Smarter accounting

Check your SEISS eligibility

SEISS extended to April 2021

6 November 2020, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders

Payment no 3 in December for SEISS extended to April. The Self-Employment Income Support Scheme (SEISS) has been extended to April 2021.  If you are self-employed and were eligible for the first and second SEISS grants you will be able to claim grants for the 6 month period from November 2020 to April 2021. What […]

Bounce Back Loan - a Bright Idea

Bounce Back Loan Extended

5 November 2020, Advocates, Companies, Creative Industries, Employer, Sole Traders

When is the Bounce Back Loan Deadline? The Bounce Bank Loan deadline for applications was originally scheduled for 4th November 2020 and then extended slightly to 30th November 2020.  The announcement by Rishi Sunak on 2nd November on the Bounce Back Loan extended deadlines for applications to 31st January 2021.  The Bounce Back Loan Scheme […]

Received a Self-Employment Income Support Scheme Grant and stopped trading?

Received a Self-Employment Income Support Scheme Grant and stopped trading?

30 October 2020, Advocates, Artists, Creative Industries, Musicians, Sole Traders

Received an SEISS grant?  Check your inbox to avoid a penalty. HMRC is contacting businesses which claimed a grant under the Self-Employment Income Support Scheme to check whether they have stopped trading.  What do you need to do? How do I know an email from HMRC isn’t spam or phishing? HMRC do not normally email […]

More time to pay VAT

More time to pay VAT

25 September 2020, Advocates, Barristers, Companies, Creative Industries, General, Sole Traders

Rishi Sunak has given you more time to pay VAT On 24th September 2020 the UK Chancellor announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have more time to pay VAT from this period.  The original deadline for this VAT was 31st March 2021. Instead of paying […]

Bounce Back Loan - a Bright Idea

Bounce Back Loan Deadline for Applications

25 September 2020, Advocates, Companies, Creative Industries, Employer, Sole Traders

When is the Bounce Back Loan Deadline? The Bounce Bank Loan deadline for applications was originally scheduled for 4th November 2020.  On 24th September Rishi Sunak announced that the deadline for applications would be extended to 30th November 2020.  The Bounce Back Loan Scheme (BBLS) will help eligible small and medium-sized businesses affected by the […]

VAT on Cancellation Fees

VAT on Cancellation Fees

14 September 2020, Advocates, Barristers, Companies, Creative Industries, General, Sole Traders

HMRC changes policy with VAT on Cancellation Fees On 2 September 2020, HMRC, issued a Brief dealing with the VAT on cancellation of a contract or early termination fees.  The VAT treatment has changed for fees a business charges to allow customers to withdraw from agreements early.  If your customer cancels an annual subscription part-way […]

VAT on non-refundable deposits

VAT on non-refundable deposits

14 September 2020, Advocates, Barristers, Companies, Creative Industries, General, Sole Traders

VAT is chargeable on all non-refundable deposits HMRC requires you to charge VAT on non-refundable deposits.  So you must issue a VAT invoice for charges levied even if the customer does not use the goods or services.  This came into force with effect from 1 March 2019, cancelling HMRC’s previous interpretation which allowed some non-refundable […]

Claim to reduce payments on account

Claim to reduce payments on account

4 September 2020, Advocates, Artists, Barristers, Creative Industries, General, Musicians, Sole Traders

Reduce your income tax payments on account to HMRC You can reduce payments on account to HMRC if you expect your profits to be lower in the year to 5th April 2021.  Most sole traders will find that their taxable profits will be lower this year due to the effects of the COVID emergency.  If […]

Making Tax Digital compulsory for VAT registered businesses - HMRC AI will change everything

Making Tax Digital compulsory for VAT from April 2022

31 August 2020, Advocates, Barristers, Companies, Creative Industries, Sole Traders

Making Tax Digital compulsory for all (eventually) Recent announcements make Making Tax Digital compulsory for all VAT registered business from April 2022.  The self-employed will be included from April 2023 and eventually Corporation Tax too. All VAT registered businesses will have to comply with Making Tax Digital (MTD) from 1 April 2022 and not just […]

Check your SEISS eligibility

SEISS phase 2

17 August 2020, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders

Check if you can claim the SEISS phase 2 grant through the Self-Employment Income Support Scheme The Self-Employment Income Support Scheme (SEISS phase 2) is now open for the self-employed to receive a second and final grant of up to £6,570.  The HMRC website went live on 17th August 2020 to allow you to claim […]

How to set up your VAT Direct Debit

How to set up a VAT Direct Debit

19 June 2020, Advocates, Barristers, Companies, Creative Industries, General, Sole Traders

No more extra time to pay your VAT As part of the government’s support for businesses during COVID-19, HMRC gave businesses the option of deferring their VAT payments and cancelling VAT Direct Debit instructions if they were unable to pay on time.  This allows VAT to be deferred without incurring late payment interest or penalties.  […]

Check your SEISS eligibility

Check your SEISS eligibility

13 May 2020, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders

Check if you can claim a grant through the Self-Employment Income Support Scheme The Self-Employment Income Support Scheme (SEISS) is now open for the self-employed to receive a grant of up to £7,500.  The HMRC website to check your SEISS eligibility has been set up.  Find out what you need to do to allow HMRC […]

Claim Self-Employment Income Support Scheme Grant

Claim Self-employment Income Support Scheme Grant

4 May 2020, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders

Get up to £7,500 from the government if you are self-employed Find out if you are eligible to Claim Self-employment Income Support Scheme Grant of up to £7,500.  Details of the Self-employment Income Support Scheme have now been published to support the self-employed or members of a partnership with trading income.  You will need to […]

Claim Newly Self-Employed Hardship Fund

Claim Newly Self-Employed Hardship Fund Grant of £2,000

30 April 2020, Advocates, Artists, Creative Industries, General, Musicians, Sole Traders

Grants for newly self-employed Applications for this grant opened on the afternoon of Thursday 30th April.  Grants are administered by the local authority in which you live.  To claim newly self-employed hardship fund cash, refer to your own local authority website. Claim Newly Self-Employed Hardship Fund Cash You need to apply in your Local Authority […]

Bounce Back Loan - a Bright Idea

Bounce Back Loan

29 April 2020, Advocates, Barristers, Charities, Companies, Creative Industries, Employer

Where CBILS fails, smaller companies can get a Bounce Back Loan The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.  The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Loan terms will be […]

COVID-19 small business grants in Scotland

Free webinar for COVID-19 Business Support

28 April 2020, Advocates, Artists, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders

COVID-19 Business Support webinar from Collabor8te Collabor8te is a coworking space in the heart of Glasgow.  Although the building is closed at the moment, they are still supporting the business community in Glasgow and across Scotland.  Collabor8te are putting on a free webinar to provide some answers on the COVID-19 business support measures that have […]

CBILS Forecast

CBILS Forecast

4 April 2020, Advocates, Barristers, Charities, Companies, Creative Industries, Employer

Why you need a Coronavirus Business Interruption Loan Scheme / CBILS Forecast. The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK.  The businesses under consideration are those that are losing revenue and seeing their cash flow disrupted as a result of the COVID-19 outbreak.  The scheme is […]

How to set up your VAT Direct Debit

Deferred VAT payment and how to cancel your Direct Debit

3 April 2020, Advocates, Barristers, Companies, Creative Industries, General, Sole Traders

Extra time to pay your VAT On 20th March 2020 the UK Chancellor announced support to businesses in the form of a deferred VAT payment scheme.  This helps VAT registered businesses with their cash flow during the COVID-19 pandemic.  All VAT registered businesses can defer VAT payments.  If you currently pay by Direct Debit, you […]

Save more than 16% on Zoom subscription

Save more than 16% on Zoom subscription

2 April 2020, Advocates, Artists, Barristers, Companies, Creative Industries, Employer, General, Musicians, Sole Traders

Pay less for online subscriptions It seems that almost everyone is turning to online communications in the current situation, with Zoom, WhatsApp and Skype seeing a dramatic increase in use.  Even the UK prime minister is an advocate of Zoom.  Save more than 16% on Zoom costs by following the steps below.  You can also […]

Self-employment Income Support Scheme

Self-employment Income Support Scheme

27 March 2020, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders

Government grant to freelancers Details of the Self-employment Income Support Scheme have now been released to support the self-employed or members of a partnership with trading income. Who can apply for the Self-employment Income Support Scheme? You can apply if you’re a self-employed individual or a member of a partnership and you: have submitted your […]

no income tax payment due in July 2020

No income tax payments due in July

20 March 2020, Advocates, Artists, Barristers, Creative Industries, General, Musicians, Sole Traders

Payments on account cancelled in July The UK Government announced on 20th March that there would be no income tax payments due in July 2020 for the self-employed. Payments on Account Personal tax returns must be filed by 31st January following the end of the tax year. For the tax year ended 5th April 2019 […]

Claim Newly Self-Employed Hardship Fund

Newly Self-Employed Hardship Fund

24 April 2020, Advocates, Artists, Barristers, Creative Industries, General, Musicians, Sole Traders

Grants for newly self-employed The Scottish Government has announced a £34 million Newly Self-Employed Hardship Fund.  The fund will be managed by Local Authorities to allocate grants of £2,000 to the newly self-employed facing hardship.  The self-employed who started trading after 5th April 2019 are excluded from the Self-Employment Income Support Scheme.  The Scottish Government […]

VAT Expenses require supporting paperwork

VAT Expenses – What proof does HMRC need?

24 January 2020, Advocates, Companies, Creative Industries, Sole Traders

A recent case of missing documents highlights the need for supporting information for VAT expenses to minimise your VAT bill to HMRC. Make sure you have good bookkeeping systems to get the VAT back that you are entitled to.

Give gifts on 5th December to celebrate Sinterklaas

Give gifts on 5th December

3 December 2019, Advocates, Charities, Companies, Creative Industries, Employer, General, Sole Traders

You can give gifts to your staff and customers at any time of the year. Learn how to avoid the pitfalls of paying tax and VAT on your generosity.

How many VAT registered businesses in the UK need to sign up to Making Tax Digital

MTD Registration – progress to date

19 August 2019, Advocates, Barristers, Companies, Sole Traders

MTD Registration – Key numbers The Making Tax Digital (MTD) rules became law for VAT periods starting on or after 1 April 2019. MTD registration requires VAT-registered businesses with taxable turnover over £85,000 to keep their VAT records digitally.  They must also submit their VAT return direct from their Making Tax Digital-compatible software.  The MTD […]

How many VAT registered businesses in the UK need to sign up to Making Tax Digital

How many VAT registered businesses in the UK need to sign up to Making Tax Digital

30 March 2019, Advocates, Barristers, Companies, Sole Traders

How many VAT registered businesses in the UK are there? Figures from the Office of National Statistics state that there are 2.67 million businesses registered for VAT and/or PAYE.  Any business with employees must register for PAYE, but not all of these businesses are registered for VAT.  This prompts the question – how many VAT […]

How late can I register for Making Tax Digital for VAT?

29 April 2019, Advocates, Barristers, Companies, Sole Traders

When is my first Making Tax Digital VAT return due? If you are asking yourself “How late can I register for Making Tax Digital for VAT? (MTDfV)” you are likely to be storing up problems.  Suppose you submit quarterly VAT returns to June and have to register for Making Tax Digital for VAT (MTDfV); your […]

Has Making Tax Digital for VAT been delayed?

Has Making Tax Digital for VAT been delayed?

15 March 2019, Advocates, Barristers, Companies, Sole Traders

Has Making Tax Digital for VAT been delayed? Making tax digital for VAT legislation requires you to have “digital links” between your financial data and your VAT reports to HMRC.  What changes might you need to make to your record keeping to achieve this?  A “soft landing” delays the date that you need to have […]

Scottish BarAdvocates Making Tax Digital for VAT Questions and Answers

Advocates Making Tax Digital for VAT Questions and Answers

2 March 2019, Advocates, Barristers, Companies, Sole Traders

Advocates Making Tax Digital for VAT Questions and Answers Tim Alter gave a lunchtime talk to the Scottish Bar on 1st March 2019.  The members of the Faculty of Advocates were highly engaged in the session on Making Tax Digital for VAT.  There was a lively and heartfelt response including a wide ranging discussion on […]

Advocates Making Tax Digital for VAT seminar in Edinburgh

Advocates Making Tax Digital for VAT seminar in Edinburgh

28 February 2019, Advocates, Barristers, Companies, Sole Traders

Advocates Making Tax Digital for VAT seminar We are looking forward to presenting the Advocates Making Tax Digital for VAT seminar in the Mackenzie Building in Edinburgh on 1st March 2019. Tim Alter will be presenting the lunchtime talk to the Faculty of Advocates.  For any advocates who can’t make the Edinburgh talk at 1:00 […]

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