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
Business Services
30Oct
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 registered for VAT that have taxable income about the VAT threshold will be required to maintain digital records, complete the VAT returns from the digital […]
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 be required to provide clear information on those hours. As a result, up to 1.6 million people will be entitled to receive hours worked information […]
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 various sizes polled, 64% were confused by the array of rates and rules to comply with VAT legislation. This percentage is likely to increase in […]
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 use these rates to reimburse company car drivers for business fuel. These rates can also be used if employees are required to repay the cost […]
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 market. Amongst the proposals tabled were to limit how many FTSE350 company audits the ‘big four’ should be allowed to conduct. Officials from the ‘prize-chasing’ […]
16Aug
Are you reporting your EU sales correctly?
Box 8 on a VAT return should only record the sale of goods to EU countries. It is a common error to include the supply of services. However, all goods and services supplied to VAT-registered customers in another EU country must be reported using an EC Sales List. If you’re a VAT-registered business in the […]
06Aug
HMRC raises interest rates for late payments
HM Revenue & Customs (HMRC) wasted no time in notifying its intention to raise the rates of late payment interest, following the announcement of the rise in the Bank of England base rate to 0.75% last week. HMRC has not yet published details of the increase, but has confirmed that the change will come into effect […]
27Jul
Furnished holiday lettings – the pros and cons
When furnished holiday property is let on a commercial basis for short periods, the owner can benefit from tax reliefs which wouldn’t otherwise be available to residential landlords, providing certain conditions are met. To find out more please click here to read our article.
24Jul
How will Making Tax Digital affect you?
Making Tax Digital is a seriously hot topic with changes coming in from April 2019. VAT-registered businesses with turnover above £85,000 must maintain a digital record of the VAT transactions and submit their VAT returns using MTD-compliant software. This will be a huge change for a considerable number of businesses, particularly those who still keep […]
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