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 | income, Self Assessment, Tax
Some taxpayers must pay a tax more than once a year, and if this is you then you are facing a second tax bill before July 31. Those exempt from making a payment on account in July include those who had a self-assessment tax bill of less than £1,000 for the previous... 
by VelocityAS | May 3, 2022 | capital allowance, income, ISA, Tax
If you are one of those people who is always racing to use up your tax allowances, such as Individual Savings Accounts (ISAs) at the last minute before the end of April 5, then you are not alone. But you could be making a big mistake. When it comes to mopping up tax... 
by VelocityAS | Apr 1, 2022 | Business, Finance, income, Spring Statement
The Bank of England (BoE) base rate rose to 0.75% in March in response to Consumer Prices Index (CPI) inflation rising to 5.5% – almost triple the BoE’s target of 2%. Inflation is set to continue rising throughout the year (see Spring Statement round-up) with... 
by VelocityAS | Apr 1, 2022 | COVID-19, Employment, Finance, income, Self Assessment, Tax
Married Couple’s Allowance can be transferred between spouses and civil partners, and while 2m couples have claimed this since it was introduced back in 2015, there are many more people who are entitled to claim it. Go back four years The allowance, which is worth up... 
by VelocityAS | Mar 25, 2022 | Employment, income, National Insurance, PAYE, Spring Statement, Tax, Tax Relief
The Chancellor, Rishi Sunak’s, Spring Statement provided much anticipation especially against the rising cost of living and the shock of the Ukraine War. In the House of Commons, The Chancellor shared that the invasion of Ukraine by Russia was causing a lot of...