We develop a theory for spin transport and magnetization dynamics in a quantum dot spin valve, i.e., two magnetic reservoirs coupled to a quantum dot. Our theory is able to take into account effects of strong correlations. We demonstrate that, as a result of these strong correlations, the dot gate voltage enables control over the current-induced torques on the magnets and, in particular, enables voltage-controlled magnetic switching. The electrical resistance of the structure can be used to read out the magnetic state. Our model may be realized by a number of experimental systems, including magnetic scanning-tunneling microscope tips and artificial quantum dot systems.