Smarter accounting

set up a manual VAT payment if you have VAT owing from 2020

How to set up a manual VAT payment

10 February 2021, Advocates, Barristers, Companies, Creative Industries, General, Sole Traders

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, […]

More time to pay VAT

More time to pay VAT

25 September 2020, Advocates, Barristers, Companies, Creative Industries, General, Sole Traders

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 […]

VAT on non-refundable deposits

VAT on non-refundable deposits

14 September 2020, Advocates, Barristers, Companies, Creative Industries, General, Sole Traders

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 […]

VAT on Cancellation Fees

VAT on Cancellation Fees

14 September 2020, Advocates, Barristers, Companies, Creative Industries, General, Sole Traders

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 […]

Making Tax Digital compulsory for VAT registered businesses - HMRC AI will change everything

Making Tax Digital compulsory for VAT from April 2022

31 August 2020, Advocates, Barristers, Companies, Creative Industries, Sole Traders

Making Tax Digital compulsory for all (eventually) Recent announcements make Making Tax Digital compulsory for all VAT registered business from April 2022.  The self-employed will be included from April 2023 and eventually Corporation Tax too. All VAT registered businesses will have to comply with Making Tax Digital (MTD) from 1 April 2022 and not just […]

How to set up your VAT Direct Debit

How to set up a VAT Direct Debit

19 June 2020, Advocates, Barristers, Companies, Creative Industries, General, Sole Traders

No more extra time to pay your VAT As part of the government’s support for businesses during COVID-19, HMRC gave businesses the option of deferring their VAT payments and cancelling VAT Direct Debit instructions if they were unable to pay on time.  This allows VAT to be deferred without incurring late payment interest or penalties.  […]

Bounce Back Loan - a Bright Idea

Bounce Back Loan

29 April 2020, Advocates, Barristers, Charities, Companies, Creative Industries, Employer

Where CBILS fails, smaller companies can get a Bounce Back Loan The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.  The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Loan terms will be […]

CBILS Forecast

CBILS Forecast

4 April 2020, Advocates, Barristers, Charities, Companies, Creative Industries, Employer

Why you need a Coronavirus Business Interruption Loan Scheme / CBILS Forecast. The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK.  The businesses under consideration are those that are losing revenue and seeing their cash flow disrupted as a result of the COVID-19 outbreak.  The scheme is […]

How to set up your VAT Direct Debit

Deferred VAT payment and how to cancel your Direct Debit

3 April 2020, Advocates, Barristers, Companies, Creative Industries, General, Sole Traders

Extra time to pay your VAT On 20th March 2020 the UK Chancellor announced support to businesses in the form of a deferred VAT payment scheme.  This helps VAT registered businesses with their cash flow during the COVID-19 pandemic.  All VAT registered businesses can defer VAT payments.  If you currently pay by Direct Debit, you […]

Save more than 16% on Zoom subscription

Save more than 16% on Zoom subscription

2 April 2020, Advocates, Artists, Barristers, Companies, Creative Industries, Employer, General, Musicians, Sole Traders

Pay less for online subscriptions It seems that almost everyone is turning to online communications in the current situation, with Zoom, WhatsApp and Skype seeing a dramatic increase in use.  Even the UK prime minister is an advocate of Zoom.  Save more than 16% on Zoom costs by following the steps below.  You can also […]

Windmills are a classic example of the circular economy

Alterledger and the Circular Economy

16 March 2020, Charities, Companies, Creative Industries

Defining the Circular Economy The circular economy is a viable alternative to former unsustainable ways of operating.  Accountants are joining other businesses and the City of Glasgow in recognising the positive impact of changing working practices to create a more sustainable future. The circular economy is a direct challenge to the ‘take-make-waste’ mentality of the […]

How many VAT registered businesses in the UK need to sign up to Making Tax Digital

MTD Registration – progress to date

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 […]

How many VAT registered businesses in the UK need to sign up to Making Tax Digital

How many VAT registered businesses in the UK need to sign up to Making Tax Digital

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 […]

How late can I register for Making Tax Digital for 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 […]

Has Making Tax Digital for VAT been delayed?

Has Making Tax Digital for VAT been delayed?

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 […]

Scottish BarAdvocates Making Tax Digital for VAT Questions and Answers

Advocates Making Tax Digital for VAT Questions and Answers

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 […]

Advocates Making Tax Digital for VAT seminar in Edinburgh

Advocates Making Tax Digital for VAT seminar in Edinburgh

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 […]

Making Tax Digital for VAT

Making Tax Digital for VAT – why have HMRC sent a letter?

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 […]

Website by Haiwyre