by VelocityAS | Jul 1, 2022 | Corporation Tax, Tax
Qualifying for a super deduction, which is a temporary allowance you do not want to miss, can be an option if your business has spent money on plant and machinery and it is subject to corporation tax. Qualifying purchases will need to have been made between April 1,... 
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 | 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... 
by VelocityAS | Jun 1, 2022 | Business, HMRC, IHT, PAYE, Tax, VAT
If you are unlucky enough to be fined for a late filing, then the way in which any appeal can be made changed as of May 7. Prior to this, HMRC had temporarily reintroduced the ability to bulk appeal late filing penalties for income tax in 2020 and 2021. But from now... 
by VelocityAS | Jun 1, 2022 | Accounting, Business, Finance, Tax
Putting aside the tax money due each time you have an invoice paid is sensible planning, but is that money working as hard for you as it could be? Many current accounts are paying no interest whatsoever, and when it comes to savings accounts, you would still be... 
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...