by VelocityAS | Jul 1, 2022 | HMRC, Self Assessment, Tax, Tax Relief
As former US President Benjamin Franklin said, Tax is something that is a certainty in life, but there are lots of ways you can reduce the amount of tax you have to pay by claiming for expenses you may not realise you could. If you are self-employed or own businesses... 
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 | 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 | Feb 1, 2022 | Accounting, CJRS, COVID-19, Finance, HMRC, income, SEISS, Self Assessment, Tax
Millions of taxpayers who are yet to submit their completed Self-Assessment tax return which is due before January 31 are being given a grace period to file until February 28. More than 12.2 million customers are expected to complete a tax return for the 2020/21 tax... 
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...