Smarter accounting
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
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.
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.
3 January 2017, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders
The first task in working out if you need to register with HMRC is to assess whether you are self-employed.
5 December 2016, Creative Industries, Musicians, Sole Traders
Members of the Musicians Union are invited to a free seminar in Belfast on 8th December 2016. See below for booking form on Eventbrite.
5 December 2016, Creative Industries, Musicians, Sole Traders
Members of the Musicians Union are invited to a free seminar in Glasgow on 6th December 2016. See below for booking form on Eventbrite.
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.
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.
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.
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.
7 February 2016, Advocates, Artists, Barristers, Creative Industries, Employer, Musicians, Sole Traders
Everyone should have filed their 2015 tax return by 31st January 2016. For most people this means a sigh of relief and not thinking about it until again until next January. There is nothing to stop you filing your tax return in April or May if you have all the information you need.
29 November 2015, Creative Industries, Musicians, Sole Traders
Members of the Musicians Union are invited to a free seminar in Glasgow on 3rd December 2015. See below for booking forms on Eventbrite.
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.
26 November 2015, Advocates, Artists, Barristers, Companies, Creative Industries, Musicians, Sole Traders
The Spending Review and Autumn Statement 2015 from Chancellor George Osborne confirms that the government is committed to Digital Tax Accounts. The following extract is from the transcript of the speech delivered on 25th November 2015: “We’re going to build one of the most digitally advanced tax administrations in the world. So that every individual and every small business will have their own digital tax account by the end of the decade, in order to manage their tax online.”
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