Skip to main content
CCH Software User Documentation

Creative Industry Relief

Product Help Banner.png

 

Creative Industry Trades are dealt with differently than normal trades

A trade should be created for each trade and film in the Trading Income section of the Data Navigator and Films and any qualifying activity under the Creative Industry Scheme should be selected as Creative Industry Trades from the Type dropdown.

clipboard_e1963a2b4b06fa9fe2e6b901543103018.png

 Do not enter the Profit/(loss) before tax per accounts for the film in the Film Summary statement

 clipboard_e2286594fd8173680b35e191dce20b01f.png

Instead open the creative industry trade within the Data Navigator and select Creative Industry Relief and complete the Profits/(Losses) and Tax Relief input screens.

clipboard_e3259f86bd1bfbdc68588f592c2df210a.png 

Profits/(Losses)

Select the Creative Industry Type from the drop down menu.

 clipboard_e877b27d953c65ac7fb30a9bb490219c0.png

 

The options available are;

 

·         Film Trade

·         Video Gaming

·         Television

·         Theatre Touring

·         Theatre Non Touring

·         Orchestra

·         Museums and Galleries

Complete the Profits/losses statement by entering;

  • Total to Date of costs incurred (C)  
  • Expenses claimed in previous
  • Estimated total cost (T)    
  • Estimated total income (I)    
  • Income earned in prior Period    

 

Tax Relief

clipboard_ea89c4c4b888816da7a1e30f0ecb6d0fc.png

Creative Industry losses can be utilised in the Loss Utilisation input screen.

clipboard_e473caed516669e94a79e2fef31cfc698.png

And any credits can be claimed in the Tax Credits input screen where the Tax Credit input is available (dependent on tax position).

clipboard_e63e7256ad87b8bbe72f573ff7a90af31.png

In the 2021 Budget, HMRC made a temporary change to the rate of tax credits that can be claimed by surrendering losses from certain creative industries.  The tax rates is effectively a sliding scale based on the date the expenditure is incurred and the type of creative industry.  We have amended the warning message to advise the Tax credit claimed can be manually overwritten if the amount due is different.

clipboard_e2499fe2836fa52e970999efd4edb3667.png

 

 

  • Was this article helpful?