Lights, camera, action for ktsowensthomas

The tax team at ktsowensthomas have helped a budding film maker get one step closer to achieving his dream of making an independent film.

The team of accountants have worked with Newport-based ARC films to help the film company achieve Enterprise Investment Scheme (EIS) status which will enable the growing company to raise capital, whilst providing attractive tax reliefs for investors subscribing for new shares.

Introduced in 1994, the Enterprise Investment Scheme is a government led scheme that provides a range of tax reliefs for investors who invest in qualifying companies.

On helping to achieve EIS accreditation, Kate Moore, senior tax manager at ktsowensthomas said: “EIS accreditation plays a significant role in the provision of venture capital for small businesses starting out. Being EIS accredited means that investors can obtain valuable tax breaks for investing in this company.

“During the current economic climate raising people’s interest in investing may prove challenging however for those who are looking to gain tax relief this may provide the perfect solution. Individuals can benefit from tax relief from investing a minimum of £500 in EIS accredited companies in any one tax year. The tax relief is 20 per cent of the investment, this in turn is then set against the individual’s income tax liability for the tax year in which the investment was made.”

Said Adam Harvey, director of ARC films: “Having worked on the production of several award winning short films and with television projects in active development, the natural progression for ARC films was to make independent films. Being EIS accredited means that we can draw on high end investors who will be able to invest in a film and gain tax relief as well as a potential return on their investment.”

Established in 2008, the company is set to start work on a new film later this summer. Set in the 19th century, the film is being produced with major film festivals in mind including Cannes and the annual Sundance festival. To fund the project the company has set up a sponsorship scheme whereby people will get the opportunity to fund the film in return for an exclusive package.

Continued Mr Harvey: “In return for sponsorship, sponsors will be given a chance to be an extra in the film, attend the cast and crew premiere when the film is released and receive exclusive memorabilia from the set.”

For more information on sponsorship packages, please visit http://www.arcfilmsltd.com

ktsowensthomas is a firm of three-dimensional accountants and tax advisors. With a head office in Cardiff and a regional office in Aberdare, we are well placed to cover the accountancy needs for business and private clients in south and mid Wales. We provide financial and commercial services to owner managed businesses, small businesses, mid to large corporates, public sector, charity, not-for-profit organisations and private clients across south Wales. Our expert Cardiff accountants or regionally based expert advisors would be pleased to review your audit, tax return, business accounts and annual reporting needs.

If you are a small business in Cardiff, Swansea or Newport looking for advice on audit, business consultancy, corporate finance, tax or wealth planning, please get in touch.

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