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, COVID-19, Dividends, Finance, Self Assessment, Tax
Payments on account are advance payments towards your tax and, where relevant, your Class 4 National Insurance bill. You may need to make them if you are self-employed or if you are a landlord. You may also need to make them if you operate your business through a... 
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 | Dec 1, 2021 | Accounting, Corporation Tax, Finance, HMRC, MTD, Self Assessment, Tax, VAT
Making Tax Digital (MTD) is a Government initiative that aims to provide the UK with one of the most digitally advanced tax administrations in the world. Under MTD, taxpayers are required to keep electronic records and report to HMRC digitally. MTD is being... 
by VelocityAS | Nov 1, 2021 | Accounting, Employment, Finance, HMRC, PAYE, Self Assessment, Tax
The deadline for filing your 2020/21 self-assessment tax return is midnight on 31 January 2022. However, if you have underpaid tax and you are employed and would prefer HMRC to collect that underpayment through your tax code, you will need to file your return online... 
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...