There is specific guidance from HMRC on accounting for VAT for advocates. VAT notice 700/44 was updated on 20th May 2022. The change was only to update a contact address, but with an increase in people leaving work it is a good time to consider the VAT implications of leaving your practice as an advocate. […]
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 […]
It has become an annual event at Alterledger to go for a team lunch on 31st January to celebrate completing all our tax returns. We weren’t able to go for lunch in January 2021 – covid got in the way, but this year we were able to get back to the annual routine. The past […]
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 […]
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 […]
Alterledger is a learning organisation. Our clients choose us for the insight that we provide. The value we bring is that business owners don’t need to divert their attention to accounts and filing deadlines. Alterledger exists to allow our clients to get with what they do best – their business. Comparison of training and learning […]
Electronic payment deadline falls on a weekend The December 2021 PAYE electronic payment deadline falls on Saturday 22nd January 2022. To make sure your payment for December reaches HMRC on time, you need to have cleared funds in HMRC’s account by 21 January 2022 unless you are able to arrange a Faster Payment. Remember that […]
Many businesses pay their December payroll early. However, for employees who also claim Universal Credit, this can cause a problem. What if the normal payment date falls on a weekend? If you pay your employees on the same date each month e.g. 28th, this date will sometimes fall on a weekend. In November 2021 the […]
After an increase of 1.25% in the Finance (No. 2) Bill can we expect a further increase in the tax on dividend income? MPs call for possible increased tax on dividends The following MPs have proposed an amendment to the Finance (No. 2) Bill Keir Starmer Rachel Reeves Bridget Phillipson James Murray Abena Oppong-Asare Sir […]
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 […]
It is tempting to have your company pay personal phone bills, but this article will alert you to some of the pitfalls. On the face of it you might think you save money on a cheaper personal contract. However after considering the VAT, income tax and National Insurance you might be better off on a […]
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 […]
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 […]
Surprise treat in the 2021 Autumn Budget – Capital Gains Tax deadline increased. Rishi Sunak delivered his Budget Speech 2021 on 27th October 2021. The accompanying small print confirmed that the CGT payment deadline increased from 30 days to 60 days for UK residential property. Selling a house can be a slow process and getting […]
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.
We are pleased to announce that Alterledger is now a Xero Gold Champion. Why Xero Gold? We use Xero because we think it is the best software for Owner Managed Businesses. Xero is constantly adding improvements to an already impressive product. Without Xero we couldn’t provide the high quality service that our clients have come […]
What is a growth mindset? The concept of a growth mindset was brought to the public attention by Stanford psychologist Carol Dweck. Her experience suggested that those who believed that their abilities could be developed outperformed those who believed they were fixed. This might seem self-evident, but as shown below this has wider applications. If […]
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!
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, […]
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 […]
Trainee Accountant Job Glasgow In partnership with Glasgow City Council, we are pleased to announce a vacancy for a trainee accountant at Alterledger. If you live in the Glasgow City local authority and are ready to let your career flourish, this job could be for you. The position offers study support and a route to […]
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 […]
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 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 […]
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, […]
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 […]
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