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 | May 3, 2022 | Business, HMRC, Tax
Unincorporated businesses – including sole traders, trusts and those businesses working as partnerships, and anyone else that pays tax on trading income – face a major change that will affect the way and the time they are taxed on their profits. The so-called Basis... 
by VelocityAS | Apr 1, 2022 | Finance, National Insurance, Spring Statement, Tax
The Chancellor’s Spring Statement on March 23 was limited on giveaways, but there were some measures designed to help people struggling with the highest rates of inflation in 30 years. The Office for Budget Responsibility (OBR) has forecast that inflation will average... 
by VelocityAS | Mar 1, 2022 | Accounting, Finance, HMRC, Stamp Duty, Tax
Stamp Duty Land Tax (SDLT) receipts were somewhat skewed in the last year as the SDLT holiday for properties worth up to £500,000 was phased out on June 30, 2021, and the holiday for properties worth between £125,000 and £250,000 ended on September 30. These two... 
by VelocityAS | Mar 1, 2022 | Business, COVID-19, Finance, Tax
The bounce back loans, CBILS and CLBILS for larger companies were some of the most generous schemes available to businesses suffering from the impact of lockdowns due to the Covid-19 pandemic, paying out a total of £80 billion to help keep businesses afloat. The...