More recent posts
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National Minimum Wage – a risky compliance conundrum
With April 1st quickly approaching, both the National Living Wage and National Minimum Wage (NMW) rates will be increasing – bringing with it a whole host of compliance…
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Capital gains tax receipts hit record levels
Official data shows that capital gains tax (CGT) receipts have almost doubled over the last 4 years, representing a record breaking £15.3 billion in the year to 31…
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R&D – What do we know?
Research and development relief (R&D) has been the talk of the town, especially since the reform bombshell of the 2022 Autumn Statement. The current eight-week consultation points towards…
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Calls to modernise the P11D process
The ICAEW have openly called on HMRC to improve form P11D, used to report benefits in kind (BiK), to make it easier for employers to complete. A P11D…
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Electric vehicles – mileage claims and charging
Electric and low emission vehicles (EV) remain highly sought after. Despite the slight increase to the benefits in kind (BiK) tax rate to 2% this April, EVs remain…
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New year, new opportunities
We are kicking off 2023 with a bang, continued growth meaning more new faces across all departments and offices. Already this year, we are delighted to welcome: If…
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Magma joins Praxity Global Alliance – enhancing its international capability
Following continued growth, Magma Chartered Accountants is delighted to announce that it has joined the Praxity Global Alliance, the world’s largest alliance of independent accounting and consulting firms.…
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The rising cost of corporation tax
Most business owners are very aware of the upcoming corporation tax hike. From 1 April 2023, corporation tax will increase from 19% to 25%, with the nearly one third…
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Personal tax returns – the last-minute rush…..
As of the turn of the year, according to HMRC, around 47% of people were yet to file their 2021/22 self-assessment tax returns. That’s around 5.7 million of…