For over 40 years Shipleys LLP has been delighted to support the broadcast industry. We’re a medium sized firm of chartered accountants, with a well-developed and specialist media division. The division comprises accountancy, tax and business advisors specialising in Film, Television and Animation production.
Market leader
This wealth of experience and knowledge we have gained has led us to be recognised as a market leader in film and TV production. We advise a large spectrum of companies including exhibitors, distributors and production companies, as well as individuals both behind and in front of the camera. Typically, we look after 80-100 productions a year.
A large proportion of our work is commissioned by financiers (including several TV companies) independent producers and completion guarantors, and through extensive contacts with other professionals specialising in the industry.
We help productions in a variety of ways, but the following is a sample of some of the major areas our specialist team are regularly involved in.
- Production audits (both full and investigatory)
- Distribution or royalty audits
- British Film Certification audits
- Film, TV and animation tax credit claims
- Co-Production Certification audits & advisory services
- Statutory accounts and corporation tax advice
- Personal tax advice
- Specialist VAT advice
- Advice to both UK and non-UK entities
- Pre and postproduction services
Through our membership of AGN International – a global association of similar sized accounting firms throughout the world and support clients with cross-territory productions.
The UK’s Film, Television and Animation Production tax credit regime
Tax credits introduced by the UK government in 2013 helped qualifying productions cut costs. So many productions, both international and indigenous, have benefitted from the credit. In recent years, the total value of tax credit claims for production companies which we’ve successfully secured has been in excess of £100m.
All change!
In 2023 it was announced that a new audio-visual expenditure credit (AVEC) will replace the current film, high-end TV, animation and children’s TV tax reliefs from 1 January 2024.
Film, high-end TV and video games will be eligible for a credit rate of 34%. Animated film and TV and children’s TV will be eligible for an uplifted rate of 39%.
Since 1 January 2024, the expenditure credits are available to claim. New productions must claim under the new expenditure credits from 1 April 2025, and all productions must claim under the expenditure credits from 1 April 2027 when the historic tax reliefs (Film Tax Relief, High-End TV Tax Relief, Animation Tax Relief and Children’s TV Tax Relief) end. Find out more in our summary of the changes or on the Gov.uk website
Further changes
In his Spring Budget on 6 March 2024, The Chancellor announced two new tax credit opportunities commencing in April 2025:
1. Visual effects – tax relief under the AVEC will be given to the costs of visual effects in films and high-end TV. These costs will receive an additional tax credit of 5% above the usual AVEC rate. The 80% cap on qualifying expenditure will also be removed for visual effects. The government is currently consulting on the types of visual effects expenditures that will be covered by the relief.
2. A new UK independent film tax credit under the AVEC system will be introduced for films that have production budgets (excluding marketing and distribution) of up to £15 million and which meet the criteria of a new test from the British Film Institute.
The credit rate will be 53% of qualifying expenditure. This nets down after corporation tax is deducted to 40%. Qualifying expenditure is capped at 80% of a film’s total core expenditure with an upper limit for a film of £6.36 million.
The changes will take effect for films that start principal photography from 1 April 2024 and on expenditure incurred from 1 April 2024. Claims can be submitted to HMRC from 1 April 2025.
A long tradition of specialist support for the broadcast industries
The variety of our specialist work and experience is vast, and our portfolio includes animations, documentaries, films and television series. Production budgets range from as little as £500,000 to in excess of £100 million.
Highly successful productions we’ve supported include The Favourite, Judy. Slumdog Millionaire, Call The Midwife, Killing Eve, Peaky Blinders, The Night Manager, A Headful of Dreams, Diego Maradona, Ronaldo, Horrible Histories, The Pets Factory, Junior Bake Off, Dogs Love Books, Mr Bean Animation Series, Lego Animation Series
We also work in an advisory capacity to many commissioning organisations and studios across the globe.
Can we help?
For more information and help, please contact For more information and help, please contact Steve Joberns, Gurvir Cheema, or Lauren Gilman, Principals on +44 (0)20 7312 0000
Related Resources
Rewriting the script on audio-visual creative tax reliefs
