Smarter accounting

Charities and Corporation Tax

Charities and Corporation Tax

16 November 2017, Charities, Companies, Creative Industries

Charities and Corporation Tax returns are often misunderstood.  Charities may think that they are automatically exempt from tax on all their income.  As the article explains below, charities may be subject to Corporation Tax on profits / surpluses.

Employer Liability Insurance covers an employer for risks to employees at work

Employers Liability Insurance – make sure you have it!

13 October 2017, Charities, Companies, Creative Industries, Employer, Sole Traders

Following an anonymous complaint to the Health and Safety Executive (HSE), a small Manchester-based company received a fine of £2,500 for failing to have adequate Employers Liability Insurance (ELI).  What are the rules?

National Insurance for Company Directors

5 February 2017, Charities, Companies, Creative Industries, Employer, Musicians

Most employees will pay Class 1 National Insurance each pay day.  The weekly threshold is £157 a week with the monthly threshold being £680.  If an employee earns above these amounts, they will start paying National Insurance above the threshold at 12%.  National Insurance for Company Directors can be worked out differently.

Graduate Trainee Accountant in the library

Graduate trainee accountant vacancy

16 January 2017, Charities, Creative Industries, Employer

We are pleased to announce that a Graduate Trainee Accountant vacancy has been posted by Alterledger on the Glasgow Guarantee website.

Firstport Start Up and Fine Tune Your Social Enterprise

Start Up and Fine Tune Your Social Enterprise

6 November 2016, Auto Enrolment, Charities, Companies, Employer

If you are thinking of starting up a social enterprise or need advice on running an existing business, come along to the Firstport event in Glasgow on Friday 11th November. A series of free workshops have been organised to help you Start Up and Fine Tune your Social Enterprise.

Money collected by Digital Tax Accounts

Flat Rate Scheme Reverse Charge VAT

30 September 2016, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders

If a trader on the flat rate scheme for VAT purchases services from outside the UK, the business needs to account for Flat Rate Scheme Reverse Charge VAT according to Directive 2006/112/EC. Small businesses on the Flat Rate Scheme for VAT do not usually account for VAT on purchases.

PAYE refund – how to get one

25 September 2016, Charities, Companies, Employer

The normal process for reclaiming overpaid PAYE to HMRC is to deduct the amount HMRC owes you from your next regular payment.  For this reason HMRC does not normally process an automatic PAYE refund.

HMRC telephone scam

7 September 2016, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders

There are two new scams that you need to be aware of.  Callers are leaving a phone message or posing as an HMRC investigator.  If you are on the receiving end of an HMRC telephone scam you can report it on 0300 1232040 or on the Action Fraud Website.

HMRC interest rate change can save you money

24 August 2016, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders

Following the Bank of England’s cut in its base rate from 0.5% to 0.25% on 4th August the HMRC interest rate has changed too.

HMRC new bank account

20 June 2016, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders

Most people will pay their tax electronically either through their payroll, direct debit or by bank transfer.  Tax payments made from overseas now go to the HMRC new bank details.

RTI Late Reporting Codes

19 June 2016, Auto Enrolment, Charities, Companies, Employer

All UK employers are required to report wage payments on or before wages are paid, under the system known as Real Time Information (RTI).  Under limited circumstances HMRC will accept late payroll information.  To avoid a late reporting penalty you will need to use one of the 7 remaining RTI late reporting codes.

Fine Tune Your Social Enterprise

24 February 2016, Auto Enrolment, Charities, Companies, Employer

If you are thinking of starting up a social enterprise or need advice on running an existing business, come along to the Firstport event in Paisley on Friday 26th February.

SRIT – the Scottish Rate of Income Tax

29 November 2015, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders

From 5th April 2016 a new Scottish Rate of Income Tax (SRIT) will come into force in Scotland.  Although is it currently anticipated that taxpayers in Scotland and the rest of the UK will pay the same rate of tax next year, it is likely that the regions will diverge in coming years as more power is devolved to Scotland.

Not the new childcare voucher sheme

5 November 2015, Advocates, Artists, Barristers, Charities, Companies, Employer, Musicians, Sole Traders

A new government-backed tax-free childcare scheme was set to go live in the autumn of 2015 but so far it has not materialised.  What has happened and is this new scheme still going ahead or not?

Alterledger goes international

11 October 2015, Artists, Charities, Companies, Employer, Musicians, Sole Traders

We’re in Wales for the next few days We will be visiting clients in Cardiff over the next couple of days.  No time for the rugby, but spotted this crashing through Cardiff Castle. Creative Industries in Cardiff Cardiff is the home of BBC Wales, BBC National Orchestra of Wales, Welsh National Opera and of course […]

Legal House

8 October 2015, Advocates, Artists, Barristers, Charities, Companies, Employer, Musicians, Sole Traders

Legal House – a new home for Alterledger Alterledger has grown significantly in the last few months.  We specialise in accounting and business advice for the creative industries and legal professionals.  Legal House is the ideal location as it is just across the river from Glasgow’s dynamic Merchant City, mooted as Europe’s leading cultural quarter.  Legal House […]

Childcare vouchers

5 May 2015, Advocates, Artists, Barristers, Charities, Companies, Employer, Musicians, Sole Traders

As one door opens another closes A new tax-free childcare voucher scheme will start in Autumn 2015.  When this happens the current scheme for employees will close to new entrants, but still remain in place for existing employees.  If you are an employee, you will need to think about signing up now if the existing […]

Tim Alter is proud to be the only top rated accountant in Scotland according to the vouchedfor 2015 listings

Marriage Allowance 2015

12 April 2015, Advocates, Barristers, Charities, Companies, Employer, Musicians, Sole Traders

HMRC announced in February 2015 that registration had opened for the new marriage allowance tax break which enables couples to save the princely sum of up to £17.66 a month (£212 a year).   View image | gettyimages.com Marriage Allowance not just for the married The new tax relief, which came into effect on 6 April […]

Tim Alter is proud to be the only top rated accountant in Scotland according to the vouchedfor 2015 listings

Top Rated Accountant in Scotland

12 April 2015, Advocates, Auto Enrolment, Charities, Companies, Employer, Musicians, Sole Traders

Tim Alter is the only top rated accountant in Scotland According to the 2015 VouchedFor listings, Tim Alter is the only Top Rated Accountant in Scotland!  Alterledger’s founder, Tim Alter is focused on customer service, and is delighted to have positive feedback from clients.   How VouchedFor works The VouchedFor website is like a tripadvisor […]

National Insurance for under 21s

18 March 2015, Auto Enrolment, Charities, Companies, Employer, Sole Traders

April 2015 changes to National Insurance From 6th April 2015 employers will no longer have to pay National Insurance for under 21s.  To take advantage of this change, you will need to make sure your payroll software is up to date, but you will also need to use one of the new National Insurance category […]

Relaxed PAYE late filing penalties

24 February 2015, Auto Enrolment, Charities, Companies, Employer

HMRC will not impose PAYE filing penalties for short delays All UK employers are required to report wage payments as Real Time Information (RTI) to HMRC.  Until now this has meant that you need to submit your payroll information to HMRC on or before the date you pay your employees.  However HMRC announced that they have relaxed PAYE […]

Auto enrolment categories of workers

22 February 2015, Auto Enrolment, Charities, Companies, Employer, Sole Traders

Who is entitled to a pension? The three auto enrolment categories of workers are defined by their age and earnings.  Each category is explained in the table below.  Workers must be assessed each pay reference period (pay day) and anyone moving from one category to another must be dealt with according to the regulations. Entitled […]

Auto enrolment minimum contributions

18 February 2015, Auto Enrolment, Charities, Companies, Employer, Sole Traders

 Employer and employee contributions From an employer’s staging date, they are required to provide a pension scheme and monitor the pay of workers according to thresholds set by legislation.  At the time of writing the legislation relating to 2015/16 is still in draft format, but expected amounts are shown in the table below. View image […]

Auto Enrolment Multiple Postponement

18 February 2015, Auto Enrolment, Charities, Companies, Employer, Sole Traders

Can an employer postpone automatic enrolment duties on multiple occasions in relation to the same worker? Postponement is described as ‘postponement of automatic enrolment’ and sometimes referred to as a ‘waiting period’.  Essentially it means the postponement of the assessment of the worker and therefore a postponement of whichever employer duty may apply, depending on […]

SASEN Conference 2015

17 February 2015, Auto Enrolment, Charities, Companies, Employer

South Ayrshire Social Enterprise Network (SASEN) The SASEN Conference 2015 is taking place at the Carrick Centre in Maybole on 27th February.  It is free to attend for social enterprises by signing up at the Firstport website. SASEN Conference 2015 Workshops Alterledger is joining other social enterprise specialists in holding workshops on various topics to help […]

Know your staging date

16 February 2015, Auto Enrolment, Charities, Companies, Employer, Sole Traders

What is a staging date? Your staging date is the date your automatic enrolment duties come into effect.  You must be prepared for this date, at which point you are obliged to have a suitable pension scheme in place.  The law on the new employer duties and safeguards commenced in July 2012.  Each employer is […]

Executive Income Protection

15 February 2015, Charities, Companies, Employer

Who pays the piper? For those individuals working for large organisations benefits such as death in service cover and long term sick pay are taken for granted.  As a business owner what are the consequences if you are unable to work?  Whilst an employee may have 6 months full pay and 6 months half pay, […]

What does my tax code mean?

7 February 2015, Advocates, Charities, Companies, Employer, Musicians, Sole Traders

Why does my tax code change? HMRC reviews your tax code, often in the autumn and early in the new year, for many people this prompts the question “What does my tax code mean?”.  The purpose of your tax code is to indicate how much of your earnings you can receive before tax is payable.  It […]

Sage Final Accounts Online

18 December 2014, Charities, Companies, Employer, Musicians, Sole Traders

Major upgrade to Sage One Accounts Sage has been a leader in the market for desktop accounting packages to Small and Medium sized Enterprises (SMEs) for some time, but it has been slow in catching up with other online accounting packages.   What has changed? Enhanced subscriptions have been added over time, including the Accounts Extra […]

Move from quickbooks to Xero

5 November 2014, Charities, Companies, Employer, Sole Traders

Move to Xero for free! There are plenty of good reasons to consider using Xero for your accounting software.  Now you have an extra reason to change before 31st December 2014.  If you are currently using quickbooks and would like to upgrade to an international cloud accounting system, you can take advantage of a free service to […]

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