Why Tax Planning Matters in Film and TV
The film and TV world is full of creativity, energy, and artistic innovation—but behind every successful production is a solid financial plan. From budgeting your first indie short to managing a big-budget series, working with specialist accountants for film and TV industry professionals is essential for financial clarity and compliance.
Without expert guidance, creatives often miss out on vital reliefs, deductions, and financial strategies that could make or break a production.
Understanding Film Tax Relief (FTR)
The UK government offers Film Tax Relief (FTR) to qualifying film productions, allowing you to claim back up to 25% of your qualifying UK expenditures. Yet, many filmmakers don’t know how or when to apply for it.
Specialist accountants help you:
- Identify whether your production qualifies
- Prepare and submit the proper BFI and HMRC documents.
- Track qualifying spend from pre-production to post
Claiming FTR properly can significantly improve your project’s cash flow and ROI.
What Can You Claim as Expenses?
From lighting kits and costume rentals to travel and editing software, film and TV professionals incur a variety of business-related costs. The key is knowing what qualifies as a tax-deductible expense—and making sure it’s documented correctly.
Experienced accountants ensure you don’t miss claims for:
- Equipment purchases and rentals
- Studio and location costs
- Contractor and crew payments
- Marketing and distribution expenses
Failing to track or classify these expenses properly could mean losing out on thousands in tax savings.
Freelancers: Watch Out for IR35
If you work on set or behind the scenes as a freelancer, you must be aware of IR35. This UK legislation determines whether HMRC considers you self-employed or a disguised employee.
Accountants with experience in the entertainment industry help you:
- Structure contracts to avoid IR35 penalties
- Understand how to use a limited company for your services.
- Pay the right tax at the right time.e
Getting this wrong can mean backdated tax bills, fines, or even cancelled projects—don’t risk it.
How Production Companies Benefit from Specialist Accountants
Production houses deal with far more than just tax returns. From day one, accountants should be involved in budgeting, forecasting, payroll, and reporting to ensure every penny is accounted for.
A good entertainment accountant will:
- Set up clear financial systems and reporting structures
- Help with VAT registration and returns.
- Handle crew payments and PAYE setup.
- Assist with investor reports and audits.
At JungleTax, we work closely with production teams to deliver long-term accounting solutions tailored to the fast-paced nature of the entertainment world.
Avoiding National Insurance Pitfalls
Freelancers and self-employed creatives often delay National Insurance registration, only to face complications when applying for loans or mortgages. Missing contributions can also affect state benefits and pension entitlement.
Your accountant can:
- Register yourself with HMRC correctly
- Keep you compliant with Class 2 and Class 4 NI payments.
- Set reminders and deadlines so you never miss a filing.g
Consistency is key—especially in a career with fluctuating income.
Working Internationally? Stay Compliant
Today, many projects involve international funding, cast, or distribution. But with that comes the complexity of foreign tax laws and double-taxation risks.
Specialist accountants help you:
- Navigate tax treaties and overseas deductions
- Avoid paying tax twice on the same income.e
- Keep clear financial records for global partners
Whether your funding comes from the US, EU, or beyond, international compliance is crucial to the success of your production.
Don’t Overlook Royalties and Digital Revenue
In the streaming era, income doesn’t stop once your show is aired. Creators and producers now earn through:
- Royalties from international sales
- Licensing deals
- Platform-based ad revenue
This income must be declared, reported, and optimised. With so many income streams, only an experienced accountant can help you stay compliant while maximising post-release revenue.
JungleTax: Trusted Accountants for Film and TV Industry Professionals
Whether you’re producing your first web series or working on a BBC co-production, you need more than a generic accountant—you need someone who understands the industry inside and out.
At JungleTax, our team supports:
- Film directors, editors, and screenwriters
- TV showrunners and producers
- Freelance crew and talent
- Post-production studios and agencies
We understand the flow of funding, how to track complex budgets, and how to structure finances so you keep more of what you earn.
Ready to get started? We’re just a call or click away.
FAQs: Accountants for the Film and TV Industry
Q1: What’s the biggest tax mistake film professionals make?
Many fail to track expenses properly or apply for Film Tax Relief in time. This can lead to lost refunds or compliance penalties.
Q2: Can I use a personal accountant if I work in TV?
You can, but it’s highly recommended to choose an accountant with entertainment industry expertise to ensure you don’t miss out on niche opportunities like FTR or IR35 planning.
Q3: Is VAT registration necessary for production companies?
Yes, if your turnover exceeds the threshold. VAT can impact your cash flow significantly, so proper registration and management are crucial.
Q4: I freelance part-time in film—do I need to register with HMRC?
Yes. Even part-time self-employed income must be declared. A good accountant can help you stay compliant and still make the most of your deductions.
Q5: How soon should I involve an accountant in my project?
From day one. Early advice ensures your budget, expenses, and funding are all structured efficiently from the start.
Let’s Connect
At JungleTax, we’re experts in supporting creatives with real-world accounting strategies tailored for the film and TV industry. Whether you’re a freelancer or running a full-scale production, we’re here to help you succeed—financially and creatively.
Email: hello@jungletax.co.uk
Phone: 0333 880 7974
Just a call or click away – Let’s Connect