Media R&D Tax Credits
The media sector in the UK encompasses many industries, from advertising and animation to broadcasting and publishing.
And it is an industry that is rapidly changing. In 2017, UK consumers spend more on digital media than traditional media (such as magazines, books and newspapers) for the first time. Spending on digital media was £7.2bn, compared to £7.1bn on traditional forms of media.
As the industry continues to innovate this gap is likely to grow further. The digitisation of media is one of the many ways your company could benefit from media R&D tax credits.
Advances in live streaming, methods of monetising websites and developments in virtual and augmented reality can all be brought forward through effective research and development.
However, R&D always carries an element of risk, and can potential mean a large initial outlay before projects start generating income. This is where RandD Tax can help.
Our expert team of tax consultants can help maximise your R&D tax credits claim. These funds can be used to cover much of the expenditure attached to R&D, such as:
- Staff costs
- Software expenses
Claiming R&D tax credits can help ensure the media industry continues to develop and meet the challenges of changing consumer tastes.
Can I claim media R&D tax credits?
It can be difficult to decide if a project is eligible for R&D tax credits. Broadly speaking, you will be able to claim tax credits if your business:
- Is a limited company, subject to corporation tax
- Takes part in researching or developing new products or processes - or improving existing ones
- Spends money on these projects
However, if you are unsure if you can claim, the best thing to do is to contact RandD Tax. Our experienced tax consultants offer a FREE ASSESSMENT to see if you can claim, and we offer a no win, no fee claims process.
We have the knowledge and experience required to ensure your R&D tax credits claim is processed as quickly as possible.
How to claim media R&D tax credits
At RandD Tax, we know that claiming R&D tax credits direct from HMRC can be a complex process. That is why we are here to claim for you, leaving you to concentrate of your core business.
We will be able to identify if you can claim, what scheme you can claim under and how much you are likely to benefit from.
Contact RandD Tax to make your claim today.
Get in touch today regarding media R&D tax credits