Magma Chartered Accountants

Magma Chartered Accountants
Magma Chartered Accountants
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  • 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 their annual tax returns just eighteen days to find the funds to pay their tax for 2016-17. There are a range of options for paying HMRC depending on […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • The deadline for submission of 2016/17 Self Assessment tax returns to HM Revenue & Customs is 31 January 2018. If you send your return late, you will receive a £100 penalty – even if you have no tax to pay or you pay your tax on time. The longer you delay, the more you will […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • With Christmas fast approaching some employers may consider making small gifts to their employees.  A tax exemption is available which should give employers certainty that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the benefit to be exempt it must meet the following conditions: […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • 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 running their property business. The new rules, effective from 6 April 2017, will allow landlords a choice between claiming fixed rates per business mile or actual running […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • 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 for private businesses and successful individuals … making it actually relevant! Please click here to read our Autumn Budget 2017 summary.

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • 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 Employee Benefit Trusts (EBTs) and Employer Financed Retirement Benefit Schemes (EFRBS). A settlement will allow the taxpayer to close the structure down and pay all of the […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • 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 year) was initially 5 October 2017. However, due to technical difficulties logging into the system, the deadline has been delayed to 5 January 2018. Please speak to […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • If you are looking to change your company car in the New Year, you should be aware that changes are being made to the tax relief available to businesses for expenditure on or after 1 April 2018. Under the new rules expenditure on cars with CO2 emissions: Not exceeding 110gm/km will be pooled in the […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • From 26 June 2016 Companies and LLP’s have been required to keep a register of Persons with Significant Control (PSC).  A PSC being defined as a person and/or entity owning more than 25% of the company’s shares or voting rights.  The business was required to update the register within two months of the change but, […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • Magma have successfully advised ENSEK, a leading software supplier to UK energy providers, on their Private Equity backed buy-out. Together with legal firm Spearing Waite, Magma played a leading role in designing and structuring the deal, which will assist the business into the next phase of its exciting growth.  The deal was backed by Lloyds […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • According to Accountancy Age, Magma is the fastest growing Accountancy firm in the UK within their recently published Top 100 firm list.  Our 2017 results show annual growth of over 88%.  The full article is here https://www.accountancyage.com/2017/10/04/top-5050-big-four-hold-steady-shake-outside-top-20/.  The growth factors in Magma’s merger with Clear & Lane in February of this year, in a move ...

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • Recent pension freedoms appear to be driving a new generation of potential buy-to-let investors, who view this as a viable way of funding their retirement. However, would be ‘pension-pot’ landlords are urged to seek advice before committing pension funds to property. In light of tax changes, including increased Stamp Duty Land Tax and the extent […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • HM Revenue & Customs (HMRC) have recently started to rollout Simple Assessment notices to many taxpayers, this is a pre-calculated notice of tax due which negates the need for taxpayers to fill out a self-assessment form. Taxpayers are urged to check the details and calculations carefully.  Whilst the Simple Assessment notice is hopefully accurate for […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • On 13 July 2017 the Government announced that Making Tax Digital for VAT will come into effect from April 2019. From that date, businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep their records digitally (for VAT purposes) and provide their VAT return information to HMRC Revenue and Customs […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • The Government has proposed setting up a national investment fund to help UK start-ups, which it says receive less funding than their US counterparts. British businesses can currently apply for financial funding from the European Investment Fund.  The Treasury believes a new UK based fund would help ensure that firms still have access to the […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • The Worldwide Disclosure Facility (WDF) is currently available to disclose a UK tax liability that relates wholly or in part to an offshore issue. For example, this may include income from an overseas property or overseas interest and dividends. Previous offshore disclosure facilities have now closed and so the WDF is the last chance to […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • Whether or not a company is UK tax resident is naturally a matter which is of some interest to HMRC. Companies who are incorporated in the UK are automatically tax resident; it is only those companies which are incorporated overseas whose status must be otherwise determined. Case law has established that a company incorporated overseas […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post

Trust Register

  • HMRC’s new Trust Register has now been launched. The new Trusts Online Service is the portal for trustees to provide HMRC with information required for the Register, such as the name of the trust and the date it was set up, national insurance number and date of birth for the settlor, trustees (and beneficiaries, as required). […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • Magma is delighted to welcome Amy Read to our private client team, as a Tax Manager in our Leicester office. Amy spent the first 10 years of her career with Grant Thornton and has over 15 years’ experience advising clients, including business owners, wealthy individuals, trusts, landlords and partnerships, on personal tax compliance and planning […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • Magma is delighted to welcome Jade Varden and Peter Hanly to its private client team, as graduate tax trainees. David Buck, Tax Partner said “We are delighted to welcome Jade and Peter to the team and we look forward to them progressing their careers with us”.

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • Magma are pleased to announce that they have recently achieved Gold Partner status with Xero, the multi award winning global leader in cloud-based accounting software. In partnership with Xero, Magma can offer all clients an accounting solution that is accessible from any internet-connected device – phone, tablet, or computer. An increasing number of Magma’s clients […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • The Government has announced that the rise in the pension age to 68 will now happen by 2039 – seven years earlier than initially proposed, and will affect everyone born between 6 April 1970 and 5 April 1978. The proposal is most likely to affect around 7 million people in their late 30s and 40s, […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • 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
Blog Post
  • HMRC have recently said to the Institute of Chartered Accountants in England and Wales (ICAEW) that it has decided not to charge daily penalties for failure to submit non-UK resident capital gains tax returns. From April 2015, there has been a requirement for non-UK residents to file a return within 30 days of the disposal […]

Magma Chartered Accountants
Magma Chartered Accountants
Blog Post
  • 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
Blog Post
  • 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 […]

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