Brighton-based Plus Accounting reports it has helped UK developers save £200,000 over the past year thanks to games tax credits.
Video games tax relief was finally introduced to the UK back in 2014 and has been gaining momentum ever since, enabling British develoeprs to claim back tax on their core expenditures.
Plus Accounting has worked with notable studios such as The Chinese Room and Futurlab over the past 12 months, and in doing so has saved £120,000 in corporation tax and £80,000 in repayable tax credits.
“There are many developers working in Britain today whose games qualify for significant tax relief, but they’ve not taken the opportunity yet," said director Luke Thomas. "The amounts saved might not seem like much money, but to independent developers it could be the difference between staying in, or going out of, business.”
Futurlab’s operations director Kirsty Rigden added: "“We’ve had two successful claims so far and when we got the cheque back on one of them, we were able to hire a senior artist. I really love the tax breaks. I thought at first that it was a pain to get them, but when you get the cheque back it is massively worth it.”
More than 230 games were approved for the UK’s video games tax relief in 2015.