06Nov
Tax relief for grassroots sports
Did you know there is a package of tax reliefs introduced to encourage investment in sport? CTA10/PART6A extends the circumstances in which contributions to grassroots sports can be deducted from […]
Blog
30Oct
Budget 2018
Unlike the last few, yesterday’s Budget proved quite eventful for private businesses and successful individuals. Magma’s review is focused on those impacts. To read more, click here
23Oct
Taxman cracks down on football
According to official figures, since 2015, HMRC has clawed back more than £332m in tax in a crackdown on football. At this time HMRC has open ‘enquiries’ into 171 players, […]
11Oct
Making Tax Digital – Software Review
From 1 April 2019 Making Tax Digital (MTD) will be compulsory for VAT-registered businesses with a turnover above the current VAT registration threshold of £85,000. Under the scheme, all businesses […]
10Oct
Itemised Pay Statements
From 6 April 2019, all employees will have the right to receive more detailed payslips. Where an employee’s pay varies due to the number of hours worked, employers will also […]
09Oct
Chancellor considers abolishing dividend allowance
The Treasury is reportedly considering abolishing the tax-free dividend allowance in the Autumn Budget 2018. The Budget itself is scheduled for 29 October 2018. The dividend allowance was cut from £5,000 to […]
18Sep
Corporation tax instalment payments for “very large” companies
On 7 November 2017, regulations accelerating the date when “very large” companies must pay corporation tax by instalments, were made. For accounting periods that begin on or after 1 April […]
17Sep
SMEs cite VAT as ‘biggest administrative headache’
Research from the British Chambers of Commerce (BCC) claims that VAT creates the biggest administration burden for around two-thirds of businesses in the UK. Of the 1,100 businesses of […]
11Sep
New Advisory Fuel Rates (AFR) for company car drivers
HMRC has published new ‘advisory fuel rates’ (AFR) for company cars, which apply to journeys from 1 September 2018. Advisory fuel rates are set by HMRC so that employers can […]
10Sep
Rabbits in the headlights ….
A couple of weeks ago, Britain’s next biggest firms of accountants, behind the “Big Four”, met with competition regulators to discuss limiting the Big Four’s dominance of the plc Audit […]
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