Protect your cash from the tax increase

24 March 2022, Advocates, Artists, Barristers, Companies, Creative Industries, Employer, General, Musicians, Sole Traders

The Spring Statement 2022 confirmed increases to tax and National Insurance from 6th April 2022. The (mild) good news is that the threshold for paying National Insurance increases to £12,570 from July 2022. There are still opportunities for most taxpayers to take advantage of a tax break in the form of pension contributions. What is […]

Gifts for customers and suppliers

27 November 2021, Advocates, Artists, Barristers, Charities, Companies, Creative Industries, Employer, General, Musicians, Sole Traders

What is a gift? This might seem to be an obvious question, but it helps to get the definition clear to work out the tax implication of gifts for customers and suppliers. A gift is something you give without receiving anything in exchange. For example, you may choose to give a customer a bottle of […]

Childcare voucher scheme – closure delayed again!

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 […]

Accounting for Musicians Workshop Belfast @OhYeahCentre 2017

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.

Charities and Corporation Tax

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.

Accounting for Musicians Glasgow 2017 @scottishmusic

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.

Accounting for Musicians Workshop Belfast @OhYeahCentre

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.

Accounting for Musicians Glasgow 2016 @scottishmusic

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.

Marriage Allowance update April 2016

17 April 2016, Advocates, Artists, Creative Industries, Sole Traders

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.

Accounting for Musicians

29 November 2015, Creative Industries, Musicians, Sole Traders

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

Not the new childcare voucher sheme

5 November 2015, Advocates, Artists, Barristers, Charities, Companies, Employer, Musicians, Sole Traders

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?

Bring It All Home for musicians

9 September 2015, Companies, Musicians, Sole Traders

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, […]

Company Directors salary (updated for 2016-17)

26 May 2015, Companies, Employer

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 […]

Childcare vouchers

5 May 2015, Advocates, Artists, Barristers, Charities, Companies, Employer, Musicians, Sole Traders

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 […]

Accounts for Artists

3 May 2015, Artists

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 […]

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, Advocates, Barristers, Charities, Companies, Employer, Musicians, Sole Traders

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 […]

Class 2 NI small profits threshold

25 February 2015, Advocates, Musicians, Sole Traders

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 […]

Class 2 National Insurance Contributions

13 December 2014, Advocates, Musicians, Sole Traders

Changes to Class 2 National Insurance payments If you currently pay your Class 2 National Insurance Contributions by Direct Debit Instruction (DDI) or have recently applied to do so, things are about to change! The Government announced plans to simplify the way self-employed people pay Class 2 National Insurance contributions from April 2015. Most self-employed people will […]

Orchestra Tax Relief

4 December 2014, Companies, Musicians

Creative Industries Tax Relief The autumn statement from George Osborne announced a consultation on whether or not to extend Creative Industries tax relief and introduce an Orchestra Tax Relief. See below for the existing creative industry relief arrangements. Who can get the Orchestra Tax Relief? The Orchestra Tax Relief in common with the other […]

Tax and accounts seminar for musicians

7 November 2014, Companies, Musicians, Sole Traders

Free tax and accounts seminar for Musicians’ Union members Members of the Musicians Union are invited to a free seminar in Glasgow on 17th November or Edinburgh on 18th November. See below for booking forms on Eventbrite. Proposed tax breaks for musicians The Smith Commission, headed by Lord Smith of Kelvin is considering a proposal […]

Tax breaks for artists and musicians?

9 October 2014, Companies, Musicians, Sole Traders

Should there be extra tax breaks for artists and musicians? The Republic of Ireland has had special tax breaks for artists since 1979. Lord Smith of Kelvin will oversee the process of devolving additional powers over tax, spending and welfare to Scotland following the ‘No’ vote in the country’s independence referendum. Douglas Connell, a tax […]