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 […]

Furlough Scheme Extended

Furlough Scheme Extended

1 November 2020, Companies, Creative Industries, Employer, General, Sole Traders

Coronavirus Job Retention Scheme Extended to end of March 2020 The furlough scheme, where the UK Government pays part of the salary costs of furloughed employees, was first extended to the end of November 2020.  Then in an announcement on 5 November 2020 the scheme was extended further until the end of March 2021. Furlough […]

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 […]

The Job Support Scheme provides support from three sources

Job Support Scheme Update

22 October 2020, Charities, Companies, Creative Industries, Employer, General, Sole Traders

What changed with the Job Support Scheme update? The Job Support Scheme update (JSS) announced by Rishi Sunak today (22nd October) reduces the costs for employers and also reduces the minimum hours for workers to 20% compared to 33% previously. The UK Government will issue further guidance shortly, but for the moment, here is what […]

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 […]

The Job Support Scheme provides support from three sources

Job Support Scheme Key Facts

24 September 2020, Charities, Companies, Creative Industries, Employer, General, Sole Traders

How does the Job Support Scheme work? The Job Support Scheme is designed to protect viable jobs in businesses facing lower demand over the winter months due to Covid-19.  Employers will receive support from the UK Government to help keep their employees on payroll after the furlough scheme is withdrawn. The company will continue to […]

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 […]

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 […]

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 […]

Furlough FAQ

Furlough FAQ and resources

29 March 2020, Charities, Companies, Creative Industries, Employer, Sole Traders

Coronavirus Job Retention Scheme – Furlough FAQ All UK employers will be able to access support for furloughed workers.  This includes charities, non profit and public bodies.  The government expects that the scheme will not be used by many public sector organisations.  The majority of public sector employees are continuing to provide essential public services […]

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 […]

Coronavirus Job Retention Scheme

Coronavirus Job Retention Scheme update

27 March 2020, Charities, Companies, Creative Industries, Employer, Sole Traders

Coronavirus Job Retention Scheme All UK employers will be able to access support for furloughed workers who would otherwise be laid off during the COVID-19 emergency.  Details have now been released.  An online portal will be made available to claim funding from the Coronavirus Job Retention Scheme, which will backdate funding to 1st March 2020. […]

Empty office due to furloughed workers

Furloughed workers

23 March 2020, Companies, Creative Industries, Employer, Sole Traders

Furloughed workers and the Coronavirus Job Retention Scheme All UK employers will be able to access support for furloughed workers who would otherwise be laid off during the COVID-19 emergency.  Details have now been provided by the UK Government.  An online portal will be made available to claim funding from the Coronavirus Job Retention Scheme, […]

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.

Tramshed Tech is in Cardiff

Alterledger in Tramshed Tech

13 December 2019, Companies, Creative Industries, Sole Traders

Alterledger is coming to Tramshed Tech in Cardiff to give free tax and accounting advice at 11:00 on 20th December Alterledger has been on tour with sessions for the creative industries in Glasgow on 10th December 2019 and Belfast on 12th December 2019.  It will be Cardiff’s turn on 20th December so Tim Alter will be in […]

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 […]

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