Can I Close My Limited Company With An Outstanding Bounce Back Loan FI

Can I close my limited company with an outstanding Bounce Back Loan?

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?

HMRC waives late self-assessment filing fines for the second year in a row

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.

Do I need to submit a Tax Return if I work via an umbrella company?

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.

Why Should You File Your Self Assessment Tax Return Before Christmas FI

Why should you file your Self-Assessment Tax Return before Christmas?

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.