Smarter accounting

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

You need to change the way you submit your VAT returns

30 December 2020

Action required by 8 April 2021 If you haven’t signed up for Making Tax Digital (MTD) yet, you need to change the way you submit your VAT returns. Even if you currently use Xero to file your VAT returns, you won’t be able to use software to file returns from 8th April unless you are […]

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Check your SEISS eligibility

SEISS third grant

30 November 2020

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 […]

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Check your SEISS eligibility

SEISS extended to April 2021

6 November 2020

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 […]

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Bounce Back Loan - a Bright Idea

Bounce Back Loan Extended

5 November 2020

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 […]

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Furlough Scheme Extended

Furlough Scheme Extended

1 November 2020

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 […]

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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

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 […]

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The Job Support Scheme provides support from three sources

Job Support Scheme Update

22 October 2020

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 […]

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More time to pay VAT

More time to pay VAT

25 September 2020

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 […]

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The Job Support Scheme provides support from three sources

Job Support Scheme Key Facts

24 September 2020

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 […]

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Bounce Back Loan - a Bright Idea

Bounce Back Loan Deadline for Applications

25 September 2020

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 […]

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VAT on Cancellation Fees

VAT on Cancellation Fees

14 September 2020

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 […]

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Ellys Feather

Alterledger welcomes Ellys

16 September 2020

Welcome to Ellys! Our latest recruit started today.  We are delighted to welcome Ellys to the team at Alterledger as a Trainee Accountant.  We look forward to introducing her to our clients.

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VAT on non-refundable deposits

VAT on non-refundable deposits

14 September 2020

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 […]

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Overclaimed Furlough Funding needs to be repaid to HMRC

Overclaimed Furlough Funding

11 September 2020

Coronavirus Job Retention Scheme According to Jim Harra, the First Permanent Secretary and Chief Executive of HMRC, there is more than £3.5bn of overclaimed furlough funding.  He estimates that claims in error or fraudulent claims may total up to 10% of cases.  HMRC is clamping down hard and looking at 27,000 active cases. In July […]

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Claim to reduce payments on account

Claim to reduce payments on account

4 September 2020

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 […]

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Daniel Murray

Alterledger welcomes Daniel

11 September 2020

Welcome to Daniel! We are delighted to welcome Daniel to the team at Alterledger as a Trainee Accountant.  We look forward to introducing him to our clients.

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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

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 […]

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Check your SEISS eligibility

SEISS phase 2

17 August 2020

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 […]

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Graduate Trainee Accountant Job Glasgow

7 August 2020

Trainee Accountant Job Glasgow Due to the growing demand for our services we have 2 trainee accountant job vacancies at Alterledger.  The positions offer study support and a route to gaining a permanent position as a qualified accountant in a modern accountancy practice.  It is expected that the trainee would complete a qualification with CIMA […]

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Top excel functions

What is the formula for success? How to excel at excel.

22 July 2020

If you are going to claim to have advanced Excel skills, make sure you are familiar with the functions and features added to Microsoft 365 in the last few years. As a bare minimum you need to familiar with Excel Tables, PivotTables and functions such as VLOOKUP, and SUMIFS.

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How to set up your VAT Direct Debit

How to set up a VAT Direct Debit

19 June 2020

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.  […]

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Check your SEISS eligibility

Check your SEISS eligibility

13 May 2020

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 […]

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Always read the application details

What an employer is looking for

1 May 2018

How do you know what an employer is looking for when they post a job advert? This post will point you in the right direction.
If you are applying for a job with any professional firm (and especially if you are applying for a job with Alterledger) make sure you consider the advice here.

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Never send word files with your CV or covering letter

Never send word files

17 May 2018

Never send word files unless you really have to. In most cases a PDF file will be the better option as it retains your formatting and allows you to control your document.
Sending word files with key information including covering letters and CVs can be perceived as unprofessional. There is no excuse not to send these files in PDF format!

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Claim Self-Employment Income Support Scheme Grant

Claim Self-employment Income Support Scheme Grant

4 May 2020

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 […]

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Claim Newly Self-Employed Hardship Fund

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

30 April 2020

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 […]

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Bounce Back Loan - a Bright Idea

Bounce Back Loan

29 April 2020

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 […]

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COVID-19 small business grants in Scotland

Free webinar for COVID-19 Business Support

28 April 2020

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 […]

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furlough funding

How to claim furlough funding from HMRC

8 April 2020

HMRC is working on furlough website Many business owners are waiting for details of how to claim furlough funding from HMRC.  Details of the Coronavirus Job Retention Scheme (CJRS) are gradually being released by HMRC. How do I claim my furlough funding? HMRC will pay funding claims within 6 working days of an online application.  […]

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CBILS Forecast

CBILS Forecast

4 April 2020

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 […]

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