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More recent posts
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Tax-efficient school fees – is there such a thing?
Rising costs of private education have left private business owners reflecting – can school fees be paid more tax-efficiently via the business? Fundamentally, if the business pays the…
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HMRC and the most unwilling of concessions
Magma’s expert Private Client Tax team have recently helped a client earn victory over HMRC in the Court of Appeal, following a drawn-out debate over the taxation of…
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Airbnb hosts targeted by HMRC tax investigation
HM Revenue & Customs (HMRC) is investigating Airbnb hosts who may not have declared all of their income. The investigation follows HMRC’s receipt of six years’ worth of…
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SEIS and EIS see record investment in first quarter of 2023
Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) have been particularly popular with tax-break seeking investors of late, with £2.8 billion invested through the schemes in…
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More record figures for inheritance tax receipts
The UK government’s inheritance tax intake has increased by a staggering £1bn over the last year, according to new figures from HM Revenue and Customs (HMRC). The rise…
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Capital gains tax rules for separating spouses relaxed
From 6 April 2023, some of the capital gains tax (CGT) advantages of being married have been extended to last for longer post-separation. Separating spouses or civil…
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Full expensing investment allowance: A new tax incentive for UK businesses?
Jeremy Hunt recently announced a new investment allowance, in an attempt to soften the impact of the much-criticised corporation tax hike. But will it work? Revealed in the…
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IHT receipts up to £5.9bn with record breaking year expected
The latest data shows that there’s no respite in sight, with Inheritance Tax (IHT) receipts hitting £5.9bn throughout the period of April 2022 to January 2023 – a…
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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…