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Film tax credit relief

Client thinks she will get money back..

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Client insists that she will get back 20% of expenses incurred on a film she's producing. But I've checked and it's a tax credit relief not money back.

Her company makes losses so there are no profits against which to claim. 

Am I right or am I missing something?

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By Accountant A
19th Nov 2018 15:40

If you type"Film tax credit relief" into the Google, there are lots of links (including the first/top one) that appear to give the answer - including the HMRC manual.

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19th Nov 2018 15:49

Yes I know... I've already done that -
HMRC says it's a tax credit so the company will have to make a profit somewhere else so that tax relief can be claimed.
Client says she doesnt have to make a profit and she will get money back.She says shes done it before

I say not.

I'm just checking to see whether I've missed something

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Replying to LJCASE:
By lionofludesch
19th Nov 2018 16:16

You've missed something.

Read through the manual FPC55000 et seq.

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Replying to lionofludesch:
Lone Wolf
By Lone_Wolf
19th Nov 2018 16:47

Never a good sign when your client knows more about the thing you're advising on than you do. D'oh!

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