by VelocityAS | Jan 4, 2022 | Accounting, HMRC, income, Self Assessment, Tax
HMRC have published a call for evidence on the case for reforming the rules for registering for Income Tax Self Assessment (ITSA). The call for evidence is interested in hearing views on whether it would be beneficial to bring forward the deadline by which landlords... 
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... 
by VelocityAS | Nov 1, 2021 | Accounting, AIA, Budget 2021, Business, Employment, Finance, income
The Annual Investment Allowance (AIA) is a capital allowance that enables you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The AIA limit was temporarily increased from £200,000 to £1 million from 1... 
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... 
by VelocityAS | Sep 6, 2021 | HMRC, income, MTD, Self Assessment, Tax
HMRC have been consulting on the reform of the basis period rules in preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA), which comes into effect from April 2023. A consultation paper was published in July 2021, which sets... 
by VelocityAS | Jul 2, 2021 | Business, COVID-19, HMRC, income, SEISS
Claims for the fifth grant under the Self-Employment Income Support Scheme (SEISS) will open from late July. If, based on your tax returns, HMRC think that you are eligible for the grant, they will contact you in mid-July and give you a date from which you can submit...