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 | Mar 1, 2021 | Business, Employment, HMRC, PAYE, Payroll, Tax
The 2021/22 tax year starts on 6 April 2021. If you employ staff, you will need to update their tax codes before you pay them for the first time in the new tax year. However, remember to finalise the 2020/21 tax year before updating your payroll software and data for... 
by VelocityAS | Feb 1, 2021 | Business, Employment
You must pay employees at least the statutory minimum wage, either the National Living Wage (NLW) or the National Minimum Wage (NMW), depending on the employee’s age. From 1 April 2021, the age threshold for payment of the NLW is lowered and the rates of the NLW and... 