Monday 1 September 2014 has finally arrived, a watershed moment for the UK theatre industry, with TTR now officially “in play”. Slowly but surely producers are starting to understand what the relief may deliver to the bottom line, and how it will operate in practice.
Since our last update we have held an informal and very informative meeting at our offices with representatives of the Treasury and HMRC, who have been responsible for the drafting and introduction of the new relief. We covered a wide range of issues surrounding the application of the legislation, enabling greater clarity in our advice to clients at this early stage.
The HMRC guidance notes to accompany the legislation, originally anticipated in August, are still being finalised, and we suspect we will need to wait another month or two before these emerge. However in the meantime, the show must go on!
Just a reminder that we are holding two free in-house seminars for clients and contacts on the introduction and application of TTR, on Tuesday 30 September (5pm) and Wednesday 1 October (12 noon). There are a few places remaining for each date and if you have not already done so, please email email@example.com to reserve a place.
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