The deadline for submission of 2016/17 Self Assessment tax returns to HM Revenue & Customs is 31 January 2018. If you send your return late, you will receive a £100 penalty – even if you have no tax to pay or you pay your tax on time. The longer you delay, the more you will […]
With Christmas fast approaching some employers may consider making small gifts to their employees. A tax exemption is available which should give employers certainty that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the benefit to be exempt it must meet the following conditions: […]
A measure announced at Autumn Budget 2017 will simplify the way in which individuals and partnerships (made up of only individuals) can claim for motoring expenses associated with running their property business. The new rules, effective from 6 April 2017, will allow landlords a choice between claiming fixed rates per business mile or actual running […]
As always, this Budget speech was a dry affair, with macro-economic statistics, policy spending and crystal ball forecasting in high order. Magma’s Budget review concentrates on its impact for private businesses and successful individuals … making it actually relevant! Please click here to read our Autumn Budget 2017 summary.
A new settlement opportunity has been announced by HM Revenue & Customs. This applies to users of tax planning arrangements falling within the disguised remuneration rules – typically Employee Benefit Trusts (EBTs) and Employer Financed Retirement Benefit Schemes (EFRBS). A settlement will allow the taxpayer to close the structure down and pay all of the […]
Following the launch of HM Revenue & Customs’ new Trust Register, the deadline for registering new trusts (those that first incurred a tax liability in the 2016-2017 tax year) was initially 5 October 2017. However, due to technical difficulties logging into the system, the deadline has been delayed to 5 January 2018. Please speak to […]
Magma Corporate Finance are extremely pleased to have advised the shareholders of Leicester based MCR Systems on the sale of the business to Jonas Software, part of Toronto listed Constellation Software Inc. Established in 1978, MCR Systems has over thirty-five years’ experience in providing enterprise management solutions technology. MCR Systems has become a leader in […]
If you are looking to change your company car in the New Year, you should be aware that changes are being made to the tax relief available to businesses for expenditure on or after 1 April 2018. Under the new rules expenditure on cars with CO2 emissions: Not exceeding 110gm/km will be pooled in the […]
From 26 June 2016 Companies and LLP’s have been required to keep a register of Persons with Significant Control (PSC). A PSC being defined as a person and/or entity owning more than 25% of the company’s shares or voting rights. The business was required to update the register within two months of the change but, […]
Magma have successfully advised ENSEK, a leading software supplier to UK energy providers, on their Private Equity backed buy-out. Together with legal firm Spearing Waite, Magma played a leading role in designing and structuring the deal, which will assist the business into the next phase of its exciting growth. The deal was backed by Lloyds […]
