34 Business
THE HERALD FRIDAY JANUARY 27 2017
MONEY MATTERS New show-reel highlights Wales
By Mark Jones, director of Carmarthen-based Clay Shaw Butler chartered accountants and business consultants
TAX campaigners have
warned that the abolition of Class 2 National Insurance contributions from April 2018 could result in the lowest earners among the self employed being hardest hit. Class 2 NICs are flat-rate weekly
contributions paid by the self-employed to gain access to contributory benefits. The self-employed also pay Class
4 NICs on profits above the Lower Profits Limit. Class 4 NICs do not currently give access to contributory benefits. In the last Autumn Statement, the
Chancellor confirmed that Class 2 contributions would be abolished from April 6, 2018. At present, self-employed earners
whose profits exceed £5,965 a year, the small profits threshold (SPT), are required to pay Class 2 NI contributions at £2.80 a week. These contributions then count
towards their state retirement pension and entitlement to certain other contributory benefits. If their profits fall below the SPT, they have the option to make voluntary Class 2 payments. When Class 2 is abolished,
payment of Class 4 NI contributions will count towards state benefits. In order to protect some people
on low incomes, Class 4 contributions will not be payable until annual profits reach £8,060. However, as long as profits exceed
the SPT, the self-employed will be given Class 4 credits, so they will be treated as making contributions even though none was actually paid. A point to note though is that,
unlike Class 2, Class 4 NI cannot be paid on a voluntary basis, meaning that the only way that self-employed people on profits below the Class 4 threshold will be able to build up a contribution record, if they did not obtain NI credits through receipt of other benefits, eg tax credits, child benefit or Universal Credit, will be by paying Class 3 voluntary contributions at £14.10 a week. Anthony Thomas, Chairman of
the Low Income Tax Reform Group, commented: “Some parts of these proposals are good news for self- employed workers on low earnings, but by no means all. “Those with profits between £5,965
and £8,060 will be better off because they will pay no NI but be credited with contributions. “Our concern is for those with
lower earnings than £5,965 who would have to pay voluntary Class 3 contributions in the future to protect their benefits entitlement if they did not obtain NI credits through receipt of other benefits, for example tax credits, child benefit or Universal Credit. Class
3 contributions will cost almost five times the amount they are paying now (£14.10 per week compared to £2.80 per week) and may mean the cost is unaffordable, leading them to rely more on means-tested benefits in the future.”
The government are celebrating the
‘first birthday’ of their award-winning Personal Tax Account, which recently won Digital Project of the Year at the annual UK IT Industry Awards. HMRC have announced that in its
first year, the Personal Tax Account has attracted more than seven million users and there have been millions of transactions including: • 1.6 million Income Tax repayments, worth more than £800 million;
• One million tax credit renewals; • 100,000 people checking or updating their company car details;
• 1.6 million people checking their tax estimate;
• Two million people checking their state pensions.
The press release also states that
the Personal Tax Account is designed to be one stop shop for all customer interactions with HMRC and taxpayers using it can: • Check their state pension; • Complete and return a Self Assessment tax return;
• Update tax credits circumstances as they change throughout the year to prevent under and overpayments;
• Claim an Income Tax refund that will be paid straight into their bank account;
• Check and update their Marriage Allowance.
If you would like advice on your
personal tax affairs, please contact us at Clay Shaw Butler.
You can find out more about
money matters on the Clay Shaw Butler website (under our news for business section) -
www.clayshawbutler.com/ news/latest-news-for-business. We have a strong and experienced
team with great local knowledge all geared-up to helping you get the very best from your finances – whether that is as an individual or as a business. We stay ahead of the game by
putting great store by continual professional development for our staff. With Investors In People status at
Clay Shaw Butler, we care passionately about making sure our staff have all the tools they need to serve you, our customers. For more information, visit www.
clayshawbutler.com, call 01267 228500 or find the team on Twitter at @ClayShawButler.
A NEW promotional show-
reel featuring clips from the latest major productions filmed in Wales has been launched by Wales Screen to promote Wales worldwide as a premier location for TV and feature film production. Introduced by actor Michael Sheen,
the show-reel features footage from The Bastard Executioner (Fox), The Collection (Lookout Point), Doctor Who (BBC) and Sherlock (Hartswood Films) and highlights other productions filmed in Wales, ranging from 'Criminal', 'Me Before You' to 'King Arthur: Legend of the Sword', 'Transformers: The Last Knight' and 'The Man from U.N.C.L.E'. It contains interviews with
producers Steven Moffat (Doctor Who, Sherlock) and Jane Tranter, co-founder of Bad Wolf and Oliver Goldstick (The Collection), who all extol the benefits of filming in Wales that include superb locations, experienced crews, great facilities, accommodation and the general film-friendliness and support available. Locations play a major part in the
show-reel, demonstrating the versatility and beauty that exists in Wales using high-definition aerial footage from the Visit Wales library. The new show-reel reflects what
has been an extremely busy and successful 2016 for Wales Screen - part of the Welsh Government’s Creative Industries team - which handled 386 production enquiries and recorded more than £41m spent in Wales by productions supported by the Welsh Government. Economy Secretary Ken Skates
said: “2016 was a stellar year for TV and film production in Wales and our strategy to attract high end drama production is certainly paying dividends. “The new show-reel is a great
promotional tool that focuses on everything that Wales can offer filmmakers. It will be used extensively at specialist events throughout the year to target key UK and international players in the creative sector.” Michael Sheen said: "Wales can
offer the best of everything for film- makers. I believe the successes of 2016 are only the beginning. The future for the creative industries in Wales is massively exciting.” Ken Skates added that 2016 also
ended on a high for the Welsh creative sector when Sherlock and Ethel & Ernest - two major productions that received grant support from Welsh Government - received rave reviews and high ratings when aired on BBC1 during the festive season. Viewing figures for the season
four premiere of Sherlock reached 11.3 million, making it the most watched TV show on New Year’s Day across all
Filming brings inward investment: Michael Sheen
channels. Ethel & Ernest was watched by four million people and ranked number one on the official TV chart, outselling Game of Thrones, Planet Earth 2 and The Night Manager, among others. The first pressing of the Ethel & Ernest DVD sold out on pre-sales alone. Wales Screen encourage and
help film and television productions to use locations, crew and facilities throughout Wales, assisting both inward investment and indigenous productions on a practical basis, ensuring that their spend within the Welsh economy is maximised.
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