Business interruption insurance – Are pay-outs taxable?

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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Ho Ho Ho! HMRC Gives the go ahead for tax-free virtual Christmas parties.

Blue and White Baubles hanging from christmas tree

HMRC has given the go-ahead for tax-free virtual Christmas parties. It would appear the taxman isn’t scrooge and is in fact ready to spread some festive cheer! No one would have ever imagined that we’d currently be researching Christmas Party ideas to take online but following the government’s latest announcement it appears to be the…

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CJRS & SEISS Announcement

coronavirus job retention scheme

CJRS & SEISS Announcement On Friday evening 29 May 2020, the chancellor announced the final part of the Coronavirus Job Retention Scheme (CJRS) scheme that will run from 1st July until 31st October.  This introduces a new flexible element from the 1st July whereby the employer can elect to pay employees for a certain amount of time and then they can be furloughed for…

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COVID-19: A summary by Fabulous Financial

Fabulous Finance host Q&A on support available to businesses during the COVID-19 pandemic

Fabulous Financial have collated the latest government guidance in relation to the funding support available to businesses into an easy to follow summary.   Fabulous Financial Covid Summary   This is very much an evolving document that will continue to be updated with new guidance as and when it is released.  The information contained within…

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COVID-19: Business Support Update

Business Support Guidance

Government Measures to Support Businesses. Offering support to business owners and their business is at the core of everything we do at The Fabulous Group and during these unprecedented times, it could not be more true. We understand the complexity of challenges being faced by businesses and therefore we must support one another more than…

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A round up of the Spring Budget

Government announces tax and spending plans in Spring Budget

Yesterday, whilst much of the country was busy stockpiling pasta, toilet roll and hand sanitiser, the Chancellor Rishi Sunak delivered his first Budget in the House of Commons under the new parliament. Sunak addressed the coronavirus outbreak in his opening speech and recognised the severe anxiety felt by many businesses about the possible impact of…

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How to come up with a killer business idea

Lightbulb hanging from ceiling

How do I come up with a great business idea when starting my own business?   If you’re looking to start a business, coming up with that all-important business idea can be the first stumbling block. Starting a business can be an uphill struggle, but nothing will propel you to the top quite like that…

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Self Employment: Am I Ready to Take the Plunge?

Man looking into the horizon

What Do I Need to Know About Being Self-Employed? There were over 4.8 million self-employed people in the UK in 2016. With the growth from 3.2 million at the turn of the century, self-employment is fast becoming a popular business option. However, taking the plunge to start your own business and turn it into your…

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