Orchestra Tax Relief (OTR) is a state aid tax reliefs for the creative industries. OTR incentivises the production of orchestral concerts – and amateur orchestras are specifically referenced in the legislation.
We have been running our OTR service for over a year now and our groups have already been receiving payments from HMRC. However we believe that many more instrumental leisure-time music groups across the UK could take advantage of OTR, and your group could be one of them.
This resource is part of our OTR Part 3 guidance: Keeping records, producing accounts and making a claim. It looks at how to keep accrual accounts for your concert production company for the purposes of claiming OTR.
Organisations claiming Orchestra Tax Relief (OTR) (i.e. the concert production companies) have to prepare their financial statements under the Accruals Basis of accounting which requires that income and expense must be recognized in the accounting periods to which they relate rather than on a cash basis.
This introduction is the first of three documents on Orchestra Tax Relief (OTR). It gives you an overview of what it is and how it works, and an overall idea if this is something your group would like to look into.
To help you decide we also have two additional documents –