Corporate Tax, Research and Development tax credits tables have been released by HMRC. These show that since 2000/01 when the R&D tax credit schemes were first launched, more than 74,000 claims have been made and over £7 billion of relief claimed. For the latest year figures are available (2010/11) it is estimated that the number […]
According to research published by an asset management company, just under half of the British public have not saved towards a pension for retirement. Of those surveyed, 44% are not considering a pension for when they retire, 17% are reliant on inheritance to finance their later years and 11% are reliant on their property to […]
Congratulations to Victoria Tunaley of Magma’s Corporate and Business tax team on becoming a member of the Association of Accounting Technicians. Victoria is also currently studying to become a Chartered Tax Adviser.
6 August 2012 The Government has set out its objective of ensuring that, in its view, high value residential property transactions are taxed fairly. The result is new tax legislation for UK residential properties with a value in excess of £2,000,000. Introduction The Government believes that currently high value residential properties are often acquired and […]
Government proposals for a universal credit to replace the tax credits system would, as currently drafted, have a severe impact on the self employed. The Chartered Institute of Taxation (“CIOT”) have submitted various concerns regarding the current proposals. One particular issue is a requirement for self employed individuals to report monthly earnings in a different […]
According to a report published by website unbiased.co.uk, as much as £12.6 billion of unnecessary tax will be paid this year. They estimate that this is equivalent to £421 per taxpayer. Over the last decade the unnecessary tax paid is estimated at £88.6 billion. Taxpayers should seek tax advice to ensure that they are not […]
