by VelocityAS | May 3, 2022 | capital allowance, income, ISA, Tax
If you are one of those people who is always racing to use up your tax allowances, such as Individual Savings Accounts (ISAs) at the last minute before the end of April 5, then you are not alone. But you could be making a big mistake. When it comes to mopping up tax... 
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 | 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 | Apr 1, 2022 | COVID-19, Employment, Finance, income, Self Assessment, Tax
Married Couple’s Allowance can be transferred between spouses and civil partners, and while 2m couples have claimed this since it was introduced back in 2015, there are many more people who are entitled to claim it. Go back four years The allowance, which is worth up... 
by VelocityAS | Mar 25, 2022 | Employment, income, National Insurance, PAYE, Spring Statement, Tax, Tax Relief
The Chancellor, Rishi Sunak’s, Spring Statement provided much anticipation especially against the rising cost of living and the shock of the Ukraine War. In the House of Commons, The Chancellor shared that the invasion of Ukraine by Russia was causing a lot of...