Smarter accounting
24 January 2020, Advocates, Companies, Creative Industries, Sole Traders
A recent case of missing documents highlights the need for supporting information for VAT expenses to minimise your VAT bill to HMRC. Make sure you have good bookkeeping systems to get the VAT back that you are entitled to.
13 December 2019, Companies, Creative Industries, Sole Traders
Alterledger is coming to Tramshed Tech in Cardiff to give free tax and accounting advice at 11:00 on 20th December Alterledger has been on tour with sessions for the creative industries in Glasgow on 10th December 2019 and Belfast on 12th December 2019. It will be Cardiff’s turn on 20th December so Tim Alter will be in […]
5 December 2019, Creative Industries, Musicians, Sole Traders
Free Tax and Accounting for Musicians’ Union members Members of the Musicians Union are invited to a free seminar – Tax and Accounting for Musicians in Glasgow on 10th December 2019 and Belfast on 12th December 2019. You can learn how to take some of the stress out of filing your tax return. If you are […]
20 September 2019, Companies, General
When your company has a tax charge on a director’s loan If you are a director or shareholder in a ‘close’ company, any money owed to the company can trigger a tax charge on a director’s loan. What is a close company? A close company is broadly defined as a company which is under the […]
19 August 2019, Advocates, Barristers, Companies, Sole Traders
MTD Registration – Key numbers The Making Tax Digital (MTD) rules became law for VAT periods starting on or after 1 April 2019. MTD registration requires VAT-registered businesses with taxable turnover over £85,000 to keep their VAT records digitally. They must also submit their VAT return direct from their Making Tax Digital-compatible software. The MTD […]
23 March 2020, Companies, Creative Industries, Employer, Sole Traders
Furloughed workers and the Coronavirus Job Retention Scheme All UK employers will be able to access support for furloughed workers who would otherwise be laid off during the COVID-19 emergency. Details have now been provided by the UK Government. An online portal will be made available to claim funding from the Coronavirus Job Retention Scheme, […]
30 March 2019, Advocates, Barristers, Companies, Sole Traders
How many VAT registered businesses in the UK are there? Figures from the Office of National Statistics state that there are 2.67 million businesses registered for VAT and/or PAYE. Any business with employees must register for PAYE, but not all of these businesses are registered for VAT. This prompts the question – how many VAT […]
29 April 2019, Advocates, Barristers, Companies, Sole Traders
When is my first Making Tax Digital VAT return due? If you are asking yourself “How late can I register for Making Tax Digital for VAT? (MTDfV)” you are likely to be storing up problems. Suppose you submit quarterly VAT returns to June and have to register for Making Tax Digital for VAT (MTDfV); your […]
15 March 2019, Advocates, Barristers, Companies, Sole Traders
Has Making Tax Digital for VAT been delayed? Making tax digital for VAT legislation requires you to have “digital links” between your financial data and your VAT reports to HMRC. What changes might you need to make to your record keeping to achieve this? A “soft landing” delays the date that you need to have […]
2 March 2019, Advocates, Barristers, Companies, Sole Traders
Advocates Making Tax Digital for VAT Questions and Answers Tim Alter gave a lunchtime talk to the Scottish Bar on 1st March 2019. The members of the Faculty of Advocates were highly engaged in the session on Making Tax Digital for VAT. There was a lively and heartfelt response including a wide ranging discussion on […]
28 February 2019, Advocates, Barristers, Companies, Sole Traders
Advocates Making Tax Digital for VAT seminar We are looking forward to presenting the Advocates Making Tax Digital for VAT seminar in the Mackenzie Building in Edinburgh on 1st March 2019. Tim Alter will be presenting the lunchtime talk to the Faculty of Advocates. For any advocates who can’t make the Edinburgh talk at 1:00 […]
9 May 2018, Employer
Scheme open to new entrants until 4 October 2018 Childcare voucher schemes were supposed to close to new applicants on 5 April 2018, but has been extended for a further six months. Should you consider offering childcare vouchers to your employees while you still can? Summary of childcare voucher scheme The childcare voucher schemes were supposed to […]
22 November 2018, Advocates, Barristers, Companies, Creative Industries, Sole Traders
HMRC VAT letter – what does it mean? Many business have received an HMRC VAT letter in the last week. This letter informs VAT registered businesses that HMRC processes are being modernised, known as Making Tax Digital (MTD) for VAT. What do I need to do? The HMRC VAT letter doesn’t require you to do anything […]
2 December 2017, Advocates, Companies, Creative Industries, Sole Traders
HMRC’s VAT Input Tax Toolkit highlights common errors businesses make when they reclaim VAT on purchases. As you would expect from an HMRC publication it focuses on situations where you can’t or shouldn’t reclaim VAT.
26 November 2017, Creative Industries, Musicians, Sole Traders
Members of the Musicians Union are invited to a free seminar in Belfast on 7th December 2017. See below for booking form on Eventbrite.
16 November 2017, Charities, Companies, Creative Industries
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.
18 March 2017, Advocates, Barristers
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.
29 March 2020, Charities, Companies, Creative Industries, Employer, Sole Traders
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 […]
26 November 2017, Creative Industries, Musicians, Sole Traders
Members of the Musicians Union are invited to a free seminar in Glasgow on 5th December 2017. See below for booking form on Eventbrite.
3 January 2017, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders
The first task in working out if you need to register with HMRC is to assess whether you are self-employed.
5 December 2016, Creative Industries, Musicians, Sole Traders
Members of the Musicians Union are invited to a free seminar in Belfast on 8th December 2016. See below for booking form on Eventbrite.
5 December 2016, Creative Industries, Musicians, Sole Traders
Members of the Musicians Union are invited to a free seminar in Glasgow on 6th December 2016. See below for booking form on Eventbrite.
30 September 2016, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders
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.
25 September 2016, Charities, Companies, Employer
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.
7 September 2016, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders
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.
24 August 2016, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders
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.
28 July 2016, Advocates, Artists, Sole Traders
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.
20 June 2016, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders
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.
19 June 2016, Auto Enrolment, Charities, Companies, Employer
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.
5 February 2017, Charities, Companies, Creative Industries, Employer, Musicians
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.
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