Smarter accounting
Charities and Corporation Tax returns are often misunderstood. Charities may think that they are automatically exempt from tax on all their income. As the article explains below, charities may be subject to Corporation Tax on profits / surpluses.
Following an anonymous complaint to the Health and Safety Executive (HSE), a small Manchester-based company received a fine of £2,500 for failing to have adequate Employers Liability Insurance (ELI). What are the rules?
HMRC has announced extra help from its tax specialists to offer mid-sized businesses free tax advice.
The VAT Flat Rate scheme for advocates is changing along with all other Limited Cost Traders on 1st April 2017. The scheme was introduced with the intention of simplifying VAT. It was never intended to be a tax allowance or a way of saving VAT. The assumption from HMRC was that the scheme would be broadly revenue neutral.
A company, or individual without employees is not required to have an Automatic Enrolment Pension Scheme. Where a company has no-one on payroll and no workers it is normally clear that Auto Enrolment doesn’t apply. The situation is less obvious with sole director companies and auto enrolment. If you are the sole director of your company and have no staff or workers, the company does not have automatic enrolment duties
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 […]
Members of the Musicians Union are invited to a free seminar in Glasgow on 5th December 2017. See below for booking form on Eventbrite.
The first task in working out if you need to register with HMRC is to assess whether you are self-employed.
Members of the Musicians Union are invited to a free seminar in Belfast on 8th December 2016. See below for booking form on Eventbrite.
Members of the Musicians Union are invited to a free seminar in Glasgow on 6th December 2016. See below for booking form on Eventbrite.
Alterledger is delighted to be shortlisted for the @aandbscotland International Award in partnership with @waspsstudios.
We are excited to announce that Scott Fox has been shortlisted for the Glasgow Guarantee Graduate Employee of the Year. Alterledger has been invited to the Glasgow Guarantee Celebration Event on 30th November when the winner will be announced.
If a trader on the flat rate scheme for VAT purchases services from outside the UK, the business needs to account for Flat Rate Scheme Reverse Charge VAT according to Directive 2006/112/EC. Small businesses on the Flat Rate Scheme for VAT do not usually account for VAT on purchases.
The normal process for reclaiming overpaid PAYE to HMRC is to deduct the amount HMRC owes you from your next regular payment. For this reason HMRC does not normally process an automatic PAYE refund.
There are two new scams that you need to be aware of. Callers are leaving a phone message or posing as an HMRC investigator. If you are on the receiving end of an HMRC telephone scam you can report it on 0300 1232040 or on the Action Fraud Website.
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 Glasgow on Friday 11th November. A series of free workshops have been organised to help you Start Up and Fine Tune your Social Enterprise.
Following the Bank of England’s cut in its base rate from 0.5% to 0.25% on 4th August the HMRC interest rate has changed too.
The Anna Lobner Glasgow / Dusseldorf Exchange provides a valuable opportunity for artists to have the space and time to develop their practice in a new environment. The programme started 13 years ago in memory of the German artist Anna Lobner.
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.
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.
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.
Most employees will pay Class 1 National Insurance each pay day. The weekly threshold is £157 a week with the monthly threshold being £680. If an employee earns above these amounts, they will start paying National Insurance above the threshold at 12%. National Insurance for Company Directors can be worked out differently.
The employment allowance enables most employers to claim a £5,000 deduction against National Insurance Contributions.
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.
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.
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.
Members of the Musicians Union are invited to a free seminar in Glasgow on 3rd December 2015. See below for booking forms on Eventbrite.
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.
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.”
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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