If you’re working in video games, you already know it’s one of the fastest moving industries in the UK right now. Video Game Tax Relief has the potential to take your business to a whole new level. If you qualify, you could be looking at a serious chunk of your costs back. Games for consoles, PC and mobile devices are all covered , as long as they’re not designed specifically for advertising or gambling. Even if you’re making a loss, you could still recharge your financial batteries with a valuable tax credit.
Boosting Your Stats
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 (22% per year between 2011 and 2013). 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. It’s not easy to jump through HMRC’s hoops, and too many companies end up either getting tangled in the rules or ragequitting in frustration.
A New Challenger Appears…
RIFT’s specialist Video Games Tax Relief team is setting out to transform VGTR into the financial expansion pack it was always meant to be. With tax relief adding up to about 20% of your production costs at stake, it’s a competitive edge you can’t afford to miss out on. Talk to RIFT to see how we can help you hit the top of your game.