More recent posts
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Office of Tax Simplification reviewing IHT complexity
The Office of Tax Simplification (OTS) is reviewing the inheritance tax (IHT) regime to identify whether unnecessary complexities exist, and has issued a public call for views and…
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Stamp duty receipts soar to 10-year high
Stamp duty land tax receipts in 2017/18 were higher than at any time in the previous 10 years. £9.3billion was collected on residential property transactions alone, with close…
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Reporting expenses & benefits
P11D forms Employers have until 6 July 2018 to submit their annual P11D and P11D(b) forms to HM Revenue & Customs (HMRC) reporting relevant employee benefits and expenses…
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Magma shortlisted twice at the East Midlands Dealmaker Awards 2018
The Corporate Finance team are delighted to have been shortlisted for both the Deal of the Year and the SME Deal of the Year for the East Midlands Dealmakers Awards…
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Personal representative liable for inheritance tax due
A personal representative who transferred a deceased’s estate to a beneficiary who has apparently now vanished to Barbados has been told by the First-Tier Tribunal that he must pay…
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2018/2019 Tax year – taxing times for individuals
The 2018/19 tax year is now well underway. Below is a summary of some of the changes to tax allowances, to assist individuals to plan as the tax…
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Inheritance tax (IHT) revenues hit record high
IHT receipts hit a new record high of £5.3billion in 2017/18; a 13% increase on the £4.7billion collected in 2016/17. David Nash, Partner said “The continual increase in…
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Employment Related Shares – reporting deadline 6 July 2018
Where an employee or Director has received shares or share options in their employing company in the tax year to 5 April 2018 these will, in most cases,…
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Firm to be prosecuted for illegally opting staff out of pensions
The Pensions Regulator has announced that it will prosecute a national recruitment firm, its directors and some of its senior staff on the suspicion that they illegally opted…