by VelocityAS | Jun 9, 2021 | Business, HMRC, Shares
If you have some shares that have become worthless, you can make a negligible value claim. This will allow you to set the associated loss against any chargeable gains that you make in the same, or a later, tax year, potentially reducing the amount of capital gains tax... 
by VelocityAS | May 14, 2021 | Accounting, Business
Four local organisations based in the Sheffield City Region have joined forces to set up a new business to help start-up and early stage SMEs get off the ground. The South Yorkshire Business Support Partnership, run by business owners from Velocity Accounting... 
by VelocityAS | May 7, 2021 | Accounting, Business, Company Car, Tax
If you are an employee with a company car, you will be taxed on the benefit derived from the car being available for your private use. If you are an employer who makes company cars available to your employees, they will be taxed on the associated benefit. The amount... 
by VelocityAS | May 7, 2021 | Business, COVID-19, Finance, Recovery Loan Scheme
If you need to access finance to help your business recover from the effects of the COVID-19 pandemic, the Recovery Loan Scheme may be for you. Nature of the scheme The Recovery Loan Scheme is designed to provide access to finance in order to support businesses as... 
by VelocityAS | May 7, 2021 | Accounting, Business, Dividends, Employment, income, Tax
If you run your business as a personal or family company, you will need to decide how best to extract profits for your personal use. A typical tax-efficient strategy is to pay yourself a small salary and then extract any further profits as dividends. Where this... 
by VelocityAS | Apr 6, 2021 | Business, Corporation Tax, Tax
The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023. However, companies with profits of £50,000 or less will continue to pay corporation tax at the current rate of 19%. Companies whose taxable profits fall... 