The New Health & Social Care Levy

A new health and social care tax will be introduced across the UK to pay for reforms to the care sector and NHS funding in England. A social care package, which the prime minister has called “the biggest catch-up programme” in the NHS’s history, will be funded through a new, UK wide 1.25% health and…

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Mileage allowances for Employees

Making mileage payments to employees As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. Where employees undertake business travel, they will usually be able to claim the associated expenses from their employer. If the journey is by car, the easiest way to do this is for the employer…

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Final SEISS Grant

The fifth and final Self Employed Income Support Scheme (SEISS) grant is available to apply for from the government. The scheme is available to anyone who is self-employed or a member of a partnership and thinks their business profit will be impacted by the pandemic between 1 May 2021 and 30 September 2021. You do…

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Gifting property to children

No one likes the idea of the taxman taking a chunk of their estate when they die, particularly if it will be necessary to sell a much-loved property to pay the inheritance (IHT) bill. The introduction of the residence nil rate band (RNRB -set at £175,000) means that a couple can now leave combined estates…

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Collection of Tax Debts

During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to other activities, such as administering the various coronavirus support initiatives, such as the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme, and to provide those whose finances were adversely affected by the pandemic…

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Fab5 Feature – June

Welcome to June’s edition of Fab5, the last one prior to the refresh we have planned… You’ll have heard us mention that lockdown derailed many of our plans but at last we have good news – we’re getting them back on track. In the coming days we’ll be announcing something exciting, a fresh identity to…

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Expenses and benefit returns for 2020/21

Expenses and benefits returns P11D and P11D(b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties may be charged for returns that are filed late. Form P11D A form P11D must be filed for every employee who has been provided with taxable benefits and/or expenses in the…

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Restart Grants and Recovery Loans

As lockdown restrictions are eased, businesses may need help to re-open and to recover from the impact of the pandemic. Depending on the nature of the business, they may be eligible for a Restart Grant or a Recovery Loan. Restart Grants The Restart Grant Scheme provides support to help businesses that were required to close…

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Take advantage of the enhanced carry back of losses

Many businesses have suffered losses as a result of the Covid-19 pandemic, and where a business has made a loss, various options are available to obtain relief for that loss. The challenge is to make the best use of the loss. To help loss-making businesses, legislation is to be introduced to increase temporarily the period…

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Mike’s Reflection Point

If someone had told me 5 years ago, as I prepared to launch Fabulous Group, that by its fifth anniversary, over 20% of its lifespan would have been spent in a period of national lockdown and restrictions I would have thought they were crazy! And yet as I sit here reflecting on those 5 years,…

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