People in the film industry need to consider carefully whether or not it’s worth registering for VAT. For some, this isn’t an issue: if you’re self-employed and your taxable turnover is over £85,000 during a 12-month period, you must register.
Brexit and the film industry
The British screen industries have enjoyed a golden period in recent years, with film production expenditure alone reaching a record high of £1.5 billion in 2017. When the TV and gaming industries are included, spend rose to nearly £6.2 billion.