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AIA transitional limit extended

AIA transitional limit extended

by VelocityAS | Nov 1, 2021 | Accounting, AIA, Budget 2021, Business, Employment, Finance, income

The Annual Investment Allowance (AIA) is a capital allowance that enables you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The AIA limit was temporarily increased from £200,000 to £1 million from 1...
Budget highlights

Budget highlights

by VelocityAS | Nov 1, 2021 | Accounting, Budget 2021, Business, Corporation Tax, Dividends, Employment, Finance, HMRC, National Insurance, Tax, Tax Relief, VAT

The Chancellor presented his Autumn Budget and Spending Review on 27 October 2021. Some of the highlights are discussed below. Income tax rates and thresholds The rates and thresholds applying for 2022/23 were confirmed. Personal allowance As previously announced, the...
CJRS extended until 30 September 2021

CJRS extended until 30 September 2021

by VelocityAS | Apr 6, 2021 | Budget 2021, Business, CJRS, COVID-19

The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline for many employers and employees during the COVID-19 pandemic. The scheme was due to come to an end on 30 April 2021. However, at the time of the 2021 Budget, the Chancellor, Rishi Sunak, announced...
Thresholds and allowances frozen until April 2026

Thresholds and allowances frozen until April 2026

by VelocityAS | Apr 6, 2021 | Budget 2021, income, National Insurance, Tax

To help meet some of the costs of the COVID-19 pandemic, the Chancellor has opted to freeze various allowances and thresholds until April 2026, rather than increase the rates of income tax and capital gains tax. As incomes rise over the period, more people will pay...

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