More recent posts
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More than 2,000 nudge letters sent to combat Research & Development (R&D) tax fraud
HMRC sent over 2,000 nudge letters to R&D claimants this past January in an attempt to clampdown on rising fraudulent activities and errors in submissions. Nudge letters are…
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Magma Strengthens Audit Team
Three senior level audit recruits have bolstered Magma’s audit offering, following another year of strong growth. Meadhbh Heard, with a background at EY and Shipleys and significant expertise…
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Avoid missing out on the UK state pension
Check your National Insurance (NI) records before 5 April 2023 to avoid falling short on your UK state pension claim. For those retiring on or after 6 April…
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HMRC interest rates for late and early tax payments rise… yet again
With the Bank of England’s base rate and HMRC’s interest rates being tightly knit, the Monetary Policy Committee’s decision on 2 February 2023 to increase the base rate…
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National Minimum Wage – a risky compliance conundrum
With April 1st quickly approaching, both the National Living Wage and National Minimum Wage (NMW) rates will be increasing – bringing with it a whole host of compliance…
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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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R&D – What do we know?
Research and development relief (R&D) has been the talk of the town, especially since the reform bombshell of the 2022 Autumn Statement. The current eight-week consultation points towards…
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Calls to modernise the P11D process
The ICAEW have openly called on HMRC to improve form P11D, used to report benefits in kind (BiK), to make it easier for employers to complete. A P11D…
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Electric vehicles – mileage claims and charging
Electric and low emission vehicles (EV) remain highly sought after. Despite the slight increase to the benefits in kind (BiK) tax rate to 2% this April, EVs remain…