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End of year tax planning – what you need to consider

End of year tax planning – what you need to consider

by VelocityAS | Apr 1, 2022 | Accounting, capital allowance, Corporation Tax, Dividends, Finance, Shares, Tax

The new tax year on April 6 is accelerating quickly towards us, and now is the time to make sure that any last-minute allowances you may not have made the most of in the 2021/22 tax year are mopped up. There are plenty of allowances that have a time limit on each tax...
Payments on account

Payments on account

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...
File your 2020/21 tax return by 31 January 2022

File your 2020/21 tax return by 31 January 2022

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...
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...
Plan ahead for increases in the dividend tax rates

Plan ahead for increases in the dividend tax rates

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...
Family companies and the optimal salary for 2021/22

Family companies and the optimal salary for 2021/22

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...
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