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Film and Media

Specialist accountancy and tax advice for the film, television and wider media sector

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Film and television production in the UK can offer a number of exciting opportunities and the nation has become a favourite location for the industry, thanks in part to its generous tax relief regime.

The UK creative sector tax reliefs, including the Audio-Visual Expenditure Credit, the Independent Film Tax Credit and the suite of reliefs for high-end TV, animation, children’s TV and video games, deliver substantial benefits to qualifying film and TV productions.

The rules are detailed, the qualifying tests are specific and the structuring decisions taken at the outset of a production materially affect the result. A production that is not set up correctly from the start can find the relief it was counting on is significantly reduced or unavailable by the time the claim is made.

Our film and media team works with production companies, sales agents, post-production houses, distributors and other businesses across the sector.

We handle audits, the accounts, tax compliance and the substantive tax advisory work that productions require.

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How we deliver film and media advice

Each production engagement begins by mapping the financial structure of the production, while getting to understand the project and its objectives in great detail.

We will explore the qualifying tests for the relevant reliefs, can advise on special purpose vehicle structures, the financing flows, the cost categories and the timing of certification and claim before substantive work begins.

From there, we run the accounting alongside the production. Production accounting, cost reporting, tax credit claims, statutory accounts and the audit work where required are all delivered to the timetable that the production needs rather than to a generic accounting schedule.

Our expertise

  • Audio-Visual Expenditure Credit claims
  • Independent Film Tax Credit claims
  • High-end television, animation and children’s television reliefs
  • Video Games Expenditure Credit claims
  • Cultural test certification through BFI
  • Production accounting and cost reporting
  • SPV structuring and finance flows
  • Production audits and statutory audits
  • VAT in production and the partial exemption position for distributors
  • International co-production structures
  • Bollywood and the Indian film industry

Where productions involve international co-production or financing across jurisdictions, we co-ordinate with overseas advisers through our PrimeGlobal network.

The relief claim depends on the structure being correctly aligned across all the participating countries.

What you can expect from our film and media team

Three things define how we work with film and media clients:

Sector fluency

Our team understands the commercial dynamics of the sector. The completion bond requirements, the financier reporting standards, the BFI certification process and the way productions actually run.

Engaged at structuring stage

The most valuable work is done before the camera begins to roll. The production’s structure, the cost categorisation against the qualifying tests and the cultural test position all need to be set up properly at the outset by our team.

Delivered to production timetable

Productions run to a tight schedule. Our work runs to the same schedule. Cost reports, audit work and certification milestones land when the production needs them, not when an accounting firm finds it convenient.

Production companies and the wider media sector work with us because they want an adviser who acts as a guide from the first structuring conversation to the final closing accounts – one who understands the reliefs, the tempo of production and the consequences of getting the structure wrong at the start.

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Why choose Macalvins?

Macalvins is a Top 100 UK accountancy firm, with years of experience supporting the film and television industry, both here in the UK and overseas.

Our knowledge of the sector means you get advice that is carefully tailored to your needs.

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Insights

Frequently Asked Questions

How does the new Audio-Visual Expenditure Credit work for our production?

AVEC replaced the previous film, high-end TV, animation and children’s TV reliefs for new productions from 1 January 2024, with the previous regime continuing for productions already in train under transitional rules. AVEC is a taxable credit at headline rates of 34 per cent for film and high-end TV and 39 per cent for animation, children’s TV and the Independent Film Tax Credit. The qualifying tests, the cost categories and the claim mechanics are all set out in the legislation. We work through what applies to your specific production.

Do we qualify for the Independent Film Tax Credit?

The Independent Film Tax Credit applies to qualifying low and mid-budget independent films that meet specific tests, including a maximum core expenditure threshold and conditions on the involvement of a UK-based independent production company. The qualifying tests need to be checked against the specific production. We work through that at the structuring stage.

Can you act for international productions filming partly in the UK?

Yes. We work with international productions on the UK-side accounting, the qualifying spend analysis, the cultural test certification and the AVEC claim, co-ordinating with the producer’s home jurisdiction adviser through PrimeGlobal where applicable. The UK arrangement needs to be set up properly to maximise the qualifying spend.