Latest posts
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Changes coming into effect that may impact your finances
During the Budget statement, the Chancellor announced what could be seen as ‘vote winning’ changes for the new tax year, starting from 1 April 2024; prestige timing before…
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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…
Recent posts
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Tax and your work Christmas party
As 2023 draws to a close, many employers will be looking for ways to…
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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…
More recent posts
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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. However, the tax treatment of these awards can be complex. HMRC recently published new…
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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…