Two Cornwall-based video game development companies have successfully claimed more than £38,000 in tax relief between them, thanks to the specialist expertise of Helen Hood and Paul Burrows at Lang Bennetts’ Chartered Accountants.
A government scheme introduced in 2014 allows up to 25% payable tax credit on production costs for games certified as culturally British. Just 137 successful claims were made nationally in the last tax year and Lang Bennetts has been responsible for two of them.
To achieve certification, the video games had to meet specific criteria based on their cultural content, cultural contribution, the location of the game’s development and the nationalities of key personnel working on the project.
“Once certified, it’s then quite a complex process that requires detailed knowledge about the costs that can be claimed on the design, production and testing elements,” said Lang Bennetts’ manager Paul Burrows. “One of the companies has received more than £10,000 as a result of the claim and the other is waiting for payment of more than £28,000. Not insubstantial amounts for businesses looking to grow.
“The gaming industry is very important to the UK and, increasingly, the Cornish economy. We’re very pleased to have played a key role in helping these two client companies and are always happy to provide advice and guidance to others in the sector.”
With offices in Truro and Falmouth and a staff of fifty, Lang Bennetts accountants are able to undertake specialist tax reclaims as well as more widely understood ones.
For more information, visit www.lang-bennetts.co.uk