21 November 2018

Scott-Moncrieff Help Claim £7 Million in Creative Industries Tax Relief

Many creative organisations in Scotland have not been claiming the Museums and Galleries Exhibition Tax Relief

Scott-Moncrieff has helped creative clients claim £7m of cash from HMRC via Creative Industries Tax Reliefs, freeing up funds for investment into music, theatre and other cultural pursuits in Scotland.  However, experts at the firm say many other creative organisations in Scotland have not been claiming, and now that museums and galleries can also apply via the Museums and Galleries Exhibition Tax Relief, they fear that the unclaimed funds will continue to mount.

Kirsty Murray, Tax Director at Scott-Moncrieff, commented: “The creative sector has benefitted, but what they have claimed so far is a drop in the ocean.  Therefore, the biggest challenge with this new tax relief is likely to be the take-up.  As charities, so many museums and galleries do not pay corporation tax and consequently think that this relief does not apply to them. But it does – and they could be receiving substantial sums, all of which could enrich Scotland’s cultural sector.”

Clients of the firm, which is now the leading tax adviser to Scotland’s creative sector, include many of the leading creative bodies in Scotland, such as Scottish Opera, Scottish Chamber Orchestra, the Royal Conservatoire of Scotland, RSNO and Traverse Theatre, alongside several regional trusts, production companies and venues that are involved with the production of live dramatic or musical performances.

Organisations have up to 2 years following their accounting year end to submit a creative industries tax relief claim to HMRC i.e. if your year end is 31 March 2017, you must submit your claim to HMRC by 31 March 2019. If you do not meet this deadline then a claim can no longer be made and the organisation will miss out on a cash payment from HMRC.

Those organisations with a 31 December or 31 March accounting period that have still not made a claim for the year ended 2017 must take action now to ensure a claim is submitted to HMRC in advance of the deadline.

We have helped many organisations claim substantial sums of cash from HMRC, helping boost their cash flow significantly alongside the enhanced cultural experiences they are able to offer to the public. Our extensive experience in the creative sector tax reliefs ensures your claim will be maximised to its fullest potential.

If you would like assistance in making a claim please contact Kirsty Murray or Catriona Macleod.

Bookmark and Share