As the parties publish their manifestos ahead of the General Election this week, we provide an outline of the tax policies they are putting forward. Please click here for our table of comparison. In summary, below are each party’s key proposals and our interpretation of the message thereby portrayed: CONSERVATIVES: Magma’s interpretation of what […]
A recent Freedom of Information request from NFU mutual revealed that the number of people HMRC has refunded inheritance tax to has more than doubled in the past two years – due to falling house prices! During the period April 2010 and April 2017 circa 2,000 – 3,000 people were refunded inheritance tax because they […]
With the holiday season approaching, do you know what you can deduct for business entertaining? Can we deduct entertaining expenses? The tax rules on the deductibility of entertaining expenses are harsh and often misunderstood – the fact that the expenditure is incurred for businesses purposes does not make it deductible. Subject to certain limited exceptions, […]
The deadline for filing the self-assessment tax return for 2018/19 is 31 January 2020. This is also the date by which any outstanding tax for 2018/19 must be paid, when payments need to be made, and the date by which the first payment on account of the 2019/20 liability must be made. What is a […]
With Christmas approaching employers are giving consideration to 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, […]
Magma are delighted to announce that Pam Keogh has returned to their Rugby office as Senior Manager within the Corporate Tax team. Pam a Grant Thornton-trained Chartered Tax Adviser has 15 years’ experience in practice, specialising in owner managed businesses. She deals with all areas of Corporate and Business Tax, specifically company reconstructions and transactions, […]
Sometimes it can make sense financially for directors of privately owned businesses to borrow money from the company rather than from a commercial lender. Depending on when in the financial year the loan is taken out, it is possible to borrow up to £10,000 for up to 21 months without any tax consequences. However, if […]
The annual Budget Statement is usually a big event in our world, but 2019 will be the year without a Budget! Last month we were advised that the Chancellor of the Exchequer would present his Budget Statement to the House of Commons on 6 November. However, events have since moved on, and as we know, […]
Since April 2017, the amount of tax relief landlords can claim on finance costs has been reducing. Are you up to date on the changes? In an attempt to assist first-time buyers, the government introduced a number of changes to make the buy-to-let market less attractive to landlords. One of these was the introduction of […]
Availability of R&D tax relief is far wider than people anticipate New statistics from HM Revenue & Customs (HMRC) show that there has been a 28% year on year rise in the number of claims for R&D tax credits submitted by companies in the East Midlands in 2017/2018. Data shows that companies in this region […]
