More recent posts
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Safeguarding your shareholders
The very foundations of a business can be shaken in the event of a business owner’s death, with a number of implications for both the stability and viability…
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October promotions at Magma
Magma Chartered Accountants are pleased to announce five promotions across its Audit & Accounts and Tax teams. Jack Stewardson (Manager), David Singer (Assistant Manager) and Peter Cumiskay (Senior)…
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Key announcements from Mini-Budget
Chancellor of the Exchequer Kwasi Kwarteng has delivered a range of sweeping reforms to taxation in a statement which was billed as a “Mini-Budget” but which delivered £45…
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HMRC enquiries on the rise
Following the pandemic, HMRC are now focusing their efforts on VAT, Corporation Tax and Income Tax enquiries. The last two years has seen HMRC prioritise those abusing the…
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Reduced VAT rate available for property conversions
Applying 5% rather than 20% VAT can dramatically reduce the construction budget for a range of residential conversion and renovation projects. The conversion of a non-residential building into…
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Does HMRC need to redefine family taxation?
The tax position for cohabiting couples is vastly inferior to their married equivalents. Is this now an outdated policy that needs reassessment? A recent study from the Office…
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Magma offers electric car benefit scheme for senior employees
Magma has simultaneously enhanced its environmental sustainability and leading staff benefits’ package to employees, as it launches a tax-efficient electric car salary sacrifice scheme. All staff of Manager…
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The trust registration deadline approaches!
Non-taxable trusts need to be registered with HMRC using the Trust Registration Service (TRS) by 1 September 2022 or you could be penalised. Whilst trusts that hold assets…
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HMRC confirms property disposals must be reported twice
HMRC has confirmed that a capital gains tax (CGT) UK property return must still be filed using a paper return rather than via the online UK property account.…