by VelocityAS | Nov 1, 2021 | Accounting, Business, COVID-19, Finance, Tax, VAT
To help the hospitality and leisure industries recover from the impact of the COVID-19 pandemic and associated lockdowns, a reduced rate of VAT of 5% applied from 15 July 2020 until 30 September 2021. This rate has now come to an end, and a new reduced rate of 12.5%... 
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... 
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... 
by VelocityAS | Oct 1, 2021 | Accounting, Business, MTD, Tax, VAT
Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT is above the VAT registration limit of £85,000. However, this is set to change from April 2022. Extension to all VAT-registered businesses Currently, if... 
by VelocityAS | Oct 1, 2021 | Accounting, Business, CJRS, COVID-19, Employment, HMRC
The Coronavirus Job Retention Scheme (CJRS) came to an end on 30 September 2021. The scheme has provided financial help to employers and employees during the COVID-19 pandemic, allowing employers to claim grants with which to pay furloughed and flexibly furloughed... 
by VelocityAS | Oct 1, 2021 | Business, Dividends, income, National Insurance, Tax
As part of the Government’s funding strategy for health and social care, the dividend tax rates are to be increased from April 2022, alongside the temporary increases in National Insurance, and, from April 2023, the introduction of the Health and Social Care Levy. The...