34 Business


THE HERALD FRIDAY FEBRUARY 3 2017


Swansea Bay Tidal Lagoon discussed Former UK Westminster Energy


Minister Charles Hendry chaired the review on the Tidal Lagoon and met with the Plaid Cymru AM in Cardiff Bay to discuss the next steps. Plaid Cymru had previously


called the publication of a report in Westminster by Hendry backing the Swansea Bay Tidal Lagoon as a potentially game-changing moment for the tidal lagoon industry. Following the meeting, the


Simon Thomas AM: 'The Tidal Lagoon is a step in the right direction'


A PLAID CYMRU AM recently


held an informative meeting with Charles Hendry about the future of Swansea Bay’s much-anticipated Tidal Lagoon.


Shadow Cabinet Secretary for Energy, Climate Change and Rural Affairs, Simon Thomas, said: “It was a great opportunity to meet with Charles Hendry and discuss the future of the Swansea Bay Tidal Lagoon following the publication of the Hendry review. “We discussed the report, which


supported the development of the Swansea Bay Tidal Lagoon, in great detail.


“Although the Tidal Lagoon is


a step in the right direction, Wales still does not have the freedom to make the decision on this scheme.


The Conservative Government has to listen to the evidence in this report and give their backing to the Swansea Bay scheme, otherwise they will be seen as turning their back on Wales. “The Swansea lagoon project has


had strong and cross-party support in Wales. I have discussed with several companies in Pembrokeshire and Carmarthenshire who stand ready to bid for the procurement that will follow. “As well as the significant


economic benefits, the proposed seawall would also provide protection for Swansea Bay’s coastal communities from coastal erosion and storm surges. The investment could, therefore, reduce the need to spend on flood and coastal defence. “The lagoon would enable Wales


to take action in terms of its global responsibility for climate change and to play a leading role in the marine energy sector, acting as a catalyst both to the rest of the UK and globally for development of the technology.”


AM praises supermarket food waste initiative A SUPERMARKET chain has


been praised for its commitment to reduce the amount of food wasted at its stores. Neil Hamilton, UKIP Group


Leader in the Assembly and AM for Mid and West Wales, has welcomed news that Tesco will not allow any food which is safe for human consumption to go to waste from its UK retail operations by the end of 2017. Neil Hamilton said: “I am


delighted to hear that this major supermarket chain is committed to


reducing its food waste and has set a target nationwide for the end of the year.


“I am also supporting its


Community Food Connection scheme which puts local groups and charities in touch with their local Tesco store via an innovative app. This app then lets local charities know there is surplus food available at the end of each day and can therefore be given to people in the community who need it.


“I would encourage any local charities or groups who could make


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good use of this leftover food to get in touch with their local Tesco store, as food fit for human consumption should never go to waste. “I am pleased to see that the store


is taking on board the reduction in waste. I take a very keen interest in environment matters and fully support anything which helps cut it down and ultimately helps our planet.” Rhodri Evans, Local


Communications Manager for Wales and West of England, said that four years ago, Tesco made a commitment to help reduce food waste right across the food chain and by the end of 2017, no food that’s safe for human consumption will go to waste from UK retail operations. Mr Evans also commented on


the success of the Community Food Connection scheme and added that smaller express stores would soon be part of the programme. Tesco helped develop the


nationwide scheme in partnership with small social enterprise FoodCloud, and food redistribution charity FareShare. Since the programme was


launched in February 2016, Tesco has donated the equivalent of five million meals to more than 3,300 community groups. Across Wales, the stores have donated more than 400,000 meals to local groups and charities. Local charities and groups who


want more information about surplus food should go to www.tesco.com/ community-food-connection


www.fareshare.org.uk/fareshare- foodcloud.


or


MONEY MATTERS


By Mark Jones, director of Carmarthen-based Clay Shaw Butler chartered accountants and business consultants


THOSE of you who have just


completed your self-assessment returns will appreciate how important it is to keep a calendar of key tax events. At Clay Shaw Butler, we have


produced a helpful calendar of tax events from now through to 2018. Here are a few notable dates – February 2017: Sunday 19 PAYE, student loan and CIS


deductions are due for the month to February 5, 2017. This deadline is relevant to


employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS. Employers are required to make


payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS. Where the payment is made electronically, the deadline for receipt of cleared payment is February 22, 2017. In-year interest will be charged if payment is made late. Penalties also apply.


March 2017: Wednesday 1 Advisory Fuel Rates New Advisory Fuel Rates (AFR)


for company car users apply from today.


Friday 3 A 5% late payment penalty on


any 2015/16 outstanding tax which was due on January 31, 2017 and still remains unpaid. This deadline is relevant to


individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax or High Income Child Benefit Charge liabilities. The balance of any outstanding


income tax, Classes 2 and 4 National Insurance, capital gains tax and High Income Child Benefit Charge for the year ended April 5, 2016 was due for payment by January 31, 2017. Where the payment is made late, interest will be charged. On March 3, 2017 a late payment penalty of 5% will be added to the outstanding liability. Sunday 19 PAYE, student loan and CIS


deductions are due for the month to March 5, 2017 This deadline is relevant to


employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS. Employers are required to make payment to HMRC of the income tax,


national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS. Where the payment is made electronically, the deadline for receipt of cleared payment is March 22, 2017. In-year interest will be charged if payment is made late. Penalties also apply.


Friday 31 Last minute planning for tax year


2016/17. The final deadline of April 5,


2017 is relevant to individuals who have not considered year end tax planning issues.


These issues include: Utilising your annual capital gains tax exemption Utilising your annual inheritance tax exemption for gifts Utilising your annual Individual


Savings Account investment limit (ISA)


Making additional pension contributions for 2016/17 April 2017: Wednesday 19 Automatic interest is charged


where PAYE tax, student loan deductions, Class 1 NI or CIS deductions for 2016/17 are not paid by today. Penalties may also apply if any payments have been made late throughout the tax year. Wednesday 19 PAYE quarterly payments are


due for small employers for the pay periods January 6, 2017 to April 5, 2017.


Wednesday 19 PAYE, student loan and CIS


deductions are due for the month to April 5, 2017. Wednesday 19 Deadline for employers’ final


PAYE return to be submitted online for 2016/17. May 2017: Wednesday 3 Deadline for submitting P46(car)


for employees whose car/fuel benefits changed during the quarter to April 5, 2017.


Friday 19 PAYE, student loan and CIS


deductions are due for the month to May 5, 2017. Wednesday 31 Deadline for forms P60 for 2016/17 to be issued to employees. June 2017: Monday 19 PAYE, student loan and CIS


deductions are due for the month to June 5, 2017.


To make sure your tax diary is


up to date, check out the Clay Shaw Butler calendar on the firm’s website - www.clayshawbutler.com


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