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A total of £1.11bn was paid out in tax reliefs for the creative sector in 2019/20, according to newly-published statistics from HMRC.
The figure marks a “significant increase” of £30m against what was paid out the year before.
According to RSM, creative sector reliefs are designed to encourage more investment into cultural activity across the UK.
These sectors can include film, dramas, documentaries, animation, video games, theatre, orchestras, museums and galleries.
The reliefs increase the amount of tax-allowable expenditure, which allows qualifying companies to claim larger deductions from their taxable profits.
RSM added that companies that do not make a profit can surrender the losses for a payable tax credit.
Matt Appleton, RSM’s national lead on creative sector tax reliefs, said: “In these challenging times, it is so good to see that this tax relief is being claimed. Now, more than ever, our creative sectors need as much help as possible.
“Where no claims have been made before, I would urge all companies and charities in these fields to consider claiming.”
He added: “Even where claims have been made, I would strongly recommend revisiting these, as there is often scope for significantly increasing original claims.”
