I’m developing a video game how can I work with Price Bailey?
The video gaming space in the UK is growing, with the UK ranking in the top 5 video game markets globally. With this growth, comes the emergence of new businesses in the video gaming space.
An accountant for gamers must have in-depth knowledge to understand how best to advise clients, here at Price Bailey we understand gamers and streamers needs, and we aim to work with you to help you achieve your unique goals and aspirations. As with most businesses, the challenge of funding applications, understanding your tax obligations, preparing accounts and navigating the financial side of being within the gaming space can be complicated. Our service can be tailored to your specific needs, whether you are starting out in the industry, or looking to find suitable advisors who understand the gaming industries unique requirements.
“Those in the gaming industry have unique requirements and needs throughout the lifespan of a company, project or development. With our experience, we can manage everything from the day-to-day maintenance of accounting records through to specific challenges such as support in fund raising, intellectual property (IP) valuation, assistance in tax reliefs and much more.”
Parry Jackson, Partner
Early considerations for gamers
Within this article we touch on some key considerations which you may wish to discuss with an expert when embarking on your journey into the gaming space.
How may I require assistance in the day-to-day running of my gaming business?
Our outsourcing team work with many gaming companies, using cloud-based accounting software to streamline processes such as bookkeeping, tax filings and compliance. We adopt cloud-based software that harness automation and intelligent learning as its core, making financial reporting efficient and accurate. Our outsourcing services are completely tailorable to suit your needs and budget.
Proactive tax planning
It is important to understand what tax advantages and liabilities you may be subject to. Our Price Bailey experts can assist with all aspects of tax- from corporation tax, VAT, employment taxes, as well as ensuring that you are meeting the deadlines and thresholds to avoid penalties.
Within the industry there are unique Incentives for example Video Games Tax Relief (VGTR) which allows UK game developers to claim back significant costs associated with the production of games- as well as saving up to 20% in corporation tax and the potential to receive 25% tax credit.
Tax incentives can be extremely helpful for new game startups who haven’t yet released any games, to improve short-term cashflow. You may also be eligible to receive other tax incentives, such as R&D tax relief. These programmes can help you reinvest in your business and accelerate growth.
Strategic business planning
When embarking on a new business venture it is crucial to seek advice on business structure and planning to ensure you maximise your margins when it really matters. Our experts are positioned to advise on suitable business plans that are ambitious, yet achievable to ensure the smooth running of your new venture.
Choosing the right structure
An accountant can help determine the best structure for your business, such as a sole trader, partnership, LLP, or company, based on your goals, liabilities, and tax considerations. Choosing the right structure at the start of your venture is crucial as switching structures further down the line can lead to tax consequences.
Consider funding options
Our team at Price Bailey can ensure you secure the funding needed to allow your business to take off. We can assist with financial strategy, including preparing for fundraising by helping secure venture capital, grant, or other investment opportunities. We can provide advice on cash flow management as well as assist with debt funding should there be a requirement. From identifying grants and loans to preparing your financials for pitches, we’ll ensure you have the necessary resources.
Why choose Price Bailey?
At Price Bailey, we’re passionate about helping gaming entrepreneurs turn their creative dreams into financial success. Our aim is to work with the individuals that underpin your business from beginning to end, supporting you on the journey. We act as a one-stop shop for your accounting and taxation needs and can be flexible as to your requirements, being as involved as you want us to be.
Contact us today to learn how we can support your journey with expert advice on business planning, tax relief, and funding. More information on the services we offer to the gaming industry can be found here.
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We always recommend that you seek advice from a suitably qualified adviser before taking any action. The information in this article only serves as a guide and no responsibility for loss occasioned by any person acting or refraining from action as a result of this material can be accepted by the authors or the firm.
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