by VelocityAS | Jan 4, 2022 | Accounting, COVID-19, Dividends, Finance, Self Assessment, Tax
Payments on account are advance payments towards your tax and, where relevant, your Class 4 National Insurance bill. You may need to make them if you are self-employed or if you are a landlord. You may also need to make them if you operate your business through a... 
by VelocityAS | Jan 4, 2022 | Accounting, Dividends, Employment, HMRC, income, SEISS, Self Assessment, Tax, Tax Relief
If you need to file a self-assessment tax return for the year to 5 April 2021, you have until midnight on 31 January 2022 to file your return if you have not already done so. You must also pay any tax that you owe for 2020/21 by the same date. Do I need to file a... 
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 | 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... 
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 | Oct 3, 2020 | COVID-19, Dividends, Tax
Many family companies have struggled as a result of the COVID-19 pandemic and may no longer have any retained profits. Where this is the case, they may need to rethink how they extract funds from their company to meet their personal bills. Dividend problem A popular...