by VelocityAS | Jul 1, 2022 | Finance, HMRC, MTD, VAT
Sole traders and companies who have not yet finalised their plans to comply with Making Tax Digital are in the last chance saloon this month. The very latest date you have to comply with MTD for paying VAT is August 7, this is also the latest date on which you will... 
by VelocityAS | Jul 1, 2022 | HMRC, Self Assessment, Tax, Tax Relief
As former US President Benjamin Franklin said, Tax is something that is a certainty in life, but there are lots of ways you can reduce the amount of tax you have to pay by claiming for expenses you may not realise you could. If you are self-employed or own businesses... 
by VelocityAS | Jun 1, 2022 | Business, HMRC, IHT, PAYE, Tax, VAT
If you are unlucky enough to be fined for a late filing, then the way in which any appeal can be made changed as of May 7. Prior to this, HMRC had temporarily reintroduced the ability to bulk appeal late filing penalties for income tax in 2020 and 2021. But from now... 
by VelocityAS | Jun 1, 2022 | Accounting, Finance, HMRC, income, Tax
There is a tendency for many of us to leave our tax returns until the last minute. It’s human nature to want to delay dealing with something we find uncomfortable. However, if you get your tax return for the 2021/22 tax year completed sooner rather than later, you... 
by VelocityAS | May 3, 2022 | Business, HMRC, Tax
Unincorporated businesses – including sole traders, trusts and those businesses working as partnerships, and anyone else that pays tax on trading income – face a major change that will affect the way and the time they are taxed on their profits. The so-called Basis... 
by VelocityAS | May 3, 2022 | HMRC, MTD, Tax
Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase. All businesses registered for VAT – even if they have turnover below the threshold – must file their returns this way from...