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Parry Jackson
Partner
Gaming Accountants
Advisory Solutions for Gamers, Esports, Streaming and Game Developers
At Price Bailey, we offer specialised accounting advice to those within the gaming industry. We understand the intricacies and complexities involved with managing income, tax obligations and compliance with regulations to maximise financial efficiency. In recent years, the growth in gaming and streaming has seen an abundance of streamers navigating their finances, with HMRC equally having to evolve and adapt to keep up with this rapidly growing and dynamic industry.
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, offering advice on:
Examples of services we can offer:
- Tax planning and preparation
- Bookkeeping
- Financial management
- Virtual currency management
- Budgeting and financial planning
- Self assessment tax returns
We offer our gaming and streaming services to:
Esports teams
Income from esports is usually declared on a self assessment tax return; however there are multiple exemptions that can be difficult to navigate such as when esports gamers participate as a team, international gamers, tournament winnings, receiving gifts and sponsorship.
When participating in Esports Teams games it is important to seek professional advice to ensure that how your income is taxed is correct, as well as any prize money.
UK government are increasing their resources into analysing data to identify individuals who fail to notify HMRC of their income streams or changes in income. Price Bailey can ensure that you are reporting correctly to HMRC to minimise the risk of penalties for late or failure to report.
Game developers
Creating and developing games can be an exciting industry to enter into in such a time of growth. However, having to manage your accounts may be daunting.
Here at Price Bailey our experts are equipped with the knowledge behind starting your business. It is important to stay on top of your bookkeeping, accounts, tax returns, as well as meeting reporting deadlines and any regulations.
Our Expertise in the Gaming Industry
We hear from Miles Lampson the founder of ENDX, an esports platform which launched in 2021, on his experience working with Price Bailey. Price Bailey was recommended to Miles by a former colleague and initially advised on ENDX’s company structure. Since, Price Bailey have worked with the team to provide tax advice prior to fundraising and subsequently compliance and advice on day-to-day matters. Being a global business with users all over the world, the importance of finding a UK based accountancy firm that understands ENDX’s specific needs was imperative to the team.
Case Study: ENDX
ENDX launched in 2021, they are a virtual stock market and trading game where sports fans can engage with esports on an anti-gambling platform by trading shares with other fans.
Miles and the team have spent the last few years building the technology behind the platform and are now starting to launch and trial products by beta testing the platform. Some of their verticals have user bases of 50,000 testers. They are a fully remote business with 5 employees at present.
ENDX are excited to see what comes of the platform in the future as they embark on some exciting new ventures such as partnerships with UK football clubs.
Miles Lampson, Founder of ENDX
I have been very impressed with Price Bailey so far. It has been great to work with an accountancy firm that is results driven rather than focusing on the timesheet. Ultimately, they want the best for our business. The advice they have provided ENDX has been focused on finding solutions for long term growth. To find people who understand the space and have the skillset to advise a business such as ENDX is great.
Parry Jackson, Partner, Price Bailey
It’s been a pleasure to collaborate with Miles and the team at ENDX. Not only have we been able to support the business in providing some advice during the fundraising process but have continued our relationship to support with compliance and advisory services as and when needed by the business. With the plethora of experts available here at Price Bailey, I’m sure we’ll be able to navigate the business through any challenges it faces during the growth period.
How gamers and streamers are taxed is a fast-changing area. As such, HMRC is placing more resources into understanding this dynamic area. With tax legislation here rapidly evolving, up-to-date advice is crucial. Contact our experts today for a free consultation.
We can help
Contact us today to find out more about how we can help you
Why should businesses within the gaming industry consider outsourcing their finance function?
Whether you’re a start-up of an established studio, outsourcing your finance function can be a cost-effective way to access specialist knowledge without building a full in-house finance team. Them gaming industry has unique accounting and compliance requirements, especially around tax reliefs, project funding and digital revenue streams.
It’s rare to find a single person who can manage both strategic finance matters and day-to-day bookkeeping. More often, businesses end up hiring two people to fit in with these different skill sets – increasing costs and doubling the recruitment challenge.
Why clean and tidy financial data matters
Accurate, well-structured financial data underpins every decision a gaming business makes. Without it, it becomes difficult to access tax reliefs, manage project budgets, or present reliable figures to investors. Some of the key benefits of outsourcing to Price Bailey include:
- Proper categorisation of costs (e.g. core vs non-core, UK vs non-UK)
- Timely and compliant submissions for VAT and other requirements
- Preparation of VGEC and VGTR submissions
- Project-based spend tracking
- Clear understanding of the financial impact of individual projects at different stages of production
- Reliable reporting for potential lenders or investors
- Tax compliance and planning
- Stronger cash flow management
How can our outsourced finance team help you?
Bookkeeping and data management
- Automate income and expense tracking across multiple revenue streams
- Reconcile bank feeds and digital wallets
- Categorise costs for VGTR/VGEC compliance
Tax relief support
- Prepare and submit VGTR/VGEC claims
Financial reporting
- Produce management accounts
- Track project profitability and milestones
- Support with investor reporting and funding rounds
Software implementation
- Set up and manage accounting tools such as Xero or QuickBooks
- Integrate with project management and revenue platforms
- Ensure MTD (Making Tax Digital) compliance
Strategic advisory
- Budgeting and forecasting
- Cash flow planning
- Structuring operations to maximise efficiency
Intellectual Property Assets (IP)
IP plays a pivotal role in the gaming industry. Understanding the importance of IP is crucial for those in the gaming industry, from copyrights, trademarks, and patents.
Our experts can provide guidance on the types of IP, their importance, IP protection challenges and enhance your understanding of exactly what IP is.
What FAQs do our experts receive?
Why should you work with an accountancy firm with experience in the industry?
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.
What other tax advice may I need as my company grows?
Price Bailey is a specialist in many of the taxes you will hear of on a day-to-day basis but what separates us is our ability to advise on complex and international matters which can increase in importance as you grow. We can advise on direct and indirect tax matters domestically and by being a member firm of IAPA, we have affiliate firms in a number of jurisdictions.
What tax reliefs are available to gaming companies in the UK?
UK gaming companies can claim Video Games Tax Relief (VGTR), which allows qualifying companies to claim tax relief on production costs. R&D credits are also available for developers that engage in innovative projects, subject to the nature of the projects being undertaken.
What software and automation should a gaming company use for accounting?
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.
How can Price Bailey help us scale our company and attract funding?
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.
How do we typically work with our clients?
Our aim is to the 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 you requirements, being as involved as you want us to be.
We can help
Contact us today to find out more about how we can help you
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