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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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Gift Aid Declaration

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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Fab5 Feature – March

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

Fabulous Team News

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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IR35 off-payroll working – a recap of what to do from 6 April 2021

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

Business interruption insurance – Are pay-outs taxable?

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

Selling items online, are you trading?

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

Spring Budget Announcement 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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VAT Deferral New Payment Scheme – online service now live

Businesses that deferred VAT payments last year can join the new scheme to pay it in eleven smaller monthly instalments from today. Eligible businesses will need to have deferred VAT payments between March and June 2020 under the VAT Payment Deferral Scheme and now have the option to pay their deferred VAT in equal consecutive…
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Personal Tax Allowances 2021/22

The income tax thresholds and allowances have been set 2021/22. Tax rates for Scotland have been announced, and the rest of the UK tax rates are subject to parliamentary approval. For full details visit the government website.
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How has your accountant helped to guide you towards the light at the end of the covid tunnel?

Whilst staying true to our core, our goal this last year has always been to reach the end of the ‘covid tunnel’ with our clients in the healthiest financial position as possible. How, you ask? Through the delivery of timely updates and reminders; Reducing fees for those forced to close due to Covid Preparing and…
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Fab5 Feature – February

Hello and welcome to February’s instalment of Fab5. Isn’t the way this month falls and looks on the calendar particular satisfying, or is that just us?! Talking of calendars, this month’s feature does contain some important dates that may be worth noting down amongst some other useful ideas you may wish to take away. A…
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Employee Benefits: Health & Protection Insurance

Beckett Financial Services are one of our select partners who broker and consult on employee benefits to deliver solutions that employees understand and value whilst keeping employers compliant with well-run, cost-effective, bench-marked programmes. Here is a guest article from them, you can find out more information by visiting their website.       The past 12…
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Dominos

The impact of Covid Business Support on Cashflow

It’s been nearly a year since we entered the first lockdown and with that came the first round of financial support initiatives from the Government. Over the last year Chancellor Rishi Sunak has launched various support schemes to help businesses and individuals such as the Job Retention Scheme, SEISS grants, VAT deferrals and Business Grants…
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