Magma Chartered Accountants are delighted to announce seven new promotions across its Audit, Business Services and Tax divisions. George Wake and George Newton, in Magma’s Audit & Accounts team, have both been promoted to Assistant Manager, with Louise Kirkland and Fiona Porter also appointed Business Services’ Assistant Managers. In the tax teams, Hayley Anstee is […]
Yesterday (23 March) saw the UK’s first ever ‘tax day’, with the Treasury publishing over 30 tax publications. Background More than 30 policy updates, consultations and documents that would traditionally be published at Budget have been released as part of the HMRC’s 10-year plan for “building a trusted, modern tax administration system”. In case you […]
Magma Corporate Finance is pleased to have advised on the sale of Leicester-based Eurokey Recycling to Telford-based Reconomy Group. Founded in 1995, Eurokey provides commodity trading and reprocessing services to commercial customers in the UK and internationally, helping clients meet their demands for the supply of recycled material in manufacturing and production. Reconomy is the […]
The calculations involved in the Coronavirus Job Retention Scheme (CJRS) are already complex. With the incoming tapering of the scheme and uptake of staff holiday, employers face a challenge to avoid unintentional non-compliance. With the total value of the CJRS surpassing £50billion, HMRC are cracking down on erroneous claims. When the CJRS was initially introduced […]
If you are a trustee of a non-taxable trust – and are yet to register for the Trust Registration Service (TRS) – you now have until summer 2022 to do so. This is several months later than the original proposed deadline of 10 March 2022. Trustees must register a trust using the TRS if the […]
Despite topicality, there are still many businesses undertaking qualifying R&D activities that fail to make incentive claims to reduce corporation tax. Could this apply to your business? What qualifies as R&D? In technical terms, R&D for tax purposes takes place when a project seeks to achieve an advance in science or technology (not a company’s […]
Flexmort – the market leader in flexible mortuary cooling solutions – has been acquired by a group of investors led by Noar, Limited (“Noar”). The business was founded in 2010 by entrepreneur Simon Rothwell who identified the need for mortuary solutions to be more flexible to cope with fluctuations in demand and to overcome both […]
With the consequences of the COVID-19 pandemic still pertinent across so many industries, business owners may find it more valuable than ever to focus on their core business – and look to outsource back-office tasks such as payroll and bookkeeping. So what are some of the advantages to outsourcing? Saves your business money Outsourcing may […]
An extension to the trading loss carry-back rule and the super-deduction tax break illustrate the government’s push to stimulate business investment Trading loss carry-back rule extension The Chancellor confirmed in last week’s Budget that businesses will benefit from a three-year carry back of trading losses arising during the pandemic, an extension from the current one […]
With capital gains tax having escaped the Chancellor’s tax hike list, likely only for now, many private business owners are actively considering options for business succession in the short-to-medium term. In the jaws of the Covid pandemic, the last 12 months has been incomparably challenging for many businesses. The depth and financial risk of those […]
