The government have this week announced changes in a bid to simplify tax reporting that will come into force by 2023. The changes will see small businesses taxed on profits arising in a tax year, rather than profits of accounts ending in the tax year. Under the current system, tax returns filed by the self-employed, […]
The legalities surrounding divorce will soon be subject to modernisation, with an era of ‘no-fault divorce’ set to begin in Spring 2022. The related tax issues are likely to remain untouched and complicated, yet integral to achieving the best resolution. Careful planning of any proposed divorce settlement should help to minimise the tax cost of […]
The Coronavirus Job Retention Scheme (CJRS), commonly known as furlough, is approaching its final stages. What considerations do businesses need to be aware of? From 1 July 2021 businesses using the scheme will need to begin contributing towards the 80% minimum salary contribution – 10% in July, increasing to 20% in August and September (with […]
Both the Institute for Chartered Accountants (ICAEW) and the Association for Chartered Certified Accountants (ACCA) believe HMRC need to address “poor service levels”. The news comes from a report conducted by the ICAEW which found HMRC have struggled to maintain acceptable levels of service during the pandemic and needed swift investment for this to be […]
The Office of Tax Simplification (OTS) has recommended extending the payment deadline for Capital Gains Tax (CGT) for divorcing couples and those selling property. Introduced in April 2020, the current rules mean that UK residents disposing of a residential property which is liable to CGT have 30 calendar days from the date of completion to […]
As many business owners look to bounce back from the COVID-19 pandemic, business growth often leads to additional tax compliance requirements. An evolution in your business may represent new product launches or entering new territories, with both potentially resulting in new and unfamiliar compliance obligations. Business owners also find themselves having to manage an ever […]
Keeping on top of your business records as well as separate personal records of your income is a crucial exercise if you’re self-employed as a sole trader, or as a partner in a business partnership. From a tax perspective, business records must be held for at least five years from the 31 January submission deadline […]
Profit and turnover levels are often the two most prominent factors business owners consider. However, the significance of cash should not be underestimated. Increased cashflow scrutiny is often afforded in more challenging times, but can be equally important in supporting future growth plans. Challenging times Cashflow problems are typically one of the first signs a […]
Magma Chartered Accountants are delighted to announce seven new promotions across its Audit, Business Services and Tax divisions. George Wake and George Newton, in Magma’s Audit & Accounts team, have both been promoted to Assistant Manager, with Louise Kirkland and Fiona Porter also appointed Business Services’ Assistant Managers. In the tax teams, Hayley Anstee is […]
With the consequences of the COVID-19 pandemic still pertinent across so many industries, business owners may find it more valuable than ever to focus on their core business – and look to outsource back-office tasks such as payroll and bookkeeping. So what are some of the advantages to outsourcing? Saves your business money Outsourcing may […]
