Latest posts
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Spring Budget 2024 on a page: key measures
On 6 March 2024, Chancellor Jeremy Hunt delivered a Spring Budget to the UK, focussing on productivity and long term growth. Below we’ve outlined the key measures announced,…
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R&D at HMRC: what’s going on?
Last year, we discussed the HMRC stepping up its enforcement efforts to clamp down on R&D tax avoidance, including enquiry activity, targeting fraudulent and non-compliant claims. And that…
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Spring Budget 2024: What can we expect to see?
Jeremy Hunt’s Spring Budget 2024 is just over a week away, and there is already speculation about what could be announced. The Budget is the final opportunity for…
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Tax and your work Christmas party
As 2023 draws to a close, many employers will be looking for ways to reward their teams’ hard work. But how can you do that in a tax-efficient…
Recent posts
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Autumn Statement 2023 – Summary
In this summary we provide some details of the tax changes that have been announced that will be of interest to owner managed businesses, entrepreneurs and private clients.
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HMRC invites taxpayers for a ‘chat’
If you have received a letter from HMRC inviting you to chat about your tax affairs, the advice from Magma is to speak first to your tax adviser.
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HMRC Offers Opportunity to Self-Report Offshore Assets
If you have recently received a letter from HMRC asking about your overseas assets, income, or…
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Home swapping holidays – beware of possible hidden tax
Home swapping is becoming an increasingly popular way to holiday – with the attraction…
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HMRC Provides New Guidance on Corporation Tax Relief for Employee Share Awards
Employee share awards are a popular way for companies to attract and retain talent. …
More recent posts
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Tax Disputes: A Long and Winding Road
For many businesses, getting caught up in a tax dispute with HMRC can be a nightmare. Not only is the UK tax system complex, but the process of…
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Tax reliefs fuel UK startup investments
A new survey has found that structured tax reliefs are a major factor in why investors back early-stage businesses in the UK, with up to 70% of investors…
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Half of SME R&D claims fail compliance, reveals HMRC investigation
HMRC has found that half of all research and development (R&D) claims by small and medium-sized enterprises (SMEs) are not compliant. This means that they are either not…
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The ‘tax tipping-point’ – are UK private business owners beyond it?
With corporation tax rates now established at a decade high rate of 25% and top personal income tax rates at 45%, HMRC can now benefit significantly more than…
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Tax-efficient school fees – is there such a thing?
Rising costs of private education have left private business owners reflecting – can school fees be paid more tax-efficiently via the business? Fundamentally, if the business pays the…
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Pressure mounts for IHT reform
Inheritance tax (IHT) receipts have grown by £1bn in the last year, according to figures released by HM Revenue and Customs (HMRC). This is the third year in…
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Landlords must file capital gains tax returns or face hefty fines
Buy-to-let landlords in the UK are being warned that they could face significant financial penalties if they fail to file a capital gains tax return. This warning comes…
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HMRC and the most unwilling of concessions
Magma’s expert Private Client Tax team have recently helped a client earn victory over HMRC in the Court of Appeal, following a drawn-out debate over the taxation of…
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SEIS and EIS see record investment in first quarter of 2023
Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) have been particularly popular with tax-break seeking investors of late, with £2.8 billion invested through the schemes in…