Smarter accounting

Declare your dividends

Declare your dividends

24 March 2022, Advocates, Artists, Barristers, Companies, Creative Industries, Employer, Musicians, Sole Traders

The Spring Statement 2022 confirmed increases to National Insurance from the tax year starting 6th April 2022.  The threshold for paying National Insurance increases to £12,570 from July, but this doesn’t affect the additional tax on dividends.  The difference in the payment date of your dividends by just one day could mean that you pay […]

Protect your cash

Protect your cash from the tax increase

24 March 2022, Advocates, Artists, Barristers, Companies, Creative Industries, Employer, General, Musicians, Sole Traders

The Spring Statement 2022 confirmed increases to tax and National Insurance from 6th April 2022.  The (mild) good news is that the threshold for paying National Insurance increases to £12,570 from July 2022.  There are still opportunities for most taxpayers to take advantage of a tax break in the form of pension contributions. What is […]

Pay your tax by end of Jan

Pay your personal tax return by the end of January

10 January 2022, Advocates, Barristers, Creative Industries, Musicians, Sole Traders

Don’t forget to pay your personal tax turn by the end of January. Who has to file a personal tax return? If you are self-employed or you are director of a limited company, you need to register with HMRC for self assessment tax returns in most cases.  You need to pay your personal tax by […]

Gifts for customers and suppliers

Gifts for customers and suppliers

27 November 2021, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Employer, General, Musicians, Sole Traders

What is a gift? This might seem to be an obvious question, but it helps to get the definition clear to work out the tax implication of gifts for customers and suppliers. A gift is something you give without receiving anything in exchange.  For example, you may choose to give a customer a bottle of […]

Health and Social Care Levy

Health and Social Care Levy – Finance (No. 2) Bill

18 November 2021, Advocates, Artists, Barristers, Companies, Creative Industries, Employer, Musicians, Sole Traders

The budget confirmed a few increases to tax which are likely to stoke inflation in the form of the Health and Social Care Levy.  The Finance Bill is currently passing through the legislative process to introduce tax increases for most people. How does the budget affect my business? The figure of 1.25% crops up in […]

Minimum pension age

Minimum pension age increase to 57

5 November 2021, Advocates, Musicians, Sole Traders

Finance Bill 2021-22 includes minimum pension age increase The government has published the Finance Bill 2021-22 (Finance (No. 2) Bill), which includes a clause to increase the normal minimum pension age from age 55 to age 57 from 6 April 2028.  If you were born before 6 April 1973 consider whether you want to take […]

Death and taxes are the ultimate known knowns - you can add tax scams to this list.

Death, Taxes and Tax scams – known knowns

9 May 2021, Advocates, Artists, Creative Industries, General, Musicians, Sole Traders

It is said that there are two certainties in life, death and taxes.  The old cliche has a ring of truth, and you can add tax scams to the list of known knowns. Donald Rumsfeld was roundly mocked for his comment at a news briefing on 12th February 2002 about known knowns, but on reflection, […]

pre-trading expenses

Pre-trading expenses

20 April 2021, Advocates, Barristers, Creative Industries, General, Musicians, Sole Traders

A sole trader may incur costs before setting up their trade.  Some of these pre-trading expenses are allowable for tax purposes subject to being ‘wholly and exclusively’ for the trade or profession. Capital items purchased prior to trading may also qualify for capital allowances. Pre-trading expenses Expenses incurred up to 7 years before commencement of […]

Computer equipment intending trader

VAT intending trader

25 April 2021, Advocates, Barristers, Creative Industries, General, Musicians, Sole Traders

Before you start to trade you can register for VAT as an intending trader to recover input VAT on computer equipment and other costs.  You can also recover pre-registration VAT in some circumstances. Pre-trading VAT The current threshold for obligatory VAT registration is an annual turnover of £85,000. Voluntary registration is beneficial where: VAT on […]

Receipt Bank is now Dext

Receipt Bank is now Dext

23 February 2021, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Musicians, Sole Traders

A bolt from the blue – Receipt Bank is now Dext In a surprise announcement from Receipt Bank Dext, the branding and log in details for the online service changed today. How do I log in to Dext? If you previously used the following web address to log in to Receipt Bank, it should still […]

The Scottish Wedding Industry Fund could give you up to £25,000

Scottish Wedding Industry Fund

27 January 2021, Artists, Charities, Companies, Creative Industries, Musicians, Sole Traders

Get up to £25,000 for Scottish Wedding Industry The new Scottish Wedding Industry Fund opens for applications on 28 January 2021.  If your business gets most of its income from weddings you could qualify for a grant of up to £25,000. The fund is available to jewellers, pipers and wedding bands as well as caterers […]

Check your SEISS eligibility

SEISS third grant

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

SEISS third grant open for claims. The rules on who is eligible to claim are different to those for the previous SEISS grants.  The third grant will be based on 80% of three months’ average trading profits, paid out in a single taxable instalment capped at £7,500, and will cover the period from 1 November […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Creative Scotland Bursary

Creative Scotland Bursary Funds

30 March 2020, Artists, Creative Industries, Musicians

Creative Scotland COVID-19 Impact Funds Creative Scotland bursary funds are are available on three separate funding programmes.  The grants are designed to provide support to sustain Scotland’s creative community during the COVID-19 outbreak.  The Creative Scotland and Screen Scotland Bridging Bursaries will aim to support those most in need at this time, particularly those who […]

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 […]

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 […]

COVID-19 small business grants in Scotland

COVID-19 small business grants in Scotland

26 March 2020, Artists, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders

Grants for business Each local authority will be processing COVID-19 small business grants in Scotland.  Applications must be made to the local authority where you are liable for non-domestic rates. How to claim COVID-19 small business grants in Scotland There are two types of grant available to ratepayers: £10,000 grant to ratepayers of businesses in […]

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 […]

Tax free van benefit in kind - did you know that the van Gogh Museum is open on Christmas day?

Company Van Benefit in Kind trap

26 January 2020, Companies, Creative Industries, Employer, General, Musicians

Van benefit in kind tax charge Driving a van as your company vehicle has tax advantages over a car.  The tax charge is generally low compared with a car, and can even be zero in circumstances where a car would be taxable.  What conditions must you satisfy to eliminate a van benefit in kind tax […]

Tax and Accounting for Musicians - Get It Right and Save Money

Tax and Accounting for Musicians: Get It Right and Save Money!

5 December 2019, Creative Industries, Musicians, Sole Traders

Free Tax and Accounting for Musicians’ Union members Members of the Musicians Union are invited to a free seminar – Tax and Accounting for Musicians in Glasgow on 10th December 2019 and Belfast on 12th December 2019.  You can learn how to take some of the stress out of filing your tax return.  If you are […]

Accounting for Musicians Workshop Belfast @OhYeahCentre 2017

26 November 2017, Creative Industries, Musicians, Sole Traders

Members of the Musicians Union are invited to a free seminar in Belfast on 7th December 2017.  See below for booking form on Eventbrite.

Accounting for Musicians Glasgow 2017 @scottishmusic

26 November 2017, Creative Industries, Musicians, Sole Traders

Members of the Musicians Union are invited to a free seminar in Glasgow on 5th December 2017.  See below for booking form on Eventbrite.

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