Smarter accounting
10 January 2022, Advocates, Barristers, Creative Industries, Musicians, Sole Traders
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 […]
9 May 2021, Advocates, Artists, Creative Industries, General, Musicians, Sole Traders
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, […]
25 January 2021, Advocates, Artists, Barristers, Creative Industries, Sole Traders
At (almost) the eleventh hour, HMRC announces tax filing deadline extended to 28 February HMRC announced today that you will not receive a penalty for filing your 2019-20 tax return late, as long as you file online by 28 February. We are still encouraging taxpayers who have not yet filed to do so by 31 […]
22 January 2021, Advocates, Artists, Barristers, Creative Industries, Sole Traders
Strapped for cash and worried about your tax? If you are one of the many self-employed who need extra time to pay your income tax bill at the end of the month, HMRC have an online process to help you spread your payment. With just over a week to go until the filing deadline for […]
30 November 2020, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders
SEISS third grant open for claims. The rules on who is eligible to claim are different to those for the previous SEISS grants. The third grant will be based on 80% of three months’ average trading profits, paid out in a single taxable instalment capped at £7,500, and will cover the period from 1 November […]
30 October 2020, Advocates, Artists, Creative Industries, Musicians, Sole Traders
Received an SEISS grant? Check your inbox to avoid a penalty. HMRC is contacting businesses which claimed a grant under the Self-Employment Income Support Scheme to check whether they have stopped trading. What do you need to do? How do I know an email from HMRC isn’t spam or phishing? HMRC do not normally email […]
6 November 2020, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders
Payment no 3 in December for SEISS extended to April. The Self-Employment Income Support Scheme (SEISS) has been extended to April 2021. If you are self-employed and were eligible for the first and second SEISS grants you will be able to claim grants for the 6 month period from November 2020 to April 2021. What […]
4 September 2020, Advocates, Artists, Barristers, Creative Industries, General, Musicians, Sole Traders
Reduce your income tax payments on account to HMRC You can reduce payments on account to HMRC if you expect your profits to be lower in the year to 5th April 2021. Most sole traders will find that their taxable profits will be lower this year due to the effects of the COVID emergency. If […]
17 August 2020, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders
Check if you can claim the SEISS phase 2 grant through the Self-Employment Income Support Scheme The Self-Employment Income Support Scheme (SEISS phase 2) is now open for the self-employed to receive a second and final grant of up to £6,570. The HMRC website went live on 17th August 2020 to allow you to claim […]
13 May 2020, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders
Check if you can claim a grant through the Self-Employment Income Support Scheme The Self-Employment Income Support Scheme (SEISS) is now open for the self-employed to receive a grant of up to £7,500. The HMRC website to check your SEISS eligibility has been set up. Find out what you need to do to allow HMRC […]
4 May 2020, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders
Get up to £7,500 from the government if you are self-employed Find out if you are eligible to Claim Self-employment Income Support Scheme Grant of up to £7,500. Details of the Self-employment Income Support Scheme have now been published to support the self-employed or members of a partnership with trading income. You will need to […]
28 April 2020, Advocates, Artists, Charities, Companies, Creative Industries, Employer, Musicians, Sole Traders
COVID-19 Business Support webinar from Collabor8te Collabor8te is a coworking space in the heart of Glasgow. Although the building is closed at the moment, they are still supporting the business community in Glasgow and across Scotland. Collabor8te are putting on a free webinar to provide some answers on the COVID-19 business support measures that have […]
30 April 2020, Advocates, Artists, Creative Industries, General, Musicians, Sole Traders
Grants for newly self-employed Applications for this grant opened on the afternoon of Thursday 30th April. Grants are administered by the local authority in which you live. To claim newly self-employed hardship fund cash, refer to your own local authority website. Claim Newly Self-Employed Hardship Fund Cash You need to apply in your Local Authority […]
27 March 2020, Advocates, Artists, Barristers, Creative Industries, Musicians, Sole Traders
Government grant to freelancers Details of the Self-employment Income Support Scheme have now been released to support the self-employed or members of a partnership with trading income. Who can apply for the Self-employment Income Support Scheme? You can apply if you’re a self-employed individual or a member of a partnership and you: have submitted your […]
20 March 2020, Advocates, Artists, Barristers, Creative Industries, General, Musicians, Sole Traders
Payments on account cancelled in July The UK Government announced on 20th March that there would be no income tax payments due in July 2020 for the self-employed. Payments on Account Personal tax returns must be filed by 31st January following the end of the tax year. For the tax year ended 5th April 2019 […]
24 April 2020, Advocates, Artists, Barristers, Creative Industries, General, Musicians, Sole Traders
Grants for newly self-employed The Scottish Government has announced a £34 million Newly Self-Employed Hardship Fund. The fund will be managed by Local Authorities to allocate grants of £2,000 to the newly self-employed facing hardship. The self-employed who started trading after 5th April 2019 are excluded from the Self-Employment Income Support Scheme. The Scottish Government […]
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 […]
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.
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.
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.
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.
7 February 2016, Advocates, Artists, Barristers, Creative Industries, Employer, Musicians, Sole Traders
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.
26 November 2015, Advocates, Artists, Barristers, Companies, Creative Industries, Musicians, Sole Traders
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.”
7 February 2015, Advocates, Charities, Companies, Employer, Musicians, Sole Traders
HMRC reviews your tax code, often in the autumn and early in the new year. The purpose of your tax code is to indicate how much of your earnings you can receive before tax is payable. It is normally the case that the larger the number in your tax code, the more of your earnings you […]
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