by VelocityAS | Feb 14, 2022 | Accounting, Business, Employment, Finance
Velocity Accounting Solutions have added a new member to their team with the appointment of Georgia Bingham as Business Co-ordinator. Growing from a team of one to a team of four over the past year, the Sheffield based bookkeeping and accountancy firm identified the... 
by VelocityAS | Dec 1, 2021 | Accounting, HMRC, Universal Credit
Under Real Time Information (RTI), you must report payments made to employees and associated deductions to HMRC on a Full Payment Submission (FPS) at or before the time at which you make the payment to your employee. However, special rules apply which modify this rule... 
by VelocityAS | Nov 1, 2021 | Accounting, HMRC, Tax
From 4 April 2022, applicants applying to renew certain licences will need to pass a tax check before their licence application can be considered. Initially, the requirement will only apply in England and Wales. However, the Government have consulted on extending the... 
by VelocityAS | Nov 1, 2021 | Accounting, Business, COVID-19, Finance, Tax, VAT
To help the hospitality and leisure industries recover from the impact of the COVID-19 pandemic and associated lockdowns, a reduced rate of VAT of 5% applied from 15 July 2020 until 30 September 2021. This rate has now come to an end, and a new reduced rate of 12.5%... 
by VelocityAS | Nov 1, 2021 | Accounting, AIA, Budget 2021, Business, Employment, Finance, income
The Annual Investment Allowance (AIA) is a capital allowance that enables you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The AIA limit was temporarily increased from £200,000 to £1 million from 1...