Latest posts
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Spring Budget 2024 on a page: key measures
On 6 March 2024, Chancellor Jeremy Hunt delivered a Spring Budget to the UK, focussing on productivity and long term growth. Below we’ve outlined the key measures announced,…
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Spring Budget 2024: What can we expect to see?
Jeremy Hunt’s Spring Budget 2024 is just over a week away, and there is already speculation about what could be announced. The Budget is the final opportunity for…
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HMRC update: changes for double-cab pick-ups
HMRC have recently issued new guidance in its Employment Income Manual for double cab pick-ups. If you own one, that you use for both business and commercial purposes, or you’re planning to get one – you’ll need to be aware of these changes.
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Autumn Statement 2023 – Summary
In this summary we provide some details of the tax changes that have been announced that will be of interest to owner managed businesses, entrepreneurs and private clients.
Recent posts
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Inheritance Tax and the Family Business
Whilst the proportion of family businesses that pass to the next generation remains on…
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Is Stamp Duty Land Tax anti-marriage?
Stamp Duty Land Tax (SDLT) is a tax that you pay when you buy…
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New CGT Data Signals Potential Landlord Exodus
A new report has found that the number of landlords selling their properties has…
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Tax-efficient school fees – is there such a thing?
Rising costs of private education have left private business owners reflecting – can school…
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Pressure mounts for IHT reform
Inheritance tax (IHT) receipts have grown by £1bn in the last year, according to…
More recent posts
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Landlords must file capital gains tax returns or face hefty fines
Buy-to-let landlords in the UK are being warned that they could face significant financial penalties if they fail to file a capital gains tax return. This warning comes…
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HMRC and the most unwilling of concessions
Magma’s expert Private Client Tax team have recently helped a client earn victory over HMRC in the Court of Appeal, following a drawn-out debate over the taxation of…
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Airbnb hosts targeted by HMRC tax investigation
HM Revenue & Customs (HMRC) is investigating Airbnb hosts who may not have declared all of their income. The investigation follows HMRC’s receipt of six years’ worth of…
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Capital gains tax receipts reach new heights
Recent figures released by HMRC have revealed that the government has collected a whopping £18.1bn in capital gains tax in 2022/23, marking a £7bn increase compared to the…
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More record figures for inheritance tax receipts
The UK government’s inheritance tax intake has increased by a staggering £1bn over the last year, according to new figures from HM Revenue and Customs (HMRC). The rise…
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Capital gains tax rules for separating spouses relaxed
From 6 April 2023, some of the capital gains tax (CGT) advantages of being married have been extended to last for longer post-separation. Separating spouses or civil…
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Spring Budget 2023 – At a Glance
The much-anticipated Spring Budget 2023 has been delivered by Chancellor Jeremy Hunt. Described by him as a ‘Budget for Growth’, we have provided some details of the tax…
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Deadline extended for voluntary NIC’s
The government has announced that taxpayers will now have until 31 July 2023 to make voluntary national insurance (NI) contributions. We recently published an article stating an April…
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Business Asset Disposal Relief (BADR) – HMRC chasing those exceeding allowance
HMRC are sending warning letters to BADR (formerly Entrepreneur’s Relief) claimants who they believe may have exceeded their lifetime allowance on their 2021/2022 tax returns. BADR can be…