The UK’s creative sector is undergoing a major transformation in tax incentives. With the introduction of the Audio-Visual Expenditure Credit (AVEC) and Video Games Expenditure Credit (VGEC) in 2024, production companies now have access to more generous financial benefits. These new credits replace previous tax relief schemes, offering higher returns for film, television, animation, and video game productions.
As a leading accountancy firm for creatives, Jungle Tax is here to certify AVEC claims and help businesses navigate these new expenditure credits seamlessly.
What is AVEC?
AVEC is a new expenditure credit designed to support British-qualifying productions in film, high-end television (HETV), animation, and children’s television. It simplifies the previous system while offering higher tax credits for eligible productions.
Key Benefits of AVEC
Companies can now claim:
- 34% credit for film, high-end TV, and video games (previously 25.5%)
- 39% credit for animated TV, children’s TV, and animated films (previously 29.25%)
- 53% credit for lower-budget films (IFTC) starting after April 2024 (previously 39.75%)
These changes make AVEC a game-changer for production companies looking to maximize financial returns while staying compliant with UK tax regulations.
Why Choose Jungle Tax for AVEC Certification?
At Jungle Tax, we specialize in accountancy and tax services for creative businesses, ensuring smooth and compliant AVEC claims. Here’s why production companies trust us:
✅ Creative Industry Expertise – With years of experience in film, TV, and video game financing, we understand the complexities of tax incentives.
✅ Seamless Certification Process – We handle everything from eligibility assessment to final certification, reducing your administrative workload.
✅ Maximized Tax Relief – Our team ensures you claim the highest possible tax relief by identifying all eligible expenditures.
✅ Full HMRC Compliance – We mitigate compliance risks and ensure your claims align with HMRC guidelines.
Who is Eligible for AVEC?
To qualify for AVEC, production companies must:
- Pass the cultural test or qualify as an official co-production
- Incur at least 10% of core expenditure in the UK
- Be registered under the UK Corporation Tax system
- Ensure production is intended for theatrical release or broadcast
Additionally, Enhanced AVEC (IFTC) is available for lower-budget films meeting specific budget and creative connection criteria.
How Jungle Tax Can Help You Claim AVEC
Navigating new tax relief systems can be complex, but with Jungle Tax, you’re in expert hands. Our streamlined process includes:
1️⃣ Eligibility Consultation – We assess your production and estimate potential credits.
2️⃣ Application Preparation – Our team compiles and submits the necessary documentation.
3️⃣ Claim Certification – We handle HMRC filings and secure your AVEC certification.
4️⃣ Ongoing Support – We provide continuous guidance for future claims and compliance.
Act Now: Secure Your AVEC Benefits Today!
AVEC and VGEC claims are available from 1 January 2024, with all productions required to transition by 1 April 2027. Don’t wait—maximize your expenditure credits with Jungle Tax today!
📞 Contact Jungle Tax Now!
📧 Email: hello@jungletax.co.uk
📞 Phone: 0333 880 7974