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, 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... 
by VelocityAS | May 3, 2022 | HMRC, MTD, Tax
Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase. All businesses registered for VAT – even if they have turnover below the threshold – must file their returns this way from... 
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 | Accounting, Finance, IHT, Tax, VAT
Inheritance tax (IHT) is one of the most hated taxes there is, mainly because for many people their estate faces a 40% tax rate which is higher than they would have paid during their lifetime. HMRC’s latest figures reveal there has been a £700m increase in IHT...