The summer budget unveiled by George Osbourne a few weeks ago alongside the main budget this year meant quite a few upcoming changes for individuals and small businesses. We had increases in the personal allowance, rent a room relief and a further reduction in corporation tax to name but a few of the changes!
We have scoured through the budget and highlighted what nice tax benefits are heading your way:
Animation and film tax reliefs
Animation is a big and growing industry in the UK and we are getting quite a reputation for great quality movies – just take a look at the Oscars.
To help promote this the Government are increasing film tax relief to 25% from the 1st of April 2015. This is on all qualifying film expenditure for films with budgets over £20m. This was previous a 20% credit so makes a big difference! This is a great way to encourage more production companies to start filming in the UK.
Animation also gets a look in with a reduction in the minimum UK expenditure requirements down from 25% to 10% in order to get the animation tax relief.
Skills Investment Fund
The skills investment fund provides training and development of core skills in Film, TV, animation and video games industries.
The Government has pledged an additional £4m of funding to extend this scheme by an additional two years.
This fund is available for any size of business from a small creative start-up to a large creative studio.
TV tax reliefs
TV is another strong industry in the UK – to help this industry to grow further the chancellor announced that the minimum UK expenditure requirements are being cut from 25% to 10% in order to get the relief.
It was also confirmed that the new children’s tax credit which was introduced on the first of April will be extended to include game shows and competitions. This credit is aimed where the shows audience is under 15 and is also subject to less stringent requirements than the high end TV tax credit. This is because there is no minimum hourly spend or a minimum show time.
Government shows support
In the budget the chancellor have a massive praise to how the creative industries are impacting the British economy. Its encouraging to see even more tax reliefs and help out there to support this growing industry!
If you are interested in knowing more and are interested whether any of this could apply to your business drop us an email or give us a call on 01202 331713.