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, […]
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 […]
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 […]
For a stellar interview, be a STAR interviewee The STAR method is a useful framework to help you prepare for interviews. The approach can be applied to job applications, performance reviews and workplace appraisals. STAR will allow you to structure your answers to ensure that you are making your point clearly. What is the STAR […]
Introduction The position of practice manager is a new role created in response to the growing demand for Alterledger’s services. The post holder will report to Tim Alter and be responsible for managing a committed team to deliver excellent customer service through operational and commercial success. About Alterledger Alterledger is a Glasgow accountancy practice and […]
Ian is leaving Alterledger to support a registered social landlord. I have enjoyed working with Ian both in Alterledger and in a previous job. The team and clients of Alterledger will miss Ian; we wish him well in his new position at the end of May. New opportunities Ian’s departure creates a vacancy for a […]
Buying and selling services This article considers what has changed (and what hasn’t) for businesses trading in services with the EU, including situations where there are crucial exceptions to the general rules. The highlights of VAT on services outside the UK In many cases, the VAT on services is no different to pre-Brexit 2020. However, […]
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 […]
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.
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.
Deferred VAT payment due to Coronavirus On 24th September 2020 the UK Chancellor announced that businesses who deferred VAT due from 20 March to 30 June 2020 had more time to pay VAT from this period. The same guidance still stands though. If you chose to defer your VAT payment as a result of coronavirus, […]
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!
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 […]
At (almost) the eleventh hour, HMRC announces tax filing deadline extended to 28 February HMRC announced today that you will not receive a penalty for filing your 2019-20 tax return late, as long as you file online by 28 February. We are still encouraging taxpayers who have not yet filed to do so by 31 […]
Strapped for cash and worried about your tax? If you are one of the many self-employed who need extra time to pay your income tax bill at the end of the month, HMRC have an online process to help you spread your payment. With just over a week to go until the filing deadline for […]
Opportunity for experienced ICAS Accountant The position of practice manager is a new role created in response to the growing demand for Alterledger’s services. The post holder will report to Tim Alter, director of Alterledger and be responsible for managing a committed team to deliver excellent customer service through operational and commercial success. Apply for […]
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 […]
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 […]
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 […]
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 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 […]
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 […]
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 […]
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 […]
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 […]
Introduction The position of manager is a new role created in response to the growing demand for Alterledger’s services. The postholder will report to Tim Alter and be responsible for managing a committed team to deliver excellent customer service through operational and commercial success. The job is office-based in Legal House. The Alterledger offices are […]
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 […]
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 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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