More recent posts
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Tax-Free childcare opens to children under 9
In April of last year HMRC started rolling our Tax-Free childcare, which helps working parents with the cost of childcare up to £2,000 per child per year, or…
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Mileage rates for unincorporated property businesses
A measure announced at Autumn Budget 2017 will simplify the way in which individuals and partnerships (made up of only individuals) can claim for motoring expenses associated with…
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Autumn Budget 2017 – the review for private businesses
As always, this Budget speech was a dry affair, with macro-economic statistics, policy spending and crystal ball forecasting in high order. Magma’s Budget review concentrates on its impact…
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HMRC to postpone deadline for registering new trusts until January 2018
Following the launch of HM Revenue & Customs’ new Trust Register, the deadline for registering new trusts (those that first incurred a tax liability in the 2016-2017 tax…
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Retirement age buy-to-let investors urged to seek tax advice
Recent pension freedoms appear to be driving a new generation of potential buy-to-let investors, who view this as a viable way of funding their retirement. However, would be…
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Taxpayers urged to double-check simple assessment notices
HM Revenue & Customs (HMRC) have recently started to rollout Simple Assessment notices to many taxpayers, this is a pre-calculated notice of tax due which negates the need…
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HMRC’s Worldwide Disclosure Facility
The Worldwide Disclosure Facility (WDF) is currently available to disclose a UK tax liability that relates wholly or in part to an offshore issue. For example, this may…
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Trust Register
HMRC’s new Trust Register has now been launched. The new Trusts Online Service is the portal for trustees to provide HMRC with information required for the Register, such…
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Automatic Exchange of Information (AEOI) – returns deadline 31 May 2017
Automatic Exchange of Information agreements are made between the UK and other countries. These agreements allow the exchange of information between tax authorities of different countries about financial…