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 | 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 | Apr 1, 2022 | Accounting, capital allowance, Corporation Tax, Dividends, Finance, Shares, Tax
The new tax year on April 6 is accelerating quickly towards us, and now is the time to make sure that any last-minute allowances you may not have made the most of in the 2021/22 tax year are mopped up. There are plenty of allowances that have a time limit on each tax... 
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 | May 7, 2021 | COVID-19, Finance, income, Tax, Tax Relief
To help businesses which have suffered losses as a result of the COVID-19 pandemic, the period for which certain trading losses can be carried back is extended from one year to three years. The extended carry-back period applies for both income tax and corporation tax...