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 | Jun 9, 2021 | Accounting, HMRC, National Insurance, Tax
If you are self-employed, you will pay Class 2 and Class 4 National Insurance contributions if your profits exceed the relevant thresholds. Class 2 National Insurance contributions are the mechanism by which you build up qualifying years to earn entitlement to the... 
by VelocityAS | Jun 9, 2021 | COVID-19, HMRC, Tax Relief
If you are an employee and you are, or have been, working from home as a result of the COVID-19 pandemic, you may be able to claim tax relief for the additional household costs that you have incurred as a result. HMRC are now accepting claims for the current (2021/22)... 
by VelocityAS | Apr 6, 2021 | COVID-19, HMRC, income, SEISS, Self Assessment, Tax
The Self-Employment Income Support Scheme (SEISS) provides grant support to eligible self-employed taxpayers who have been adversely affected by the COVID-19 pandemic. A further two grants are to be paid under the scheme. In addition, the scheme has been expanded to... 
by VelocityAS | Mar 1, 2021 | HMRC, MTD, Tax
The Government would like to hear your views on proposals for a new process for keeping records for corporation tax purposes and reporting tax information to HMRC, known as Making Tax Digital (MTD). Your comments will help ensure that the design makes it as easy as... 
by VelocityAS | Mar 1, 2021 | HMRC, Self Assessment, Tax
HMRC announced in January that they would not charge a late filing penalty if your 2019/20 tax return was not filed by midnight on 31 January 2021, as long as the return was filed by 28 February 2021. Any tax due by 31 January 2021 should still have been paid by that... 