A First Tier Tribunal (FTT) has found the work of veteran TV presenter Eamonn Holmes falls within IR35, with the judge deciding his contract with ITV’s This Morning programme amounted to employment. The FTT judge found there was sufficient mutuality and a framework of control to place the contract between ITV and RWG (Red, White […]
A recent study has shown that UK small and medium size businesses spend more than a week a year chasing late customer payments, worth more than £50bn. Published figures indicate that the average late payment has gone up to £8,500, and more than a third of UK businesses reported running into cash flow problems. Late […]
If you are one of the 60% of adults in the UK who has ambitions of being a business owner, a management buy-out (MBO) could represent an attractive option for you and the current owners if the following apply: At Magma Corporate Finance, we have extensive experience of advising management teams on MBOs. We are […]
A campaign by HM Revenue & Customs to encourage buy to let investors to confess any undeclared tax liability has produced millions of pounds of additional tax revenue. In 2019 HMRC found 11,129 landlords had underpaid or not paid income tax, compared with 8,704 in 2018, according to a Freedom of Information request submitted by […]
The 2020 Budget is still a few weeks away, but the NIC rates and thresholds have been announced, together with details for other payroll deductions. Employees will benefit from a primary class 1 threshold of £9,500, as promised in the Conservative party manifesto. Employers will start paying NIC sooner at £8,788 (so a small […]
From April, company car tax will be scrapped for electric car buyers, and experts are predicting increased demand for electric vehicles. The SMMT (Social Motor Manufacturers and Traders) reported that sales of electric vehicles doubled in the second half of last year following the announcement in July. In addition to which Alphabet the business lease […]
Tribunal unimpressed with HMRC bringing a case concerning input tax recovery on tax advisory costs nearly identical in facts to a case it lost three years ago. In the recent Taylor Pearson (Construction) Ltd case (TC07464), the company engaged two separate tax advisers to advise them on how to pay bonuses to three directors in […]
HM Revenue & Customs filed 4,308 winding up petitions in the year to September 2019, an increase of 6% from the previous year. HMRC uses these petitions to chase outstanding tax payments, which could result in the closure of the business, and the liquidation of assets. Once a winding up order has been made by […]
