by VelocityAS | Jan 2, 2021 | Brexit, Business, Tax, VAT
The Brexit transitional period came to an end on 31 December 2020. As a result, new rules apply from 1 January 2021. As the situation is evolving, it is recommended that you check the guidance on the Gov.uk website regularly. EORI number From 1 January 2021 you will... 
by VelocityAS | Jan 2, 2021 | Business, COVID-19, income
National Lockdowns and local restrictions may mean that you are unable to meet the tests for your holiday let to qualify as a furnished holiday letting (FHL) for 2020/21. However, where this is the case, all is not lost as there are alternative routes by which your... 
by VelocityAS | Jan 2, 2021 | Accounting, Business, HMRC, Tax
The COVID-19 pandemic meant that the traditional Christmas party could not happen in 2020. If, instead, you held a virtual event, you will be pleased to know that this too can benefit from the tax exemption for annual parties and functions. There is also good news if... 
by VelocityAS | Jan 2, 2021 | Business, CJRS, COVID-19, Payroll
Following the announcement of more stringent lockdown measures, the Chancellor, Rishi Sunak, announced yet another extension to the Coronavirus Job Retention Scheme (CJRS). The scheme will now run until the end of April 2021. Under the extended scheme, claims must be... 
by VelocityAS | Jan 2, 2021 | Self Assessment, Tax
There are a number of key tasks that you need complete by midnight on 31 January 2021. These include filing the self-assessment tax return for 2019/20, paying any remaining tax due for 2019/20 and, where applicable, calculating and paying the first payment on account...