If you’re working in video games, you already know it’s one of the UK’s fastest moving industries.
Video Game Tax Relief could see you getting lot of your costs back. Games for consoles, PC and mobile devices are all covered, as long as they’re not designed for advertising or gambling. Even if you’re making a loss, you could still end up with a valuable tax credit.
In 2015 alone, 237 games had their claims approved, with 116 companies getting their official certification. In all, the total costs that qualified for VGTR came to an incredible £181 million. Of 121 games still in development, they’re looking at qualifying expenditure of around £548 million.
The sad fact is it’s not enough.
There are over 1900 games development companies in the UK, and the market’s growing fast. Even so, only 12% of those companies are claiming Video Games Tax Relief. Of those, only 6% of that 1900 have followed through all the way to final certification. Too many companies end up either getting frustrated or tangled up in the rules. With tax relief adding up to about 20% of production costs at stake, it’s a competitive edge you can’t afford to miss. Talk to RIFT to see how we can help.