Smarter accounting

Tax on bank rewards and cashback

28 July 2016

Some high street banks have been offering rewards to their customers.  A common question is whether or not you have to pay tax on bank rewards.  Rewards are typically paid subject to criteria such as paying in a minimum amount each month and setting up direct debit instructions.

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HMRC new bank account

20 June 2016

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.

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RTI Late Reporting Codes

19 June 2016

All UK employers are required to report wage payments on or before wages are paid, under the system known as Real Time Information (RTI).  Under limited circumstances HMRC will accept late payroll information.  To avoid a late reporting penalty you will need to use one of the 7 remaining RTI late reporting codes.

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Employment Allowance – how to get it

9 May 2016

The employment allowance enables most employers to claim a £3,000 deduction against National Insurance Contributions.

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Marriage Allowance update April 2016

17 April 2016

The Marriage Allowance is a tax break for couples where one partner doesn’t use all their tax free allowance.  For the 2016-17 tax year, which runs from 6th April 2016 to 5th April 2017 the tax free allowance is £11,000.

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Fine Tune Your Social Enterprise

24 February 2016

If you are thinking of starting up a social enterprise or need advice on running an existing business, come along to the Firstport event in Paisley on Friday 26th February.

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Get your discount 2016 tax return

7 February 2016

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.

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Accounting for Musicians

29 November 2015

Members of the Musicians Union are invited to a free seminar in Glasgow on 3rd December 2015.  See below for booking forms on Eventbrite.

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SRIT – the Scottish Rate of Income Tax

29 November 2015

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.

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Money collected by Digital Tax Accounts

Digital Tax Accounts – the end of tax returns?

26 November 2015

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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Not the new childcare voucher sheme

5 November 2015

A new government-backed tax-free childcare scheme was set to go live in the autumn of 2015 but so far it has not materialised.  What has happened and is this new scheme still going ahead or not?

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Alterledger goes international

11 October 2015

We’re in Wales for the next few days We will be visiting clients in Cardiff over the next couple of days.  No time for the rugby, but spotted this crashing through Cardiff Castle. Creative Industries in Cardiff Cardiff is the home of BBC Wales, BBC National Orchestra of Wales, Welsh National Opera and of course […]

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Legal House

8 October 2015

Legal House – a new home for Alterledger Alterledger has grown significantly in the last few months.  We specialise in accounting and business advice for the creative industries and legal professionals.  Legal House is the ideal location as it is just across the river from Glasgow’s dynamic Merchant City, mooted as Europe’s leading cultural quarter.  Legal House […]

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Bring It All Home for musicians

9 September 2015

Managing my money As part of the Bring It All Home series of events in Paisley,  Tim Alter of Alterledger will be presenting a free session sharing tips and advice on maximising your earnings and keeping up to date with your accounts. Bring It All Home Bring It All Home is three day spectacular for artists, […]

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Company Directors salary (updated for 2016-17)

26 May 2015

The new tax year started on 6 April and with it came a rise in personal tax-free allowances and National Insurance (NI) limits.  How do these and other factors affect the level of company directors salary? View image | gettyimages.com Company Directors salary If you’re a major shareholder of a private company it’s usually a […]

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Badges of Trade

22 May 2015

Do I have to pay tax on my hobby? If you run a business from home the likelihood is that you will have to pay tax on profits.  Not all activities related to buying and selling are recognised as trading by HMRC.  To establish whether a person is carrying on a trade you need to […]

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Pre-registration input VAT

12 May 2015

Input VAT is the VAT you pay on purchases of good and services.  Once a business is registered for VAT, this input VAT can be reclaimed as long as it relates to taxable supplies.  Under specific circumstances pre-registration input VAT can be reclaimed. View image | gettyimages.com Reclaim pre-registration input VAT Goods In most cases […]

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Start up VAT registration

12 May 2015

Cut your start up costs The timing of start up VAT registration can help you to cut costs at the most vulnerable time for your business.  Most start ups find that it can take a while before they are receiving income.  Rather than wait for sales before registering for VAT, you can register from the date […]

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Childcare vouchers

5 May 2015

As one door opens another closes A new tax-free childcare voucher scheme will start in Autumn 2015.  When this happens the current scheme for employees will close to new entrants, but still remain in place for existing employees.  If you are an employee, you will need to think about signing up now if the existing […]

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Accounts for Artists

3 May 2015

Tax breaks for artists Douglas Connell, a tax lawyer at Turcan Connell and chairman of Museums and Galleries Scotland has proposed preferential treatment in preparing tax accounts for artists.  His view is that tax breaks for artists would enrich Scotland’s cultural life.  He would like to see Irish-style tax breaks for “players in orchestras, craft […]

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Tim Alter is proud to be the only top rated accountant in Scotland according to the vouchedfor 2015 listings

Marriage Allowance 2015

12 April 2015

HMRC announced in February 2015 that registration had opened for the new marriage allowance tax break which enables couples to save the princely sum of up to £17.66 a month (£212 a year).   View image | gettyimages.com Marriage Allowance not just for the married The new tax relief, which came into effect on 6 April […]

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Tim Alter is proud to be the only top rated accountant in Scotland according to the vouchedfor 2015 listings

Top Rated Accountant in Scotland

12 April 2015

Tim Alter is the only top rated accountant in Scotland According to the 2015 VouchedFor listings, Tim Alter is the only Top Rated Accountant in Scotland!  Alterledger’s founder, Tim Alter is focused on customer service, and is delighted to have positive feedback from clients.   How VouchedFor works The VouchedFor website is like a tripadvisor […]

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National Insurance for under 21s

18 March 2015

April 2015 changes to National Insurance From 6th April 2015 employers will no longer have to pay National Insurance for under 21s.  To take advantage of this change, you will need to make sure your payroll software is up to date, but you will also need to use one of the new National Insurance category […]

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Class 2 NI small profits threshold

25 February 2015

Changes to Class 2 National Insurance from April 2015 The self employed have to pay Class 2 National Insurance if their profits are over the small earnings limit (£5,885 in 2014-15).  HMRC has overhauled the system with the small earnings limit being renamed the Class 2 NI small profits threshold (SPT).  Until recently self employed workers had to […]

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Relaxed PAYE late filing penalties

24 February 2015

HMRC will not impose PAYE filing penalties for short delays All UK employers are required to report wage payments as Real Time Information (RTI) to HMRC.  Until now this has meant that you need to submit your payroll information to HMRC on or before the date you pay your employees.  However HMRC announced that they have relaxed PAYE […]

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Auto enrolment categories of workers

22 February 2015

Who is entitled to a pension? The three auto enrolment categories of workers are defined by their age and earnings.  Each category is explained in the table below.  Workers must be assessed each pay reference period (pay day) and anyone moving from one category to another must be dealt with according to the regulations. Entitled […]

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Auto enrolment minimum contributions

18 February 2015

 Employer and employee contributions From an employer’s staging date, they are required to provide a pension scheme and monitor the pay of workers according to thresholds set by legislation.  At the time of writing the legislation relating to 2015/16 is still in draft format, but expected amounts are shown in the table below. View image […]

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Auto Enrolment Multiple Postponement

18 February 2015

Can an employer postpone automatic enrolment duties on multiple occasions in relation to the same worker? Postponement is described as ‘postponement of automatic enrolment’ and sometimes referred to as a ‘waiting period’.  Essentially it means the postponement of the assessment of the worker and therefore a postponement of whichever employer duty may apply, depending on […]

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SASEN Conference 2015

17 February 2015

South Ayrshire Social Enterprise Network (SASEN) The SASEN Conference 2015 is taking place at the Carrick Centre in Maybole on 27th February.  It is free to attend for social enterprises by signing up at the Firstport website. SASEN Conference 2015 Workshops Alterledger is joining other social enterprise specialists in holding workshops on various topics to help […]

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Know your staging date

16 February 2015

What is a staging date? Your staging date is the date your automatic enrolment duties come into effect.  You must be prepared for this date, at which point you are obliged to have a suitable pension scheme in place.  The law on the new employer duties and safeguards commenced in July 2012.  Each employer is […]

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