More recent posts
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Trusts and Estates – Tax Returns for 2016/2017
Currently many small trusts do not have to file a self assessment tax return with HMRC. The new rules for banks and building societies to pay interest gross…
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Personal Savings Allowance – earn up to £1,000 savings interest tax-free
Millions of people will escape having to pay tax on savings interest from today, thanks to the Personal Savings Allowance (PSA). Basic rate taxpayers will have a PSA…
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Budget 2016
George Osborne’s 2016 Budget was delivered with the now familiar undertones of stability, sustainability and long term prosperity. Headlined as the “Budget for the next generation”, private businesses…
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Autumn Statement – November 2015 – Summary of tax points
The Chancellor delivered this 2015 Autumn Statement on 25 November. Only a handful of tax measures made it into the speech presented to parliament; additional measures were laid…
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Annual Tax on Enveloped Dwellings
The Annual Tax on Enveloped Dwellings (ATED) charge is part of a package of tax measures to tackle perceived stamp duty land tax avoidance and ensure that owners…
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Probate and Estate Administration
Magma is pleased to announce a new addition to its range of client services. Magma Trusts & Estates Limited is now licensed by the Institute of Chartered Accountants…
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Magma highly commended at EIS Association Annual Awards 2014
The annual Chairmans Reception for the EIS Association in the House of Lords took place on Thursday 12th February 2015 with host Baroness O’Cathain and EIS Association Chairman…
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Tax Disputes: Accelerated Payment Notices
Finance Bill 2014 received Royal Assent on 17 July 2014 and became Finance Act 2014. With this HMRC’s new tax collection powers in respect of the ability to…
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Tax Avoidance: Follower Notices and Accelerated Payment Notices
In January 2014 HM Revenue and Customs (“HMRC”) published a consultation document titled “Tackling marketed tax avoidance” which set out Government proposals to change the economic incentives of…