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Latest posts
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HMRC clamps down on undeclared dividend income
HMRC has recently started another ‘One to Many’ campaign and from 4 February 2024, HMRC has been writing letters to individuals about potentially undeclared dividend income. This latest…
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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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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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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.
Recent posts
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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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Is Stamp Duty Land Tax anti-marriage?
Stamp Duty Land Tax (SDLT) is a tax that you pay when you buy…
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New CGT Data Signals Potential Landlord Exodus
A new report has found that the number of landlords selling their properties has…
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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…
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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…
More recent posts
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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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Airbnb hosts targeted by HMRC tax investigation
HM Revenue & Customs (HMRC) is investigating Airbnb hosts who may not have declared all of their income. The investigation follows HMRC’s receipt of six years’ worth of…
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Deadline extended for voluntary NIC’s
The government has announced that taxpayers will now have until 31 July 2023 to make voluntary national insurance (NI) contributions. We recently published an article stating an April…
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Business Asset Disposal Relief (BADR) – HMRC chasing those exceeding allowance
HMRC are sending warning letters to BADR (formerly Entrepreneur’s Relief) claimants who they believe may have exceeded their lifetime allowance on their 2021/2022 tax returns. BADR can be…
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Capital gains tax receipts hit record levels
Official data shows that capital gains tax (CGT) receipts have almost doubled over the last 4 years, representing a record breaking £15.3 billion in the year to 31…
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Bonus or dividends – are the goalposts moving?
For private company owners fortunate to have a degree of choice as to how to pay themselves, at higher marginal tax rates in particular, dividends have held a…
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HMRC step up their chase for landlords who have not declared rental income
Landlords with undisclosed, or under-disclosed, rental income are in HMRC spotlight again, with the threat of demands for back payment of taxes, along with associated interest and penalties.…
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Basis of assessment reforms incoming
Upcoming basis of assessment reforms will alter the way trading income is allocated to tax years for the self-employed. The basis period will be changed from a current…