HM Revenue & Customs (HMRC) has announced the launch of a new ‘profit diversion compliance facility’ designed to encourage Multinational Enterprises (MNEs) to disclose mistakes and/or non-compliance related to profits diverted from the UK through incorrect transfer pricing arrangements. HMRC are aware that some companies with international operations are diverting profits overseas that should be […]
The aim of the Patent Box is to provide an additional incentive (in the form of reduced corporation tax) for companies to retain and commercialise existing patents and to develop new innovative patented products. The relief allows UK business to pay corporation tax at 10% on profits from UK or EU patents. The amount of […]
Magma are pleased to announce that Matt Norris has joined their Rugby office as Manager within the Audit team. Matt, a Chartered Accountant, brings with him significant experience, based on a background at Grant Thornton and over nine years of experience working in both business services and audit. Matt has gained experience working with owner […]
Cryptoassets are a relatively new type of much talked about asset. This sector is fast-moving and developing all the time. The CATF (Cryptoasset Taskforce) have currently identified three types of cryptoassets – exchange tokens, utility tokens and security tokens. However, the tax treatment of each is dependent on the nature and use of the token […]
Around 1.4 million businesses in the UK employed members of staff in 2018, and all of them shared one thing in common: the legal requirement to run payroll. This task consumes a large amount of time each month, with multiple processes to complete in order to comply with legislation and pay workers on time. The […]
In a personal or family company, the lines between the directors as individuals and the company are often blurred – the director may lend money to the company when cashflow is tight and the company may lend money to the director or pay personal bills on the director’s behalf. Transactions between the director and the […]
HMRC has recently issued Revenue & Customs Brief 13 (2018), explaining their new policy on VAT treatment of retained payments and deposits. This may be relevant to companies and businesses charging for services in advance of their supply, which are not refundable on cancellation. This is of course commonplace in the travel and hospitality industries. […]
