HM Revenue & Customs (HMRC) has a new £100m weapon to help identify individuals who may not be declaring all of their income, and therefore not paying enough tax. The new supercomputer ‘Connect’ uses information from a range of Government and website sources to create a profile of a taxpayer’s total income, as opposed to […]
Stamp Duty Land Tax – latest HMRC Avoidance Case Victory Based on previous recent verdicts, the latest First Tier Tribunal judgment in favour of HMRC against an annuity-based Stamp Duty Land Tax (SDLT) avoidance scheme was no real surprise. Although the taxpayer (himself a self-proclaimed property tax specialist, who had implemented the same scheme for […]
Parents affected by the High-Income Child Benefit Charge (HICBC) can be forgiven for thinking that there is no point in registering for child benefit if they may have to give back everything they receive in the form of a tax charge. The HICBC applies where the parent claiming child benefit or their partner has income […]
Cryptoassets are a relatively new type of much talked about asset. This sector is fast-moving and developing all the time. The CATF (Cryptoasset Taskforce) have currently identified three types of cryptoassets – exchange tokens, utility tokens and security tokens. However, the tax treatment of each is dependent on the nature and use of the token […]
The deadline for submission of online self-assessment tax returns is 31 January 2019. If you send your return late, you will receive a £100 penalty – even if you have no tax to pay or you pay your tax on time. The longer you delay, the more you will have to pay, as further late-filing […]
A recent report by the House of Lords Economic Affairs Committee warned that the increased powers given to HMRC to tackle tax avoidance and evasion are undermining the rule of law and justice, and has demanded a review of the oversight of HMRC and its powers. The committee’s chair is quoted as saying “HMRC has […]
Tax impacts land and property owners in a multitude of ways. From Stamp Duty Land Tax on purchase, to tax on sale or death (…whichever comes first!) We have a depth of expertise in these matters, successfully helping clients reduce their tax burdens. We have been busy dealing with tax matters on land and property […]
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
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’ […]
Millions of married couples and civil partners in the UK are eligible for the marriage allowance, but take-up has remained subdued since the tax break came into force on 6 April 2015. Make a claim now for 2018/19, and also backdate if eligible. Please click here to read our article. .
