Extended tax relief for Video Game Industry Category: Technology - Posted On: Apr 12 2018 Video Games Tax Relief (VGTR) was introduced from April 2014 but has now been extended from April 2018 to March 2023. Our EQ Technology team are delighted with this news; the tax credit encourages innovation within the UK gaming industry – safeguarding and creating jobs within the sector. Your company can claim VGTR if: the video game is British; the video game is intended for supply; and at least 25% of core expenditure is incurred on goods or services that are provided from within the European Economic Area (EEA) If your company qualifies to claim VGTR, it may also be entitled to: an additional deduction in computing taxable profits surrender losses for a payable tax credit where an additional deduction results in a loss It is important to review whether these costs to develop a video game would qualify for R&D Tax Credits. The two tax reliefs are mutually exclusive and this may be an opportunity for your business to claim and receive optimum tax relief. Should you wish to review whether your business qualifies for R&D Tax Credits, you can contact the EQ Technology team through our website or on technology@eqaccountants.co.uk All News View the latest news stories from all of our sectors. View All News News by category View the latest news stories from a specific sector. COVID-19 EQ News People Experienced Professional Graduate Intern RGU Placement School & College Leaver Services Audit & Reporting Corporate Finance EQ Accounting Bookkeeping Cloud Accounting Management Accounts Payroll Taxation International Tax Making Tax Digital Personal Tax Specialisms Agriculture Charities Engineering & Manufacturing Healthcare Leisure Food & Drink Professions Property & Construction Technology
Extended tax relief for Video Game Industry Category: Technology - Posted On: Apr 12 2018 Video Games Tax Relief (VGTR) was introduced from April 2014 but has now been extended from April 2018 to March 2023. Our EQ Technology team are delighted with this news; the tax credit encourages innovation within the UK gaming industry – safeguarding and creating jobs within the sector. Your company can claim VGTR if: the video game is British; the video game is intended for supply; and at least 25% of core expenditure is incurred on goods or services that are provided from within the European Economic Area (EEA) If your company qualifies to claim VGTR, it may also be entitled to: an additional deduction in computing taxable profits surrender losses for a payable tax credit where an additional deduction results in a loss It is important to review whether these costs to develop a video game would qualify for R&D Tax Credits. The two tax reliefs are mutually exclusive and this may be an opportunity for your business to claim and receive optimum tax relief. Should you wish to review whether your business qualifies for R&D Tax Credits, you can contact the EQ Technology team through our website or on technology@eqaccountants.co.uk All News View the latest news stories from all of our sectors. View All News News by category View the latest news stories from a specific sector. COVID-19 EQ News People Experienced Professional Graduate Intern RGU Placement School & College Leaver Services Audit & Reporting Corporate Finance EQ Accounting Bookkeeping Cloud Accounting Management Accounts Payroll Taxation International Tax Making Tax Digital Personal Tax Specialisms Agriculture Charities Engineering & Manufacturing Healthcare Leisure Food & Drink Professions Property & Construction Technology