The Government has announced that the rise in the pension age to 68 will now happen by 2039 – seven years earlier than initially proposed, and will affect everyone born between 6 April 1970 and 5 April 1978. The proposal is most likely to affect around 7 million people in their late 30s and 40s, […]
Ministers have confirmed a new timetable for Making Tax Digital. Whilst Making Tax Digital should provide businesses with a modern, streamlined system to assist with updating tax records and providing information to HMRC, concern had been expressed by the scope and pace of the proposed changes. Under the new timetable, only businesses with a turnover […]
HMRC have recently said to the Institute of Chartered Accountants in England and Wales (ICAEW) that it has decided not to charge daily penalties for failure to submit non-UK resident capital gains tax returns. From April 2015, there has been a requirement for non-UK residents to file a return within 30 days of the disposal […]
The Supreme Court has now ruled in HMRC’s favour, bringing to an end a long legal battle with Rangers football club over its use of Employee Benefit Trust (EBT) arrangements. Any employers who have ongoing EBT or similar arrangements should urgently review how they can be resolved, as whilst the opportunity to settle with HMRC […]
Magma are delighted to welcome Ismail Sidat to the Business Services Team, as Senior Manager within their Leicester office. Ismail brings with him significant experience of working with and advising owner managed businesses across a wide variety of sectors, having spent 16 years at the Leicester offices of national accountancy firms Mazars and RSM. Mark […]
Magma are pleased to announce that Shafwaan Bheda has joined the team from RSM, as a Corporate Finance Manager. Shafwaan, a commercially astute Chartered Accountant specialises in advising SME clients on acquisitions, exit strategy, growth capital and fund raising. Mark Tuckwell, Managing Partner said “Shafwaan is ideally suited to help our clients raise working capital […]
Following technical problems with submissions, the reporting deadline of 6 July for events in the tax year 2016/17 has been extended to 24 August. You should be aware that if your return isn’t filed by the extended deadline the first late filing penalty of £100 will be issued on 25 August 2017. If you would like […]
