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 | 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 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... 
by VelocityAS | Mar 1, 2022 | Company Car, Employment, Finance, income, National Insurance, Tax, VAT
The Government is set to increase National Insurance Contributions (NICs) by 1.25% from April to fund the Health and Social Care Levy, and while this may be a laudable aim, it is going to hit all of us in the pocket. Costly increase when finances are being squeezed... 
by VelocityAS | Jan 4, 2022 | Accounting, Finance, HMRC, National Insurance, Tax
Financially, 2021 has been a difficult year for many, and you may be struggling to pay your January tax bill in full. Any tax and National Insurance that remains unpaid for 2020/21 must be paid by 31 January 2022, along with the first payment on account for 2021/22....