Magma Chartered Accountants

Magma Chartered Accountants
Magma Chartered Accountants
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  • Next steps on the Finance Bill and Making Tax Digital
    Ministers have confirmed a new timetable for Making Tax Digital. Whilst Making Tax Digital should provide businesses with a modern, streamlined system to assist with updating tax records and providing information to HMRC, concern had been expressed by the scope and pace of the proposed changes. Under the new timetable, only businesses with a turnover […]
Magma Chartered Accountants
Magma Chartered Accountants
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Magma Chartered Accountants
Magma Chartered Accountants
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  • HMRC victory in Rangers Employee Benefit Trust case
    The Supreme Court has now ruled in HMRC’s favour, bringing to an end a long legal battle with Rangers football club over its use of Employee Benefit Trust (EBT) arrangements. Any employers who have ongoing EBT or similar arrangements should urgently review how they can be resolved, as whilst the opportunity to settle with HMRC […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Magma appoints Business Services Senior Manager in their Leicester office
    Magma are delighted to welcome Ismail Sidat to the Business Services Team, as Senior Manager within their Leicester office. Ismail brings with him significant experience of working with and advising owner managed businesses across a wide variety of sectors, having spent 16 years at the Leicester offices of national accountancy firms Mazars and RSM. Mark […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Magma expands Corporate Finance Team
    Magma are pleased to announce that Shafwaan Bheda has joined the team from RSM, as a Corporate Finance Manager. Shafwaan, a commercially astute Chartered Accountant specialises in advising SME clients on acquisitions, exit strategy, growth capital and fund raising. Mark Tuckwell, Managing Partner said “Shafwaan is ideally suited to help our clients raise working capital […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Employment-related securities deadline extended to 24 August
    Following technical problems with submissions, the reporting deadline of 6 July for events in the tax year 2016/17 has been extended to 24 August. You should be aware that if your return isn’t filed by the extended deadline the first late filing penalty of £100 will be issued on 25 August 2017. If you would like […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Magma strengthens Private Client Tax
    We are delighted to welcome Sara Burgess to our Private Client Tax team. Sara joins us a Senior Tax Manager from Saffrey Champness, where she was part of their London Private Wealth and Estates team.  Sara has over 20 years’ experience advising wealthy individuals and families, family companies, partnerships, landed estates, non-UK resident and/or domiciled […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Automatic Exchange of Information (AEOI) – returns deadline 31 May 2017
    Automatic Exchange of Information agreements are made between the UK and other countries. These agreements allow the exchange of information between tax authorities of different countries about financial accounts and investments to help stop tax evasion. UK companies, partnerships and trusts may have obligations under AEOI. For example, if more than 50% of the entities […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Reporting requirements for Trusts and Estates
    Last year the requirement to deduct tax at source on bank, building societies and National Savings and Investments (NS&I) income was removed and income from these sources is now paid gross. This means that trustees and personal representatives have increased reporting requirements. As a result, HMRC introduced interim arrangements so that trustees or personal representatives […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Maximising the tax efficiency of your jointly owned rental property
    In light of recent tax changes, including the extent to which tax relief is available for finance costs (including mortgage interest), many buy-to-let landlords have been considering what can be done to improve the tax efficiency of their rental portfolio. For some people options might include: Reducing debt in the rental business Restructuring debt arrangements […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Finance Bill cut ahead of General Election
    Today Parliament dissolves ahead of the General Election announced for June 8th. Last week, due to the need for significant amounts of legislation to go through the parliamentary process at short notice, Parliament decided to remove more than half of the clauses within Finance (No 2) 2017 Bill. Some of the key clauses dropped, from […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Annual Share Schemes Reporting
    Any company whose employees or directors have acquired shares, options or securities either from the company or from another shareholder of the company must report this through HMRC online services by 6 July.  The reporting of this information is a statutory obligation. What needs to be reported? Shares, options or securities issued to or acquired […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Planned probate fee increases scrapped ahead of general election
    The controversial planned increase in probate fees has been scrapped ahead of the general election. Probate fees, which must be paid by personal representatives of estates in order to obtain a grant of probate, were set to increase significantly from May 2017; moving from the current flat amounts (£155 or £215) to a new banded […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Seven Promotions at Magma
    Following the recent merger with Clear & Lane Accountants and New Partner Appointments, Magma is pleased to announce seven wider promotions at managerial level. In the Audit and Accounts team, Kaylee Crumbie and Rob Maybury (both Leicester) have been promoted to Manager grade and Zoe Denning (Rugby), Rebecca Langton and Natalie Edgeley (both Leicester) have […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Parliamentary committee questions legality of probate fees increase
    Probate fees, which must be paid by personal representatives of estates in order to obtain a grant of probate, are set to increase significantly from May 2017; moving from the current flat amounts (£155 or £215) to a new banded system under which the probate fees would be £20,000 for estates with a value of […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • The 2017 Finance Bill
    The 2017 Finance Bill was published on Monday 20 March. The Treasury said the bill, which is over 700 pages in length, “continues the Government’s crackdown on tax avoidance” and “improves the fairness of the tax system while modernising it for the digital age”. It is intended that the reforms will help businesses get their […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Budget plan to increase national insurance contributions reversed
    Plans to increase national insurance contributions for the self-employed, as announced in the Spring Budget last week, have been dropped. Chancellor Philip Hammond has told MPs in a Commons statement: “There will be no increase in NIC rates in this Parliament”. The plans were reversed due to the perceived breach of the spirit of the […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Investors’ Relief
    Today represents the first anniversary of the introduction of Investors’ relief (IR). Where available, IR enables investors to enjoy a 10% rate of capital gains tax on disposal of their unlisted share investments. IR was introduced to encourage greater external and longer term investments in unlisted UK trading companies and to attract investors who may […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Budget 2017
    Against the backdrop of the UK beginning the formal process of leaving the European Union, the Chancellor Philip Hammond has delivered his first (and last) Spring Budget, with the main theme being one of putting economic stability first. Please click here to read our Budget 2017 summary.
Magma Chartered Accountants
Magma Chartered Accountants
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  • Magma Insights – Issue 5: Spring 2017
    Click here to read the latest issue of our newsletter Magma Insights.
  • Budget 2017 – What Planet is the Chancellor on?
    We invite you to join us for a breakfast seminar on Thursday 9 March at 8am until 9.30am.  This will be an ideal opportunity to hear from and speak individually to a number of our market-leading tax team.  The seminar will be held at the Shuttle Suite, Leicester Space Centre, Exploration Drive, Leicester LE4 5NS. […]
  • Salary Sacrifice changes from April 2017 – what do employers need to do?
    What is salary sacrifice? Many employers give staff the option to swap a part of their wage in return for a non-cash benefit.  As a result of having a lower salary, employees pay less income tax and make lower National Insurance contributions.  Likewise, employers save on National Insurance as this is linked to salary. New […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Magma appoints two new Tax Partners
    Following its recent merger with Leicester-based Clear & Lane earlier this week, Magma are delighted to announce the appointment of Jon Kicks and David Buck as Tax Partners. This doubles Magma’s Tax Partners to four, leading a team of 22.  Both Jon (Corporate Tax) and David (Private Client Tax) are highly regarded in their fields […]
Magma Chartered Accountants
Magma Chartered Accountants
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  • Magma announce merger with Clear & Lane
    We are pleased to announce that Clear & Lane Chartered Accountants have joined forces with Magma Chartered Accountants, to form a leading regional provider of accountancy and advisory services to the private business sector. The business deal was finalised on 3rd February 2017. The Leicester firm, Clear & Lane, which has a strong reputation and […]
Magma Chartered Accountants
Magma Chartered Accountants
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New blog articles detected.

  • Minimum Wage Rates (NMW) from 1 April 2017
    The national minimum wage rates from 1 April 2017 will be: Hourly rate for those aged 25 and over will be £7.50 Hourly rate for those aged 21, 22, 23 and 24 will be £7.05 Hourly rate for those aged 18, 19 and 20 will be £5.60 Hourly rate for those aged 16 and 17 […]
  • Which Legal Structure?
    The legal structure you choose for your business is one of the most important decisions you will make in the start-up process.  There are generally four basic types of business entities, each of which has its own pros and cons. Please click here to read our article.
  • New company car fuel rates
    HMRC has published new ‘advisory fuel rates’ (AFR) for company cars, which apply to journeys from 1 December 2016. To give employers time to change their systems, for journeys up to 31 December 2016 they may use either the old or the new rates.  Engine size Petrol – amount per mile LPG – amount per […]
  • Phishing and scams
    In recent times there seems to have been an increase in taxpayers receiving emails/texts supposedly sent to them from HM Revenue and Customs (HMRC).  One example is bogus emails suggesting you might be entitled to a tax refund and inviting you to provide personal information in order to obtain it. Please be aware that emails […]
  • HMRC withholding tax relief on ‘in specie’ pension contributions
    HMRC are reportedly withholding millions of pounds of tax relief from pension savers who have made ‘in specie’ pension contributions; the contribution of non-cash assets to a pension scheme, which might for example include commercial property, shares, and more esoteric assets such as intellectual property. It seems that HMRC are concerned that some pension scheme […]
  • Magma’s 5th Birthday!
    As an ambitious and forward looking business, we’re pleased to announce the start of our 6th year.  We’ve had a very brief look back to share some of the highlights of our first five.  Please click here The business has gone from strength to strength since 2011.  Managing Partner Mark Tuckwell commented: “It is a […]
  • Autumn Statement 2016
    Philip Hammond has delivered his first, and last, Autumn Statement, which included revised forecasts for the UK economy, new Government commitments on deficit and debt reduction, spending commitments on infrastructure, and details of a relatively small number, but important, new tax measures. Please click here to read our Autumn Statement 2016 summary.
  • The proposed changes to corporation tax loss relief
    Under current legislation, corporation tax losses carried forward can only be used by the company that incurred the loss, and some losses carried forward can only be set against profits from certain types of income. Therefore, proposals for more flexible relief of losses arising after 1 April 2017 are to be welcomed.  If implemented as […]
  • Reduce the cost of providing Employee Benefits in Kind
    Did you know you could save time and money by automating the requirement of completing P11ds for your employees?  The employees tax on expenses and benefits can form part of your payroll, saving you the time and cost of filing P11ds. HMRC cannot process changes to this scheme mid-year, therefore employers need to confirm their […]
  • Apprenticeship Levy
    The Apprenticeship Levy will be introduced from April 2017. This new deduction is for investment into apprenticeships at 0.5% of the annual pay bill. Will this affect you? The levy itself will be calculated at 0.5% from an employer’s pay bill. Each employer will receive a £15,000 offset allowance each tax year. Therefore, only companies […]
Magma Chartered Accountants
Magma Chartered Accountants
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New blog articles detected.

Magma Chartered Accountants
Magma Chartered Accountants
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New blog articles detected.

  • Minister confirms Making Tax Digital delayed until 2019 for some businesses
    Jane Ellison, finance secretary to the Treasury, has recently confirmed that the introduction of Making Tax Digital (MTD) for the majority of businesses will be delayed to 2019 to allow them more time to prepare. HM Revenue & Customs have released six consultations setting out plans for the transition to MTD covering businesses, self-employed, individual […]
Magma Chartered Accountants
Magma Chartered Accountants
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New blog articles detected.

  • If you don’t claim R&D tax credits, your competitors will
    The Government’s R&D tax relief is one of the biggest funding sources for innovative UK companies, and a recent survey found that R&D tax credits have proven a major boost to British business. However, recent studies show that many businesses are still unaware they can claim the credits to help fund R&D. Some businesses that […]
  • New Advisory Fuel Rates (AFR) for company car drivers
    HMRC has published new ‘advisory fuel rates’ (AFR) for company cars, which apply to journeys from 1 September 2016. Advisory fuel rates are set by HMRC so that employers can use these rates to reimburse company car drivers for business fuel. These rates can also be used if employees are required to repay the cost […]

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