by VelocityAS | Dec 1, 2021 | Accounting, Corporation Tax, Finance, HMRC, MTD, Self Assessment, Tax, VAT
Making Tax Digital (MTD) is a Government initiative that aims to provide the UK with one of the most digitally advanced tax administrations in the world. Under MTD, taxpayers are required to keep electronic records and report to HMRC digitally. MTD is being... 
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 | 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...