A family investment company could offer a viable solution for family business owners to save on Income Tax and Inheritance Tax. What is a family investment company? A family investment company (FIC) is a private company controlled by its directors (usually the parents), with family members owning the shares. An FIC enables directors/parents to retain […]
Land Remediation Relief (LRR) can provide tax relief in all commercial property sectors where companies are subject to corporation tax. Unlike capital allowances, LRR is available to property investors and developers alike. What is LRR? LRR is a tax incentive that is intended to promote the remediation and development of blighted land and buildings, covering […]
The rise in prominence of cryptocurrency has seen HMRC issuing speculative letters to taxpayers, warning them of potential Capital Gains Tax (CGT) implications. The letters from the treasury focus on the disposal of cryptocurrency, with examples given of when a disposal can take place. These letters are an example of an HMRC campaign known as […]
The UK government has marked the inaugural Tax Administration and Maintenance (TAM) Day with the release of 30 papers covering a wide range of tax issues. Chancellor Rishi Sunak made the commitment to have a TAM Day in the Autumn Budget, with an aim to have a day dedicated to the administration and maintenance of […]
HMRC has published data showing Inheritance Tax (IHT) receipts reached £3.6bn between April 2021 and October 2021 – £600m higher than in the same period in 2020. The higher receipts recorded can be partly attributed to the higher volume of wealth transfers that took place during the pandemic. Furthermore, the soaring housing market has seen […]
Magma Chartered Accountants are celebrating their 10th anniversary this month. Since 2011, Magma has expanded significantly by any measure, including; Mark Tuckwell, Managing Partner at Magma, commented: “The last 10 years have truly flown by, but what Magma has achieved during this period is very pleasing to look back on. Progression and development of our […]
With Christmas fast approaching, you may be looking to provide gifts for your staff. So, what do business owners need to consider from a tax perspective? What gifts are tax exempt? As long as certain criteria is met, certain gifts are exempt from any taxation. This will avoid the need to report them as a […]
HMRC appear to be sending ‘one to many’ (OTM) letters for a growing number of reasons, including employment income, foreign tax and crypto assets. What are OTM letters? HMRC will often send one standard letter to many taxpayers, essentially on a ‘one-to-many’ basis. These letters are a way in which HMRC gives taxpayers an opportunity […]
Magma Corporate Finance’s rising profile in the M&A realm continues as they contribute to transactions worth over £150m in value in the last 12 months. Magma’s corporate finance team over the last year have worked with business owners and stakeholders across a multitude of sectors; including the recycling, construction, IT and medical supplies industries. With […]
The competition for talented staff is stiffer than ever. However, employee share schemes may offer an appealing employee reward solution for businesses struggling to attract and retain their personnel. When it comes to enticing and holding on to key members of a workforce, a common challenge for small and medium-sized employers is competing financially with […]
