Making your vision work financially as well as creatively is hard work.
What can also be just as hard is finding the right professional advisers to help – those people who really know what you do and what you want to achieve.
When it comes to managing the numbers, Alliotts is your go-to team. Our specialist accountants, business experts, and tax advisers understand the challenges you face and exactly what support you’ll need to make your creative project a success.
Our support to businesses and individuals in the media space covers a full range of specialist accounting, tax, audit and corporate finance services and advice.
We’ve been working with creative industries since the ‘60s; we’re passionate about what we do, and our experience covers a vast range of film genres and renowned TV classics.
This means you’ll have the comfort of knowing that we speak your language, and you won’t have to explain what you do, or what you need.
Yes you must be a limited company. The Tax Credit is filed through your company CT600 as a separate trade.
HMRC may take up to eight weeks to process a Tax Credit. However, if an inspection is required, it can take much longer.
Firstly, you need either a final or interim BFI Certificate. Then you will need someone like us to file a set of financial statements for your company. Once prepared, we send your financial statements, CT600 including a Creative Industry Tax Credit calculation, and your BFI Certificate to HMRC.
For film there is no budget size – you can even claim on short films – but it has to make financial sense, which includes factoring in what it will cost you to claim, such as accountancy fees and other filing charges. If you’re producing a TV show intended for broadcast, then there is a minimum cost of production which is £1 million per 60-minute episode pro rata.
The main pitfalls that stop you from getting the full amount of Tax Credit are:
