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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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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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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Where a Gift Aid declaration is made, the recipient charity or community amateur sports club can claim back basic rate tax on the donation. The donation is treated as made net of basic rate tax, meaning that for every £1 donated, the charity can claim back 25p, or to put it another way, a donation…

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We’ve had a busy couple of weeks here so have decided to keep this edition short –something to read when you’ve got a free 5 minutes! The beginning of the month was particularly busy with an earlier than usual Spring Budget Announcement and the addition of our newest team member, Sharon Bridges, Tax and Accounting…

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Office space with yellow seats and plant in forefront

Sharon Bridges, Tax & Accounting Manager We welcomed Sharon to the team at the beginning of March and with her, she brings a wealth of tax and accounting knowledge. Sharon is responsible for the planning and delivery of clients’ statutory accounts and taxation requirements and is our go-to tax specialist and given her expertise, we…

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Prior to 6 April 2021, workers who provide their services to a private sector organisation through an intermediary, such as a personal service company, need to consider whether the IR35 rules apply to them. This will be the case if the nature of the engagement is such that if they provided their services directly to…

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Business Interruption Insurance Tax Implications

In January, the Supreme Court ruled in favour of small businesses whose insurance companies have refused to pay out for business interruption losses as a result of the pandemic. In the following article we look at the tax implications of these pay-outs. Business interruption insurance provides cover for losses as a result of events that…

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Online Selling Business

Lockdown restrictions have forced many businesses to close temporarily meaning many people have been in search of new ways to generate some additional income. Selling goods or clothes on sites such as eBay and Depop offers the opportunity to raise some much needed cash in these difficult times. However, what are the associated tax implications…

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Spring Budget 2021

Chancellor Rishi Sunak has today delivered his Budget to Parliament. The OBR forecasts the economy to return to pre-Covid levels by the middle of 2022, with growth of 7.3% next year. Covid-19 has undoubtedly done damage and the economy will be 3% smaller in five years than it would have been. Here is a summary of the…

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