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... 
by VelocityAS | Mar 1, 2021 | Charity, COVID-19, HMRC, income, Self Assessment, Tax
If you are a taxpayer and you make a Gift Aid declaration when making a donation to a charity, the charity can reclaim basic rate tax on your donation. Tax relief on the donation A donation made under Gift Aid is treated as being made net of the basic rate of tax,... 
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 | Mar 1, 2021 | Accounting, Business, COVID-19, HMRC
Business interruption insurance policies provide cover for losses that arise if a business is severely disrupted or is forced to close. The policy will cover losses that arise as a result, and also fixed costs that the business has to continue to pay while shut. Many... 
by VelocityAS | Mar 1, 2021 | Business, HMRC, IR35
The extension to the off-payroll working rules finally comes into effect from 6 April 2021, having been delayed by a year as a result of the COVID-19 pandemic. The rules were originally introduced from 6 April 2017 where a worker’s services were provided to a public... 