More recent posts
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Amendments to Company Tax Returns following loss reform
Following the loss reform legislation included in Finance (No 2) Act 2017 which received Royal Assent in November 2017, some companies may now need to amend tax returns…
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Do you know the best way to pay yourself?
Something worth considering before the end of the tax year on 5 April 2018! Directors are able to pay themselves from their limited company in the form of…
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HMRC announce top excuses for missing the tax return deadline
‘My wife was seeing aliens and wouldn’t let me in the house’ has been reported by HM Revenue & Customs (HMRC) as being one of the worst tax…
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Tax-Free childcare opens to children under 9
In April of last year HMRC started rolling our Tax-Free childcare, which helps working parents with the cost of childcare up to £2,000 per child per year, or…
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HMRC announce ban on credit card payments
HMRC has announced that taxpayers will no longer be able to pay their tax bills by personal credit card. Effective from 13 January the ban leaves those completing…
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Mileage rates for unincorporated property businesses
A measure announced at Autumn Budget 2017 will simplify the way in which individuals and partnerships (made up of only individuals) can claim for motoring expenses associated with…
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Autumn Budget 2017 – the review for private businesses
As always, this Budget speech was a dry affair, with macro-economic statistics, policy spending and crystal ball forecasting in high order. Magma’s Budget review concentrates on its impact…
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Disguised Remuneration 2017 settlement opportunity
A new settlement opportunity has been announced by HM Revenue & Customs. This applies to users of tax planning arrangements falling within the disguised remuneration rules – typically…
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HMRC to postpone deadline for registering new trusts until January 2018
Following the launch of HM Revenue & Customs’ new Trust Register, the deadline for registering new trusts (those that first incurred a tax liability in the 2016-2017 tax…