Theatre Tax Relief accountants
Our Theatre Tax Relief service
Hawsons offer a specialist tax service to companies who are considering making a claim for Theatre Tax Relief.
Our team is experienced at guiding you through the claims process to maximise the levels of tax relief obtained. Using our knowledge and experience, we can help reduce your company’s tax burden or claim a repayable credit.
A tax incentive often overlooked
The Government introduced Theatre Tax Relief in 2014 to support theatrical production companies.
We believe that many companies are still missing out on this valuable tax relief.
What are the benefits?
Theatre Tax Relief allows theatre producers to claim additional deductions in the company’s tax return for qualifying production costs.
For every £100 of qualifying costs incurred in producing a theatrical production, an additional deduction of £80 can be claimed. So, the net cost is only £55 to £65 for every £100 spent (depending on the applicable corporation tax rate for the period).
If the company is loss-making, there is scope to surrender the loss and claim a repayable tax credit from HMRC, of up to 45% (50% for touring productions) of the surrendered loss. So, a refund of up to £36 can be recovered for every £100 of qualifying production costs for non-touring productions and a refund of up to £40 can be recovered for every £100 of qualifying production costs for touring productions.
The size of the benefit will depend on when the production took place and the applicable TTR and tax rates at that time.
Want to find out more information?
- Who can claim?
- What is a Theatrical Production Company?
- Which costs are allowable?
- How is the relief calculated?
We pride ourselves on our proven track record of successful claims and we are committed to assisting our clients in maximising their claims to include all eligible costs.
We would be happy to discuss whether you might be able to qualify for Theatre Tax Relief and answer any queries you may have.
More from our tax experts
You can find all of our latest tax articles and tax resources here.
If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.
Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.