More recent posts
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HMRC change of policy on VAT treatment of retained deposits
HMRC has recently issued Revenue & Customs Brief 13 (2018), explaining their new policy on VAT treatment of retained payments and deposits. This may be relevant to companies…
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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
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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,…
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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…
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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…
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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…
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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…
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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,…
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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…