With President Joe Biden pushing to nearly double the rate of capital gains tax (CGT) for the US’s wealthiest individuals, could the UK soon be looking to follow suit? The US government has given strong indication that it intends to target the ultra-rich as a means to bolster public finances to combat the colossal economic […]
Despite the emotional aspect of discussing end-of-life financial planning, difficult conversations around inheritances and estate planning are critical for families to discuss in order to make better-informed decisions. According to Time investments, as part of a recent survey, the majority of Britons aged 55 and over have no idea what their inheritance tax bill will […]
Amidst a rising demand for holiday lets as the UK prepares for a ‘staycation’ boom this summer, the Treasury have announced that they intend to crack down on taxpayers incorrectly claiming their properties qualify as Furnished Holiday Lets. Furnished Holiday Lets are exempt from paying council tax and instead pay business rates, as well as […]
Increasing regulation complexity brings with it an enhanced risk for business owners paying themselves ‘illegal’ dividends. With many directors of owner-managed businesses paying a portion of their income as dividends, there is a material risk of directors becoming personally liable for company liabilities. Amidst the backdrop of the pandemic, and an upsurge in companies becoming […]
An extra 2% Stamp Duty Land Tax (SDLT) charge now applies if you’re purchasing a residential property in England and Northern Ireland but you’re not a UK resident. Introduced last week (1 April 2021), the surcharge applies to freehold and leasehold property purchases and on rents on the grant of a new lease. Purchasers who […]
If you are a trustee of a non-taxable trust – and are yet to register for the Trust Registration Service (TRS) – you now have until summer 2022 to do so. This is several months later than the original proposed deadline of 10 March 2022. Trustees must register a trust using the TRS if the […]
Despite topicality, there are still many businesses undertaking qualifying R&D activities that fail to make incentive claims to reduce corporation tax. Could this apply to your business? What qualifies as R&D? In technical terms, R&D for tax purposes takes place when a project seeks to achieve an advance in science or technology (not a company’s […]
Flexmort – the market leader in flexible mortuary cooling solutions – has been acquired by a group of investors led by Noar, Limited (“Noar”). The business was founded in 2010 by entrepreneur Simon Rothwell who identified the need for mortuary solutions to be more flexible to cope with fluctuations in demand and to overcome both […]
Chancellor Rishi Sunak has delivered his Budget 2021 against the backdrop of the extraordinary economic challenges resulting from the COVID-19 pandemic. In this Budget 2021 summary we provide some details of the tax changes announced that will be of interest to owner managed businesses, entrepreneurs and private clients. We hope you enjoy reading this and […]
Chancellor Rishi Sunak has delivered his Spring Budget for 2021, here’s Magma’s six key points to take away from it: Support-led budget, with tax hikes kicked down the road. Covid recovery: – extension of furlough, self-employment, premises grants & wider support measures until at least September. Stimuli for business investment: – enhanced tax breaks for […]
