Theatre Tax Relief (TTR) Explained
Theatre Tax Relief (TTR) is a government incentive aimed at supporting Theatrical Production Companies. It can financially asist companies that actually produce dramatic productions or ballets for live performance.
By claiming it a production company can reduce its pre-performance costs by 20-25%. In order to qualify, the company must subject to UK corporation tax.
Theatre tax relief (also known as Theatre Tax Credit) works by allowing theatre producers to claim additional deductions in the company’s tax return reated to the production costs.
Theatre tax credit is offered as a benefit to both profitable and loss-making theatrical companies. One unique aspect is that some businesses that claim corporation tax exemptions can also apply.
Your company can claim TTR if:
1. it is a theatrical production company
2. the theatrical production meets certain criteria
3. primary focus is to play to a live (paying) audience
4. it has a minimum 25% EEA expenditure
Which companies can claim?
How much can I claim?
Is BFI cultural test required?
What productions qualify?
What expenditure qualifies?
How to calculate theatre tax relief?
Why use a Theatre Tax Relief Specialist
While you can take on the responsibility and apply for TTR yourself, there are many advantages of engaging a specialist. From saving hours of writing lengthy application-reports with tax calcualtions to not having to speak to the HMRC tax inspectors.