Disclosed is a cutting tool that is capable of performing cutting operations on a variety of materials such as, for example, plasterboard, glass, wood, laminated wood, cardboard, plastics, such as PERSPEX®, tiles, or the like. The cutting tool comprises an upper and lower part with the upper and lower parts being separated by spacing means that are preferably retractable. The upper and lower parts include at least one cutting device. The upper and lower parts are held together by magnetic attraction.