• April 2019

    SatSunMonTueWedThuFriTax week
    --1   2   3   4   5   52
    6   7   8   9   1011121
    131415161718192
    202122232425263
    27282930---4
    • 6th - Start of 2019-2020 tax year
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 22nd - Easter Monday (E,W,NI)
    • 19th - Good Friday (E, W, NI, S)
  • May 2019

    SatSunMonTueWedThuFriTax week
    ----1   2   3   4
    4   5   6   7   8   9   105
    111213141516176
    181920212223247
    252627282930318
    • 6th - May Bank Holiday (E,W,NI,S)
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 27th - Spring Bank Holiday (E,W,NI,S)
    • 31st - Employee P60s due
  • June 2019

    SatSunMonTueWedThuFriTax week
    1   2   3   4   5   6   7   9
    8   9   101112131410
    1516171819202111
    2223242526272812
    2930-----13
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
  • July 2019

    SatSunMonTueWedThuFriTax week
    --1   2   3   4   5   13
    6   7   8   9   10111214
    1314151617181915
    2021222324252616
    2728293031--17
    • 6th - Forms P11D, P11D(b) and P9D due
    • 6th - Form 42 Due
    • 12th - Battle of the Boyne - Bank Holiday (NI)
    • 19th - HMRC cheque payments due
    • 19th - Payment of 2018/19 Class 1A NIC due
    • 22nd - HMRC BACS payments due
    • 31st - Payment of 2018/19 Class 2 NIC due
  • August 2019

    SatSunMonTueWedThuFriTax week
    -----1   2   17
    3   4   5   6   7   8   9   18
    1011121314151619
    1718192021222320
    2425262728293021
    31------22
    • 5th - Summer Bank Holiday (S)
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 26th - Summer Bank Holiday (E,W,NI)
  • September 2019

    SatSunMonTueWedThuFriTax week
    -1   2   3   4   5   6   22
    7   8   9   1011121323
    1415161718192024
    2122232425262725
    282930----26
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
  • October 2019

    SatSunMonTueWedThuFriTax week
    ---1   2   3   4   26
    5   6   7   8   9   101127
    1213141516171828
    1920212223242529
    262728293031-30
    • 5th - Personal Income Tax Statement
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 31st - Paper Self Assessment Tax Return Deadline
  • November 2019

    SatSunMonTueWedThuFriTax week
    ------1   30
    2   3   4   5   6   7   8   31
    9   10111213141532
    1617181920212233
    2324252627282934
    30------35
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 30th - St. Andrew's Day (S)
  • December 2019

    SatSunMonTueWedThuFriTax week
    -1   2   3   4   5   6   35
    7   8   9   1011121336
    1415161718192037
    2122232425262738
    28293031---39
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 25th - Christmas Day
    • 26th - Boxing Day
  • January 2020

    SatSunMonTueWedThuFriTax week
    ----1   2   3   39
    4   5   6   7   8   9   1040
    1112131415161741
    1819202122232442
    2526272829303143
    • 1st - New Year's Day
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 31st - Online Self Assessment Tax Return Due
  • February 2020

    SatSunMonTueWedThuFriTax week
    1   2   3   4   5   6   7   44
    8   9   101112131445
    1516171819202146
    2223242526272847
    29------48
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
  • March 2020

    SatSunMonTueWedThuFriTax week
    -1   2   3   4   5   6   48
    7   8   9   1011121349
    1415161718192050
    2122232425262751
    28293031---52
    • 17th - St. Patrick's Day (NI)
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
UK Tax Week

   15 Jun - 21 Jun

11

 

New Improved UK Tax Relief Seminar in Cannes

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Summary

On Saturday 17th May, Sargent-Disc and EP Financial Solutions co-hosted a seminar to discuss UK Tax Relief at the UK Film Centre in Cannes.

New Improved UK Tax Relief Seminar

 

For the third year running, Sargent-Disc and EP Financial Solutions were invited by the UK Film Centre and BFI to co-host a seminar to discuss the current industry climate. This year, on Saturday 17th May, John Hadity (Vice President, EP Financial Solutions) chaired a panel of industry experts to discuss the new enhanced UK Tax Relief in context of their own industry experience.

 

The Seminar

After introductions, the discussion focussed around clarification on the UK tax relief changes, the benefits of the enhanced tax relief with regard to creativity and co-production and the process involved in qualifying for the tax relief. The session was then followed by a Q&A from the audience.

 

Seminar 2

Watch the full UKFilm - The New UK Tax Relief seminar here > 

 

From left to right:  John Hadity - Chair, Executive Vice President, EP Financial Solutions. Anna Mansi - Head of Certification, BFI. Isabel Davis - Head of International, BFI. Moses Nyachae - Saffery Champness. Andy Paterson - Archer Street Productions. Credits include: The Railway Man and The Girl with the Pearl Earring.

 

Clarification of the changes to the UK Tax Relief 

John opened the seminar discussion with a question on how a film can qualify for the UK tax relief. Anna explained the 3 key changes to the UK Tax Relief:

1. The minimum production spend that must take place in the UK has moved from 25% to 10%. 

2. The Cultural Test has moved from 31 points to 35 points with a pass mark of 18 points (previously 16 points) and now extends to European content in line with other creative content tax reliefs.

3. Larger budget films can now receive a higher percentage tax relief on the first £20m production spend in the UK. Previously set at 20% this has now increased to 25%.

 

Benefits of the enhanced tax relief

- Overall it was felt that the changes provide a more flexible set-up than the previous UK tax relief.

- The enhanced Cultural Test mean producers are more inclined to use the UK for post production and VFX as well as principle photography and production. This is due to the flexible nature of the enhanced Cultural Test with an increase in points now available for special and visual effects, English language, UK/EU cast and crew and principle photography.

- The change from a qualifying production spend from 25% to 10% in the UK gives producers a more flexible approach to which stage of production is carried out within the UK. Shame (Dir. Steve McQueen, Film4 & See-Saw Films) was used as an example of a film that was shot entirely in the US but moved to the UK for post-production, and was therefore able to qualify for UK tax relief.

- Andy Paterson highlighted the relationship between tax credits and creativity. Using his own experience, he explained producers should be wary of changing the creative to fit the requirements of a country's tax credit, as it inevitably affects the finished product. He praised the UK tax relief for being flexible and logical. A Production can shoot worldwide as long as it's a UK Ltd company and meets the 10% qualifying production spend for the UK.

 

"Putting a little bit of money at the bottom gets a huge amount of economic activity at the top" - Andy Paterson highlighting the logical approach to the UK enhanced tax relief.

 

Requirements needed to qualify for UK tax relief

Moses, an expert in the UK tax credit system, explained there are four key parts to qualifying for the UK tax relief:

1. The production must pass the qualifying test with 18 points out of a possible 35.

2. The production must be set up as a UK company which is responsible for the whole film. HMRC will always pay tax credit to the UK company, never to individuals.

3. There must be a minimum spend of 10% of the total production budget in the UK.

4. The production must demonstrate the intention for theatrical release.

 

Q&A 

The seminar ended with a Q&A session where industry professionals were able to raise their thoughts and concerns. One producer asked when the UK Tax Relief can be claimed? Unlike other countries, such as Australia, the UK tax relief can be accessed flexibly.

Another question raised was the hot topic of whether the UK is getting too busy as a production location? Is there an issue with studio space? Anna and Isabel reassured the audience that the UK offers a variety of options including Northern Ireland and Scotland.

It's good to be busy and see the UK Film industry thriving!

 

 

International Producers Reception

The seminar was followed by an International Producers Reception which was an opportunity for producers from across the globe to network.

Special thanks to The Producers Guild of America, The British Film Institute, The Independent Film and Television Alliance, The Producers Alliance of Cinema and Television, The Production Guild of Great Britain and The Association of Film Commissioners International for their support.

The reception was a great success and Sargent-Disc look forward to hosting something similar next year.

 

 Producers Reception 1

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