Budget 2018
Unlike the last few, yesterday’s Budget proved quite eventful for private businesses and successful individuals. Magma’s review is focused on those impacts. To read more, click here
Posts made in October, 2018
30Oct
23Oct
Taxman cracks down on football
According to official figures, since 2015, HMRC has clawed back more than £332m in tax in a crackdown on football. At this time HMRC has open ‘enquiries’ into 171 players, 44 clubs and 31 agents, a considerable increase from the numbers this time last year, when HMRC said it was making enquiries into 90 players, […]
11Oct
Making Tax Digital – Software Review
From 1 April 2019 Making Tax Digital (MTD) will be compulsory for VAT-registered businesses with a turnover above the current VAT registration threshold of £85,000. Under the scheme, all businesses registered for VAT that have taxable income about the VAT threshold will be required to maintain digital records, complete the VAT returns from the digital […]
10Oct
Itemised Pay Statements
From 6 April 2019, all employees will have the right to receive more detailed payslips. Where an employee’s pay varies due to the number of hours worked, employers will also be required to provide clear information on those hours. As a result, up to 1.6 million people will be entitled to receive hours worked information […]
09Oct
Chancellor considers abolishing dividend allowance
The Treasury is reportedly considering abolishing the tax-free dividend allowance in the Autumn Budget 2018. The Budget itself is scheduled for 29 October 2018. The dividend allowance was cut from £5,000 to £2,000 with effect from 6 April 2018. Currently therefore, the first £2,000 of an individual’s dividend income is received without suffering income tax. Anything above that […]
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