45 months is now the average amount of time, that HMRC’s enquiries into big businesses’ tax affairs have now been open. The delays, which have increased from 43 months in 2020, are said to be from HMRC taking a longer period of time to decide whether to settle or close an investigation. The critical issue […]
HMRC are cracking down on wrongful and fraudulent Research & Development (R&D) tax relief claims – here’s what you need to know. Background In the midst of vaccine rollouts and a climate of much needed business support, R&D has never been more topical. With more and more R&D claims being made each year, HMRC are […]
The tax perks for electric vehicles (EV) are outstanding, especially for business owners. For business owners who drive a car and pay higher rate personal tax, electric company cars may be particularly attractive. With minimal ‘benefit-in-kind’ tax (currently 0%, rising to 1% in 2021/22 and 2% in 2022/23), the effective cost of a vehicle is […]
Five years ago, Magma were one of the first to recognise that eligible claims for Multiple Dwellings Relief (MDR) were being missed by property purchasers across the board. Since then, we have successfully secured millions of pounds of unexpected Stamp Duty Land Tax (SDLT) savings for purchasers (whether by refund or in advance of purchase). […]
What is it? Phase 2 of HMRC’s Making Tax Digital (MTD) programme will soon be with us. The initiative is fundamentally changing UK tax reporting systems and processes for businesses and individuals. In HMRC’s eyes, MTD is all about providing a more modern, digital service that makes it easier for businesses to get their tax […]
Magma Chartered Accountants recently took the highly unusual step of appealing HMRC’s refusal to provide a tax clearance to the First Tier Tax Tribunal. That decision was however vindicated and HMRC were overruled. Background One of Magma’s clients had surplus cash on its balance sheet and anticipated more to come from an ongoing profitable trade. […]
HMRC has updated guidance on how to register for the online service to pay VAT payments deferred between 20th March and 30th June 2020 due to the covid-19 pandemic. Last year saw the Government provide VAT registered businesses with cash flow help during the first lockdown by offering to defer their VAT liability arising between […]
Legislation will be introduced to extend the 100% first year (capital) allowances (FYAs) for low CO2 emission cars, zero-emission goods vehicles and equipment for gas refuelling stations by 4 years from April 2021. On the back of the Prime Minister, Transport Secretary and Business Secretary announcing the end of the sale of new purely petrol […]
HM Revenue & Customs (HMRC) has recently confirmed that the annual parties exemption in ITEPA 2003 s 264 can apply equally to virtual parties, such that the cost of providing food, entertainment, equipment and other expenses which may be incurred in hosting a virtual event, will be exempt, subject to the normal conditions of the […]
Sudhir Power, an India-based power generation specialist and manufacturer, has acquired UK access equipment specialist rental company Star Platforms. Founded in 1973, Sudhir Group already has rental operations in India, UAE, and Saudi Arabia, and now adds the UK with the investment of 100% of Star Platforms’ shares. Star Platforms, based in Luton and founded […]
