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 […]
Magma Chartered Accountants are delighted to announce seven new promotions across its Audit, Business Services and Tax divisions. George Wake and George Newton, in Magma’s Audit & Accounts team, have both been promoted to Assistant Manager, with Louise Kirkland and Fiona Porter also appointed Business Services’ Assistant Managers. In the tax teams, Hayley Anstee is […]
Yesterday (23 March) saw the UK’s first ever ‘tax day’, with the Treasury publishing over 30 tax publications. Background More than 30 policy updates, consultations and documents that would traditionally be published at Budget have been released as part of the HMRC’s 10-year plan for “building a trusted, modern tax administration system”. In case you […]
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 […]
An extension to the trading loss carry-back rule and the super-deduction tax break illustrate the government’s push to stimulate business investment Trading loss carry-back rule extension The Chancellor confirmed in last week’s Budget that businesses will benefit from a three-year carry back of trading losses arising during the pandemic, an extension from the current one […]
The Treasury is holding a ‘tax day’ three weeks after the Budget, providing key insight into the government’s long-term tax strategy. Background The Treasury said it will publish several consultations relating to tax policy on March 23 – a day being labelled as ‘tax day’. Jesse Norman, financial secretary to the Treasury, said: “The goal […]
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 […]
