As reported previously, the loan charge, which came into effect on 6 April applied to anyone who used disguised remuneration schemes. The legislation added a 45% non-refundable charge on all loans advanced through the schemes – some of them dating back 20 years – unless the individual had agreed with HMRC to settle their tax […]
As the parties publish their manifestos ahead of the General Election this week, we provide an outline of the tax policies they are putting forward. Please click here for our table of comparison. In summary, below are each party’s key proposals and our interpretation of the message thereby portrayed: CONSERVATIVES: Magma’s interpretation of what […]
A recent Freedom of Information request from NFU mutual revealed that the number of people HMRC has refunded inheritance tax to has more than doubled in the past two years – due to falling house prices! During the period April 2010 and April 2017 circa 2,000 – 3,000 people were refunded inheritance tax because they […]
HMRC have recently indicated that some high earners are failing to report pension growth on tax returns, and could ultimately face huge bills for undeclared pension contributions. When completing annual tax returns, taxpayers are required to declare if they have put money into a pension above the ‘annual allowance’ (currently £40,000 per year), but as […]
