The Bounce Back Loan Scheme (BBLs) was introduced during the coronavirus pandemic by the UK government to offer financial help to businesses struggling due to COVID-19. Continue reading as we discuss what support is available for your business if you cannot repay your Bounce Back Loan (BBL) and what happens if you can close your limited company with an outstanding BBL?
The following is an official statement from Churchill Knight & Associates Ltd in response to HMRC’s investigation regarding the Managed Service Company (MSC) Legislation.
Chancellor Rishi Sunak delivered his Spring Statement to the House of Commons on the 23rd March 2022. The Chancellor announced a series of measures to support businesses, building on measures announced at the Autumn Budget and Spending Review 2021. Continue reading as we outline the key announcements in the Spring Statement 2022.
As another tax year draws to a close, it’s helpful to consider the upcoming changes the new tax year will bring and how it could affect the amount of tax you pay. Continue reading as we discuss the changes you should be aware of for the 2022/23 tax year.
HMRC has issued a warning to all taxpayers to be extra vigilant and watch out for fake phone calls, texts, emails, and WhatsApp messages from scammers pretending to be the UK tax office. Continue reading as we highlight how to spot a scam and what to do if you encounter one.
The Freelancer and Contractor Service Association (FCSA) has brought a new type of fraud to its members’ attention, targeting recruitment agencies. This blog summarises the new scam and explains how it works. If you represent a staffing agency and place temporary workers – you must read the following and ensure your business has precautions in place.
Failing to meet the self-assessment filing deadline almost certainly results in a £100 penalty from the government. However, HMRC will not enforce penalties for anyone who submits their 2020/21 tax return up to a month after the regular deadline for the second year in a row. Keep reading, and we’ll explain more about this unexpected announcement.
Two government departments have recently unveiled they face a combined tax bill of over £120 million due to IR35 status errors. The Department for Environment, Food & Rural Affairs (Defra) and the Ministry of Justice (MoJ) used CEST, the government’s IR35 status tool, to determine the IR35 status of their temporary workforce. Unfortunately, the tool appears to have failed. Keep reading, and we will explain why Defra and the MoJ face such heavy tax bills from the government.