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National Insurance contribution levels change in July

National Insurance contribution levels change in July

by VelocityAS | Jul 1, 2022 | Employment, National Insurance, Tax

The changes in National Insurance contribution (NICs) levels are coming into force at the beginning of July. It will mean that 30m people should save around £330 each, according to the Government. The amount you can earn before you start paying NICs will increase from...
Spring Statement round-up

Spring Statement round-up

by VelocityAS | Apr 1, 2022 | Finance, National Insurance, Spring Statement, Tax

The Chancellor’s Spring Statement on March 23 was limited on giveaways, but there were some measures designed to help people struggling with the highest rates of inflation in 30 years. The Office for Budget Responsibility (OBR) has forecast that inflation will average...
Eight things we have learnt from the Spring Statement

Eight things we have learnt from the Spring Statement

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...
NI to increase by 1.25% from April to fund the Health and Care Levy – what you can do about it

NI to increase by 1.25% from April to fund the Health and Care Levy – what you can do about it

by VelocityAS | Mar 1, 2022 | Company Car, Employment, Finance, income, National Insurance, Tax, VAT

The Government is set to increase National Insurance Contributions (NICs) by 1.25% from April to fund the Health and Social Care Levy, and while this may be a laudable aim, it is going to hit all of us in the pocket. Costly increase when finances are being squeezed...
Businesses helped by COVID-19 support could face unexpected tax bills

Businesses helped by COVID-19 support could face unexpected tax bills

by VelocityAS | Feb 1, 2022 | Accounting, CJRS, COVID-19, HMRC, National Insurance, Statutory Sick Pay, Tax

Businesses and self-assessment taxpayers are being reminded they need to include all grants paid as part of the COVID-19 support payments in their tax returns, as some may think these were non-taxable. Have you set money aside to deal with tax on support grants? HMRC...
Help if you are struggling to pay your tax bill

Help if you are struggling to pay your tax bill

by VelocityAS | Jan 4, 2022 | Accounting, Finance, HMRC, National Insurance, Tax

Financially, 2021 has been a difficult year for many, and you may be struggling to pay your January tax bill in full. Any tax and National Insurance that remains unpaid for 2020/21 must be paid by 31 January 2022, along with the first payment on account for 2021/22....
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Recent Posts

  • Make sure your business is ready for MTD
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  • Claiming everything you are entitled to from the taxman?
  • National Insurance contribution levels change in July
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