17Feb
Making Tax Digital: Phase 2 is Coming
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 […]
Blog
15Feb
Tax Clearance Approved by Tribunal
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 […]
12Feb
HMRC’s new VAT deferment scheme explained
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 […]
11Feb
Cut in CO2 Emission Thresholds for Business Cars
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 […]
07Dec
HMRC approves ‘virtual’ Christmas parties
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 […]
24Nov
Magma Corporate Finance advises on the acquisition of Star Platforms
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, […]
16Nov
Capital Gains Tax – potential changes ahead
The Office of Tax Simplification (OTS) has conducted an extensive review of capital gains tax and has now published its findings and recommendations. The OTS is an independent adviser to […]
03Nov
Coronavirus Job Retention Scheme (CJRS) Extended
The Job Support Scheme(JSS) which was due to start on 1 November will now be delayed as the Prime Minister has announced a one-month extension to the CJRS to ensure […]
29Oct
Job Support Scheme (JSS) – how do the new post-furlough changes work?
The existing furlough scheme (CJRS) will end in a matter of days, and will be replaced on 1st November by the Job Support Scheme (JSS) which will run until 30 […]
27Oct
Thinking of selling your business, or de-risking? ….delayed changes to Capital Gains Tax could be a chink of light
Prior to the Chancellor’s recent announcement that he was cancelling his Autumn Statement, it was widely believed capital gains tax (CGT) rates were to be increased to recover part of […]
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