If you are reading this, you are probably in a situation where you are looking to gain more information on how to claim VGTR. This is a common question that game development studio executives ask themselves when looking for ways to propel their business to the next level.
So, what is exactly is VGTR? It stands for Video Games Tax Relief, and it is a valuable incentive that allows games studios or companies that have this function within them to claim a cash repayment, or tax relief from the government after they have spent money on developing a game.
Since its inception in 2014 it is still considered a new area within tax, so it is important to self-assess your business to see whether you would be eligible.
Now, we must stress that this is not an area of taxation that is negatively going to impact your business. In fact, it is a cost saving tool that will benefit you in the long run.
The criteria is as follows:
If your company then qualifies off the back of this, then you are also entitled to the following:
If you are reading the above and thinking “I am definitely eligible to claim VGTR” then there are a couple of options that you can go for. The first option is embarking to go through the process on your own, which can often feel quite daunting especially if you are a start-up or SME, as there might be some questions that you need to be answered before going through the process.
This is something that can take hours of research as well as spending a lot of time physically submitting the claim, and then the dreaded waiting to see whether it has been approved or not. Once receiving the claim you may question whether there has been enough compensation, but once the claim is complete there is no way to re-submit.
The second option would be to go with a trusted partner who is a specialist in an area of tax that is still considered quite new. Myriad Associates is the UK’s leading VGTR specialist with 100% success rate when delivering VGTR claims on behalf of UK gaming companies.
Myriad’s service has been fantastic. Highly recommended for any game developers looking to claim VGTR without wasting time on all the paper work! Much better than other competitors!"Phil Tsang, Co- Founder, Rocket Impact Ltd
Myriad Associates cut out the stress as well as the process of a claim by completing BFI applications, preparing the HMRC tax computations as well as more importantly making sure that your claim is maximised.
We are trusted by clients because it isn’t just a transactional service, it is a consultation from start to finish and with this being one of the most complex areas of tax law, you want to make sure that you are doing it correctly.
Following on from this, Myriad Associates also specialise in the following areas: