From April 2022, all VAT-registered businesses, including those with a turnover below the VAT threshold, will be required to keep VAT records digitally and send returns using Making Tax Digital […]
A new tax year approaches and with it new tax changes for employers to be aware of. We summarise the most important changes that take effect from April 2022 below. […]
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 […]
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 […]
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 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 […]
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 […]
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 […]
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 […]
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 […]
