by VelocityAS | Jun 9, 2021 | Accounting, HMRC, National Insurance, Tax
If you are self-employed, you will pay Class 2 and Class 4 National Insurance contributions if your profits exceed the relevant thresholds. Class 2 National Insurance contributions are the mechanism by which you build up qualifying years to earn entitlement to the... 
by VelocityAS | Jun 9, 2021 | Accounting, National Insurance, PAYE, Tax
You can use a PAYE Settlement Agreement (PSA) if you wish to settle the tax liability arising on the provision of a benefit-in-kind or an expense on an employee’s behalf. This can be useful if you wish to preserve the goodwill nature of a particular benefit. Nature of... 
by VelocityAS | Apr 6, 2021 | Budget 2021, income, National Insurance, Tax
To help meet some of the costs of the COVID-19 pandemic, the Chancellor has opted to freeze various allowances and thresholds until April 2026, rather than increase the rates of income tax and capital gains tax. As incomes rise over the period, more people will pay... 
by VelocityAS | Oct 3, 2020 | National Insurance, PAYE, Tax
If you have a PAYE Settlement Agreement (PSA) in place for 2019/20, you will need to pay the tax and National Insurance due under the agreement by 22 October 2020, assuming payment is made electronically. If you pay by cheque, the cheque must reach HMRC by the earlier... 