“The process with Adsum was really quick and straight forward. We requested a quote on the Tuesday and the advance was in our account by the end of Thursday meaning we could pay our costs and continue with our next series of films. Who knows how long it would have taken if we waited for HMRC!”
Our client, a small production company based in the South-East of England had just finished and debuted their series of short thriller films, whilst there was still a buzz around their productions, they wanted to kick off their next series.
The customer had a few costs they needed to pay upfront before they could kick off their new production, they couldn’t cover these costs straight away, but as their previous film series was BFI qualified, they knew they had their Creative Industry Tax Relief incoming. However, they filed their tax-returns late, and didn’t have the time to wait for this money as the needed to start filming sooner rather than later.
Their upfront costs amounted to £180,000, whilst their HMRC tax relief equated to over £220,000, so they know they could cover the costs.
Money wasn’t the issue, timing was. They needed a quick loan.
Adsum was recommended to the client by a peer who had used our services and our Creative Industry Tax Relief Loan to help secure funding to pay for extra equipment ahead of a new, large production.
Once the client requested a quote, Adsum was able to agree to the terms and process the loan. Once the deposit was paid by the client, Adsum were able to fund the deal by the end of the week. All parties were given access to Adsum’s secure Client Portal to upload the relevant documentation and were able to track the progress so they were always on top of things.
Once the money entered their account, they were able to pay the upfront costs and continue with production. We like to make our clients life as easy as possible, that’s why we dealt with HMRC directly, so the client didn’t need to worry about repayment.
If you are in a similar situation, and are concerned with how long it will take to receive your Creative Industry Tax Relief from HMRC, get in touch with us today and to see if you qualify for one of our loans and how we can help.
Adsum is a tech-based lender with new-age solutions when it comes to creative tax credit loans.