In the midst of election manifestos and fiscal policy debate, the Institute of Fiscal Studies (IFS) has released an interesting statistic – the top 1% of income tax payers in the UK now account for around 30% of income tax paid to the government. Broadly, the ‘top 1%’ of tax payers will earn over £120,000 […]
Where did the last 8 years go? Born from a management buy-out in November 2011, we are pleased to be celebrating 8 years this week. We wanted to highlight our 8 year journey in 8 statistics: All of the above, but just one consistent message throughout – “big firm expertise, better service and value”. We […]
With the holiday season approaching, do you know what you can deduct for business entertaining? Can we deduct entertaining expenses? The tax rules on the deductibility of entertaining expenses are harsh and often misunderstood – the fact that the expenditure is incurred for businesses purposes does not make it deductible. Subject to certain limited exceptions, […]
The deadline for filing the self-assessment tax return for 2018/19 is 31 January 2020. This is also the date by which any outstanding tax for 2018/19 must be paid, when payments need to be made, and the date by which the first payment on account of the 2019/20 liability must be made. What is a […]
With Christmas approaching employers are giving consideration to offering Christmas gifts to their employees. Showing your appreciation of your staff’s efforts by gifts and benefits is good for morale. However, do not leave a sting in the tail by also giving them a tax liability. The most common gifts and benefits are cash, retail vouchers, […]
From April 2020, the holiday pay reference period will be lengthened from 12 to 52 weeks. The new regulations, which take effect from April 2020, will ensure anyone in seasonal work or with abnormal working hours receives the paid holiday to which they are entitled. The current Pay reference period only looks back at successful […]
Magma Corporate Finance has successfully advised on the buyout of World of Marble, a leading Nottingham based supplier, fabricator and installer of marble, granite and composite surfaces. The transaction facilitates the exit of a founding shareholder and brings the next stage in the company’s growth. Magma worked closely with Chris Smith, of HSBC to secure […]
Magma are delighted to announce that Pam Keogh has returned to their Rugby office as Senior Manager within the Corporate Tax team. Pam a Grant Thornton-trained Chartered Tax Adviser has 15 years’ experience in practice, specialising in owner managed businesses. She deals with all areas of Corporate and Business Tax, specifically company reconstructions and transactions, […]
Sometimes it can make sense financially for directors of privately owned businesses to borrow money from the company rather than from a commercial lender. Depending on when in the financial year the loan is taken out, it is possible to borrow up to £10,000 for up to 21 months without any tax consequences. However, if […]
