Latest News

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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Buy to let or furnished holiday letting?

When looking for an investment property, there are various decisions that need to be made. If the intention is to let the property, one consideration is whether to go down the buy-to-let route or whether to look at a holiday let. From a tax perspective, holiday lets that qualify as furnished holiday lettings have their…
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How does a directors’ loan account (DLA) work?

What is a DLA? A ‘Directors Loan Account’ (DLA) is an account in the company’s financial books that records all transactions between a director who is a participator (or another participator) and the company.Directors Loan Account’ (DLA) is an account in the company’s financial books that records all transactions between a director who is a…
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Fab5 Feature – May

Welcome! With further restrictions being lifted from Monday, it felt right for this month’s Fab5 feature to be focussed on recovery. This month’s feature includes an article from one of our retail clients, an introduction to our newest team member and details of the Recovery Loan Scheme and reduced VAT. Pop the kettle on and…
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Reduced rate of VAT

To help the hospitality and leisure industry recover from the impact of the first national lockdown, a reduced rate of VAT of 5% was introduced for a limited period from 15 July 2020. The reduced rate of VAT was originally to apply until 12 January 2021. However, in September last year, the Chancellor announced that…
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Client spotlight: Non Essential Retail

With clients in both the retail and hospitality sector, we have witnessed first-hand the impact the last year has had on said businesses. No two businesses have been affected in the same way and every business owner has their own story to tell. To the relief of many, non- essential retailers were permitted to reopen…
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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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CIS compliance for property developers

The Construction Industry Scheme (CIS) is a scheme whereby contractors of building firms are required to deduct tax at source from payments made to sub-contractors working for them. Some sub-contractors are entitled to be paid without any tax deduction, others at 30% as per HMRC’s instructions but the majority have 20% tax withheld before payment.…
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Running a car on the company – What you need to know.

Running a car on the company – Benefit in kind, car allowance, company fuel cards Despite successive Governments changing the rules to increase the tax take, the provision of company cars remains one of the more popular benefits an employer can give to an employee. Our clients often speak to us about the various options…
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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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Super-deduction for capital expenditure

To encourage companies to invest, enhanced capital allowances are available for expenditure incurred within a limited two-year window. As an alternative to the annual investment allowance (AIA), companies will be able to benefit from either a super-deduction or a new first-year allowance, depending on whether the expenditure is on assets that would qualify for main…
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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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Personal and family companies – Optimal salary for 2021/22

As we look ahead to the new financial year, what’s the optimal salary for 2021/22? A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends. The optimal salary will depend on whether the employment allowance is available to shelter any…
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National Living Wage and National Minimum Wage changes from April 2021

Under the minimum wage legislation, workers must be paid at least the statutory minimum wage for their age. There are two types of minimum wage – the National Living Wage (NLW) and the National Minimum Wage (NMW). From 1 April 2021, as well as the usual annual increases, the age threshold for the National Living…
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