More recent posts
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Criticism of RTI penalty scheme
The Chartered Institute of Taxation (“CIOT”) is lobbying the government to review the penalty regime for the new payroll reporting system, Real Time Information (“RTI”), suggesting that penalties…
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Direct sellers have one month to settle tax bills
HMRC have warned that anyone selling directly to customers, and who haven’t paid the tax they owe, have one month to come forward and make the payment. Direct…
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Child Benefit changes come into force
The controversial changes to Child Benefit and new High Income Child Benefit Charge come into force from today. The changes are expected to affect over one million families. Over 250,000…
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Business investment relief for non UK domiciled individuals
28 November 2012 Finance Act 2012 introduced the new business investment relief for the remittance to the UK of overseas income and gains by non UK domiciled individuals…
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Magma’s 1st Birthday
One year ago today Magma was formed. We have had a fantastic twelve months. We would like to thank our team, our clients and other professionals that have…
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Cap on unlimited Income Tax reliefs
22 November 2012 A range of tax reliefs available against income are to be brought under a cap from 6 April 2013. This may significantly limit tax savings…
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High Income Child Benefit Charge – will your family be affected?
15 October 2012 From 7 January 2013 the High Income Child Benefit Charge takes effect. Couples where at least one partner has high income may suffer extra income…
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Government proposals for owner-employee share schemes
12 October 2012 The governments new proposals for owner-employee share schemes seek to encourage employee ownership of companies, whilst partially reducing the burden of employment laws. There will…
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Who needs an audit?
8 October 2012 The government has recently announced changes to reporting and auditing requirements. As a result many more companies and LLPs will not require a mandatory audit.…