew Stephens
DR Studios - Part of 505 Group
"I've worked with Chris Dowsett at Myriad since 2017, identifying qualifying R&D criteria while navigating BFI & HMRC submissions. Chris' knowledge of the entire VGTR process has exceeded my expectations and placed my business in a stronger position. I highly recommend Chris to all my business friends and connections."
Paul Adams
Full Fat Productions
"Chris at Myriad has greatly supported Teach Your Monster over the last five years, working with us to manage our annual VGTR claim for multiple games. His process knowledge is quite remarkable, given the detail and complexity involved. We have a high level of comfort knowing our claims are worked through with great attention to detail and with every area thoroughly scrutinised before submission. This has resulted in significant financial benefits to support our ongoing work developing educational kid's games. Chris is very approachable, always there when you need him, he knows his stuff inside out, and last but not least, he is very pleasant to work with!"
Alison Duddy
Teach Your Monster
Step 1 of #
Is your business registered for Corporation Tax in the UK or are you a partnership with corporate owners?
Have you developed new or improved existing products, processes or services in the last 2 accounting periods?
Does your business have fewer than 500 staff, and either: A turnover of no more than €100 million; or Gross assets of no more than €86 million?
Sorry, you must be a UK limited company or be a Partnership with corporate owners to be eligible for R&D tax credits.
In order to qualify for R&D tax credits you must be seeking to advance science or technology within your industry. As you’ve not developed any new or improved any existing innovative tools, products or services, and not re-developed any existing products, processes or services in the last 2 years. It is unlikely you have any qualifying activity. If you’re unsure, email or call us and we’ll help clarify.
In order to claim R&D tax credits, you need to either employ staff or spend money on contractors, consumable items and other items. If you’re unsure, email or call us and we’ll help clarify.
Thanks for that!
Congrats!! Based on your previous answers, you will qualify for the SME scheme. If you’d like some help maximising and securing your claim, please email or call us.
Congrats!! Based on your previous answers, you will qualify for the RDEC scheme. If you’d like some help maximising and securing your claim, please email or call us.
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