16Jan
Blog
15Jan
Fines issued by HMRC surge in value by nearly a third in the past three years
In 2018/19 HMRC issued penalties of £816m, an increase from £620m in 2015/16 according to official data. This represents an increase of nearly 32% in three years! This is a [...]
08Jan
New PAYE/NIC cap for companies claiming R&D tax credits
HMRC have introduced a PAYE/NIC cap to repayable R&D tax credit claims made by SME’s for accounting periods starting after 1 April 2020. This cap will restrict qualifying R&D expenditure […]
23Dec
Government makes changes to Disguised Remuneration Loan Charge
As reported previously, the loan charge, which came into effect on 6 April applied to anyone who used disguised remuneration schemes. The legislation added a 45% non-refundable charge on all […]
09Dec
Summary of tax policies announced by the main English political parties
As the parties publish their manifestos ahead of the General Election this week, we provide an outline of the tax policies they are putting forward. Please click here for our […]
05Dec
Falling house prices lead to IHT rebates
A recent Freedom of Information request from NFU mutual revealed that the number of people HMRC has refunded inheritance tax to has more than doubled in the past two years […]
02Dec
Thousands could face tax bills over undeclared pension contributions
HMRC have recently indicated that some high earners are failing to report pension growth on tax returns, and could ultimately face huge bills for undeclared pension contributions. When completing annual […]
28Nov
Top 1% of earners in UK account for circa 30% of income tax
In the midst of election manifestos and fiscal policy debate, the Institute of Fiscal Studies (IFS) has released an interesting statistic – the top 1% of income tax payers in […]
26Nov
Happy 8th – Magma Chartered Accountants
Where did the last 8 years go? Born from a management buy-out in November 2011, we are pleased to be celebrating 8 years this week. We wanted to highlight our […]
25Nov
Entertaining Expenses
With the holiday season approaching, do you know what you can deduct for business entertaining? Can we deduct entertaining expenses? The tax rules on the deductibility of entertaining expenses are […]
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