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.
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.
With just over a month to go until the self-assessment tax deadline, it is worth double-checking whether or not you have to submit a self-assessment tax return. In many cases, umbrella company employees won’t need to submit a tax return because they are taxed similarly to those in permanent employment (PAYE). However, any additional income may need to be disclosed to HMRC by submitting a tax return. Continue reading to discover whether you need to file a self-assessment tax return.
If you are required to submit a self-assessment tax return for the 2020/21 tax year, it’s recommended you file it before Christmas – to ensure you’re well within the deadline of the 31st January 2022. This blog explains more about the importance of beating the deadline, and we explain who needs to complete a tax return. There are also a few eye-opening facts about the submission of tax returns during the Christmas period. Keep reading to find out more.
Whether you are new to cryptocurrency or a seasoned veteran, it’s crucial to understand how HMRC taxes crypto assets such as cryptocurrency or bitcoin. Please continue reading to discover everything you need to know about UK cryptocurrency taxes in our comprehensive guide.
During the pandemic, HMRC introduced a workaround for those who needed to register for self-employment and obtain a Unique Taxpayer Reference (UTR) but could not get a National Insurance Number. Continue reading as we outline the next steps you need to take to ensure you are registered as self-employed for National Insurance purposes.
