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Latest posts
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Changes coming into effect that may impact your finances
During the Budget statement, the Chancellor announced what could be seen as ‘vote winning’ changes for the new tax year, starting from 1 April 2024; prestige timing before…
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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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International Women’s Day 2024
International Women’s Day International Women’s Day (IWD) is a global day celebrating the social, economic, cultural, and political achievements of women. IWD is one of the most important…
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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,…
Recent posts
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R&D at HMRC: what’s going on?
Last year, we discussed the HMRC stepping up its enforcement efforts to clamp down…
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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…
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Tax and your work Christmas party
As 2023 draws to a close, many employers will be looking for ways to…
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Reporting payment to HMRC if you pay your employees early in December
HMRC allow an easement where employers pay their employees early at Christmas. Read this article to find out how and when to report payments on the FPS if you pay your employees earlier than normal in December.
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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.
More 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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HMRC Offers Opportunity to Self-Report Offshore Assets
If you have recently received a letter from HMRC asking about your overseas assets, income, or gains, you are not alone. HMRC is receiving a vast amount of information about…
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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 a property in the UK. The amount of SDLT you pay depends on the…
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Home swapping holidays – beware of possible hidden tax
Home swapping is becoming an increasingly popular way to holiday – with the attraction of high-quality accommodation at a much-reduced cash cost. In the 2006 film, The Holiday,…
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HMRC Provides New Guidance on Corporation Tax Relief for Employee Share Awards
Employee share awards are a popular way for companies to attract and retain talent. However, the tax treatment of these awards can be complex. HMRC recently published new…
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Tax Disputes: A Long and Winding Road
For many businesses, getting caught up in a tax dispute with HMRC can be a nightmare. Not only is the UK tax system complex, but the process of…
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Tax reliefs fuel UK startup investments
A new survey has found that structured tax reliefs are a major factor in why investors back early-stage businesses in the UK, with up to 70% of investors…
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Half of SME R&D claims fail compliance, reveals HMRC investigation
HMRC has found that half of all research and development (R&D) claims by small and medium-sized enterprises (SMEs) are not compliant. This means that they are either not…
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The ‘tax tipping-point’ – are UK private business owners beyond it?
With corporation tax rates now established at a decade high rate of 25% and top personal income tax rates at 45%, HMRC can now benefit significantly more than…