The tax perks for electric vehicles (EV) are outstanding, especially for business owners. For business owners who drive a car and pay higher rate personal tax, electric company cars may be particularly attractive. With minimal ‘benefit-in-kind’ tax (currently 0%, rising to 1% in 2021/22 and 2% in 2022/23), the effective cost of a vehicle is […]
Five years ago, Magma were one of the first to recognise that eligible claims for Multiple Dwellings Relief (MDR) were being missed by property purchasers across the board. Since then, we have successfully secured millions of pounds of unexpected Stamp Duty Land Tax (SDLT) savings for purchasers (whether by refund or in advance of purchase). […]
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 the Government on the UK tax system; its role to offer recommendations and advice on making the UK tax system simpler. In July 2020 the […]
Landlords need to be aware that HMRC will know about their lettings through Airbnb, so should make a full disclosure if they have undeclared Airbnb income. HMRC has for some time been using it’s connect data analysis system to collect information about property income and gains from various sources. But now in addition, Airbnb has […]
“If at first you don’t succeed, try and try again!” – one of those great motivational quotes, never more appropriate than when dealing with HMRC. Over the years, across our 25+ strong tax team, we have had a great deal of success in handling enquiries, disputes, or drawn out investigations with HMRC. The most recent […]
With the higher end UK residential property market beginning to fizz again, don’t forget Stamp Duty nuances! There are a range of statutory reliefs from Stamp Duty Land Tax (SDLT), which have long been misunderstood by house purchasers and their legal teams, meaning that SDLT is often overpaid. One such relief (Multiple Dwellings Relief – MDR) […]
The second and final round of grants under the self-employed income support scheme (SEISS) open this month, offering a smaller lump sum grant. From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ of profits. The lump […]
Income tax self assessment second payments on account are usually due by the 31 July 2020. HM Revenue & Customs are, however, allowing taxpayers to defer making their second payment on account if they would find it difficult to pay by 31 July 2020 due to the impact of coronavirus. This is an automatic offer […]
HM Treasury’s Office of Tax Simplification (OTS) has been instructed to carry out a review of capital gains tax (CGT) to identify simplification opportunities, and “ensure the system is fit for purpose”. The Chancellor of the Exchequer’s scoping document suggests its ostensible purpose is to identify which aspects of CGT are particularly complex and hard […]
Today the Chancellor delivered a summer statement in the Commons presenting a financial package to support young people, help the housing market and improve the country’s struggling hospitality sector. Key points included: A job retention bonus, whereby businesses will be paid £1,000 for every eligible furloughed employee they bring back to work. A kickstart job […]
