More recent posts
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IWD – Alison’s Magma journey
International Women’s Day (IWD) is a global day celebrating the social, economic, cultural, and political achievements of women. In honour of this special day, we focus on the outstanding…
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Business Asset Disposal Relief (BADR) – HMRC chasing those exceeding allowance
HMRC are sending warning letters to BADR (formerly Entrepreneur’s Relief) claimants who they believe may have exceeded their lifetime allowance on their 2021/2022 tax returns. BADR can be…
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Gender pay gap reporting ‘snapshot date’ looms
Time is running out to report your gender pay gap information. As the end of the tax year approaches, reporting key financial information engulfs the business world, and…
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Magma expands Corporate Finance team with key senior addition
Magma strengthens its market position with the appointment of Chris Matthews to its Corporate Finance team. Arriving from a nearby regional firm, Chris joins Magma as a Corporate…
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IHT receipts up to £5.9bn with record breaking year expected
The latest data shows that there’s no respite in sight, with Inheritance Tax (IHT) receipts hitting £5.9bn throughout the period of April 2022 to January 2023 – a…
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More than 2,000 nudge letters sent to combat Research & Development (R&D) tax fraud
HMRC sent over 2,000 nudge letters to R&D claimants this past January in an attempt to clampdown on rising fraudulent activities and errors in submissions. Nudge letters are…
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Magma Strengthens Audit Team
Three senior level audit recruits have bolstered Magma’s audit offering, following another year of strong growth. Meadhbh Heard, with a background at EY and Shipleys and significant expertise…
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Avoid missing out on the UK state pension
Check your National Insurance (NI) records before 5 April 2023 to avoid falling short on your UK state pension claim. For those retiring on or after 6 April…
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HMRC interest rates for late and early tax payments rise… yet again
With the Bank of England’s base rate and HMRC’s interest rates being tightly knit, the Monetary Policy Committee’s decision on 2 February 2023 to increase the base rate…