A recent report by the House of Lords Economic Affairs Committee warned that the increased powers given to HMRC to tackle tax avoidance and evasion are undermining the rule of law and justice, and has demanded a review of the oversight of HMRC and its powers. The committee’s chair is quoted as saying “HMRC has […]
All successful companies want to generate profits and surplus cash reserves. While a business is growing, spare cash is commonly reinvested into the working capital but for more established businesses, surplus cash can accumulate on the balance sheet of the Company. The question then is how to best manage it? To read more, click here […]
With Christmas approaching more and more employers are offering Christmas gifts to their employees. Showing your appreciation of your staff’s efforts by gifts and benefits is good for morale. However, do not leave a sting in the tail by also giving them a tax liability. The most common gifts and benefits are cash, retail vouchers, […]
Tax impacts land and property owners in a multitude of ways. From Stamp Duty Land Tax on purchase, to tax on sale or death (…whichever comes first!) We have a depth of expertise in these matters, successfully helping clients reduce their tax burdens. We have been busy dealing with tax matters on land and property […]
Did you know there is a package of tax reliefs introduced to encourage investment in sport? CTA10/PART6A extends the circumstances in which contributions to grassroots sports can be deducted from the taxable profits of CT payers. Corporate donors can now make tax-deductible donations to National Governing Bodies if the money is spent on grassroots sports. […]
Unlike the last few, yesterday’s Budget proved quite eventful for private businesses and successful individuals. Magma’s review is focused on those impacts. To read more, click here
According to official figures, since 2015, HMRC has clawed back more than £332m in tax in a crackdown on football. At this time HMRC has open ‘enquiries’ into 171 players, 44 clubs and 31 agents, a considerable increase from the numbers this time last year, when HMRC said it was making enquiries into 90 players, […]
The Treasury is reportedly considering abolishing the tax-free dividend allowance in the Autumn Budget 2018. The Budget itself is scheduled for 29 October 2018. The dividend allowance was cut from £5,000 to £2,000 with effect from 6 April 2018. Currently therefore, the first £2,000 of an individual’s dividend income is received without suffering income tax. Anything above that […]
On 7 November 2017, regulations accelerating the date when “very large” companies must pay corporation tax by instalments, were made. For accounting periods that begin on or after 1 April 2019, companies with annual taxable profits above £20m will need to make quarterly instalment payments of tax in the 3rd, 6th, 9th and 12th month […]
Research from the British Chambers of Commerce (BCC) claims that VAT creates the biggest administration burden for around two-thirds of businesses in the UK. Of the 1,100 businesses of various sizes polled, 64% were confused by the array of rates and rules to comply with VAT legislation. This percentage is likely to increase in […]
