More recent posts
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New R&D tax relief procedures explained
HMRC are cracking down on wrongful and fraudulent Research & Development (R&D) tax relief claims – here’s what you need to know. Background In the midst of vaccine…
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Making Tax Digital: Phase 2 is Coming
What is it? Phase 2 of HMRC’s Making Tax Digital (MTD) programme will soon be with us. The initiative is fundamentally changing UK tax reporting systems and processes…
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Tax Clearance Approved by Tribunal
Magma Chartered Accountants recently took the highly unusual step of appealing HMRC’s refusal to provide a tax clearance to the First Tier Tax Tribunal. That decision was however…
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HMRC’s new VAT deferment scheme explained
HMRC has updated guidance on how to register for the online service to pay VAT payments deferred between 20th March and 30th June 2020 due to the covid-19…
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Cut in CO2 Emission Thresholds for Business Cars
Legislation will be introduced to extend the 100% first year (capital) allowances (FYAs) for low CO2 emission cars, zero-emission goods vehicles and equipment for gas refuelling stations by…
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HMRC approves ‘virtual’ Christmas parties
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…
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Magma Corporate Finance advises on the acquisition of Star Platforms
Sudhir Power, an India-based power generation specialist and manufacturer, has acquired UK access equipment specialist rental company Star Platforms. Founded in 1973, Sudhir Group already has rental operations…
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Capital Gains Tax – potential changes ahead
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…
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Coronavirus Job Retention Scheme (CJRS) Extended
The Job Support Scheme(JSS) which was due to start on 1 November will now be delayed as the Prime Minister has announced a one-month extension to the CJRS…