With careful planning, family wealth created by one generation can be protected and grown for future generations to thrive. Where is your wealth held? An important aspect of wealth planning is identifying where the wealth is held – while some family’s wealth will be solely invested and utilised in the business, others may have assets […]
The Government’s Coronavirus Job Retention Scheme (CJRS) scheme ended at the end of September. HMRC’s attention will now turn to reviewing the accuracy of the claims made. It has been estimated that the error and fraud rate in the CJRS scheme could have been between five and ten per cent (£1.75 – £3.5 billion) by […]
Despite speculation earlier in the year that it may not take place, the Chancellor is set to deliver his Autumn Budget on 27 October. What can we expect? In a speech to the Conservative party conference, Chancellor Rishi Sunak indicated that he would use tax rises, rather than borrowing, to fund future spending pledges. With […]
A one-off ‘wealth tax’ has been discussed as a potential method to raise significant revenue in the UK, but would it be practical? A Wealth Tax Commission (WTC) was introduced in April 2020 to carry out research into whether a wealth tax should be implemented within the UK. The WTC completed their final report in […]
Investigation and compliance work from HMRC saved £4bn in taxes from being lost in the last quarter, nearly double the £2.2bn for the same period last year. HMRC’s ability to conduct the necessary compliance work was affected by having to reallocate a large portion of its staff to manage the furlough scheme throughout 2020. With […]
There are nearly five million family businesses in the UK. Many of them facing challenges, specific to their very nature. Three such examples are: Work / life balance Key decision makers’ lives are so interwoven in this particular business dynamic, that key professional decisions can be more readily affected by differences in personality and opinion. […]
From April 2022 certain National Insurance Contributions (NICs), paid by both employed and self-employed workers, and dividend tax rates will both rise by 1.25% in an effort to help fund the cost of health and social care. NIC rate changes From 1 April 2022, there will be a temporary 1.25 percentage point increase in class […]
Financial due diligence (FDD) is vital in any business acquisition and should never be overlooked. While specialist tax due diligence is a distinct component of FDD which shouldn’t be underestimated. What is tax due diligence? The process of tax due diligence will see an expert examine the historical tax compliance and live tax exposures […]
Magma Corporate Finance is pleased to have advised on the sale of technology consultancy Seaton Partners to Big Four accountancy firm, EY. Seaton Partners has one office in the East Midlands, employs 39 people and has more than 25 active clients. They will be working together with EY Pythagoras to help businesses unlock the full […]
Following government proposals to shift the date when certain businesses disclose their income, over half a million partners and sole traders may face higher tax bills than expected next year. The Institute of Chartered Accountants in England and Wales (ICAEW) states that the proposals would raise billions of pounds for the Treasury years in advance […]
