Video Games Tax Relief Loans (VGTR)
Gain early access to your Video Games Tax Relief payment with a loan from Buzz Capital.Start Your VGTR Application Now
What is Video Game Tax Relief (VGTR)?
In order to promote the sustainable production of culturally relevant video games in the UK, the Government created a Tax Relief incentive. Video Games Tax Relief (VGTR) is a Government scheme (also known as the UK games Tax Relief scheme) that allows video game developers within the UK to apply for Tax Relief funding from HMRC.
What is a Video Game Tax Credit Loan?
One of the challenges with the VGTR scheme is that you can be left waiting a long time to receive your Tax Credits. That’s where Buzz Capital comes in to save the day; allowing you to boost your cash flow now, rather than waiting for a later date.
We can do this by using your future gaming Tax Relief claim as collateral to provide you with an affordable loan. The loan can then be repaid to us from the proceeds of your VGTR claim once you access the funds at the end of your company’s financial year. It’s that simple.
What are the requirements for Video Game Tax Relief?
In essence, your company can qualify to claim Video Games Tax Relief if:
-The video game is certified as British by the British Film Institute (BFI)
-The video game is produced for supply to the general public
-You have spent at least 25% of your core expenditure on goods and services provided within the European Economic Area (EEA)
Core expenditure refers to money that has been spent on designing, developing and testing the game. Your company must also be in control of all negotiations surrounding contracts, goods and services during the production of the video game to be entitled to claim VGTR Tax Relief.
The process is administered by firstly the BFI (who are responsible for certifying a game as British), and HMRC (who review your claim when you submit your corporation tax return after your financial year-end). There is some helpful guidance on both the BFI website and HMRC website which we highly recommend reviewing prior to making any claim.
How much can I claim for VGTR?
There are no limits to budgets when making a VGTR Tax claim, however, the rebate is capped at 25% of your qualifying expenditure. At Buzz, we can collaborate with your existing accountant to work out how much you should be entitled to claim. Contact us today to find out more.
When should you claim VGTR?
Your gaming Tax Relief claim would usually be submitted at the end of the company’s financial year along with your CT600 (Corporation Tax Return). But this doesn’t have to be the case, as for a VGTR loan, you can apply at any time and you aren’t constrained by Government deadlines.
How long does the VGTR loan take to process?
In the majority of cases, we can transfer funds into your business account within a matter of days. Our process is speedy, skilful and straightforward. Beat the inflexibility of VGTR Tax Credits with a Buzz Capital loan.
If you’re looking to increase your cash-flow by gaining access to your Video Game Tax Relief early, Buzz Capital could be the perfect companion for you. Our VGTR loans cut out the financial waiting game, providing you with a cash lump sum to take your project forward now rather than later. So, why wait?
A friendly member of the Buzz Capital team will be happy to help with any questions you may have surrounding gaming Tax Relief. Contact us today.