HM Revenue & Customs (HMRC) has recently confirmed that the annual parties exemption in ITEPA 2003 s 264 can apply equally to virtual parties, such that the cost of providing food, entertainment, equipment and other expenses which may be incurred in hosting a virtual event, will be exempt, subject to the normal conditions of the […]
The Office of Tax Simplification (OTS) has conducted an extensive review of capital gains tax and has now published its findings and recommendations. The OTS is an independent adviser to the Government on the UK tax system; its role to offer recommendations and advice on making the UK tax system simpler. In July 2020 the […]
Prior to the Chancellor’s recent announcement that he was cancelling his Autumn Statement, it was widely believed capital gains tax (CGT) rates were to be increased to recover part of the cost of the government’s unprecedented Covid19 support package. The detail of these changes was not considered (or at least publicised), but the options were […]
Magma Chartered Accountants has announced a new Partner promotion, as well as 3 new recruits, within its very highly reputed tax team. Michelle Andrews becomes the firm’s 5th Tax Partner. Michelle joined Magma in 2014 from Ernst & Young, with the tax team having also trebled in size since then. Mark Tuckwell, the firm’s Managing […]
Landlords need to be aware that HMRC will know about their lettings through Airbnb, so should make a full disclosure if they have undeclared Airbnb income. HMRC has for some time been using it’s connect data analysis system to collect information about property income and gains from various sources. But now in addition, Airbnb has […]
“If at first you don’t succeed, try and try again!” – one of those great motivational quotes, never more appropriate than when dealing with HMRC. Over the years, across our 25+ strong tax team, we have had a great deal of success in handling enquiries, disputes, or drawn out investigations with HMRC. The most recent […]
Chancellor Rishi Sunak has announced further measures to support businesses covering three main areas: The new Job Support Scheme means that for six months from 1 November the Government will top up the wages of those workers on reduced hours. Employees must work at least 33% of their regular hours, for the remaining hours not […]
With the higher end UK residential property market beginning to fizz again, don’t forget Stamp Duty nuances! There are a range of statutory reliefs from Stamp Duty Land Tax (SDLT), which have long been misunderstood by house purchasers and their legal teams, meaning that SDLT is often overpaid. One such relief (Multiple Dwellings Relief – MDR) […]
The Covid-19 outbreak has had a huge impact on the economy, and in many cases has caused business owners to fall into a loss position. As a result, HMRC have now acknowledged that, in exceptional circumstances, claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has […]
The second and final round of grants under the self-employed income support scheme (SEISS) open this month, offering a smaller lump sum grant. From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ of profits. The lump […]
