Steve Maggs Tax Blog

The world of tax is fast moving, ever changing and constantly evolving. By writing my regular Tax Blog I hope to bring important tax changes and advice to your attention and help you keep abreast of developments in this ‘taxing’ world! If you’d like any further information on any of my posts please call me on 01872 276116 or email me at stephen.maggs@rrlcornwall.co.uk

A summary of the changes to the benefits and expenses regime from April 2016 – 27/04/2016

Posted on: April 27th, 2016 by Amy Charge No Comments

Following a review of the legislation governing benefits in kind and employee expenses by the Office of Tax Simplification, there have been four major changes introduced from 6 April 2016.

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Life policies – Partial surrenders and Assignments – HMRC Consultation 26/04/2016

Posted on: April 26th, 2016 by Amy Charge No Comments

HM Revenue & Customs (HMRC) published a consultation on Wednesday (20 April 2016) proposing changes to the taxation of part surrenders and part assignments of life insurance policies.

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Budget 2016

Posted on: March 16th, 2016 by alison

It was a Budget with some significant surprise announcements and big changes that nobody had anticipated or envisaged. In my Budget 2016 Tax Blog I highlight the Corporation Tax and Capital Gains Tax changes as well as other measures including Stamp Duty Land Tax, Income Tax changes and much more.

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Cash Extraction – All Change – 22/02/2016

Posted on: February 22nd, 2016 by Amy Charge No Comments

The significant changes to the taxation of cash extraction from companies from 6 April 2016 could leave company shareholders with a large tax bill. The rate of income tax on dividend income across all of the income tax bands will increase by 7.5% so companies need to consider paying out dividends before this increase.

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Happy New (Tax) Year – Year-end tax planning checklist! – 17/02/2016

Posted on: February 17th, 2016 by Amy Charge No Comments

As we are on the verge of bidding farewell to the 2015/16 tax year it is worth taking stock and considering your 2015/16 tax position, before checking whether to implement any year-end planning. I touch on some specific points for serious consideration in this blog.

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Urgent – Significant tax changes – Cash extraction from companies – 16/02/2016

Posted on: February 16th, 2016 by Amy Charge No Comments

The taxation of cash extraction from companies in some of its typical forms is changing significantly as of 6 April 2016. With only two months to go it is prudent to seriously consider the impact of these changes and whether you would like to take action in the short period of time before the end of the tax year.

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Timing is everything! – 13/01/2016

Posted on: January 13th, 2016 by Amy Charge No Comments

As the character, Max Skinner, states in one of my favourite films (A Good Year) “The secret to riches is the same as the secret to comedy – timing”. This is also true of the availability of the capital allowances ‘Annual Investment Allowance’ for accounting periods straddling 1 January 2016.

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Taxing times for landlords! – 08/01/2016

Posted on: January 8th, 2016 by Amy Charge No Comments

It has been well documented that George Osbourne has recently announced some significant changes to the taxation of landlords. In this blog I provide further information on the changes and explain they might impact on landlords.

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Tis the season for giving! – 16/12/2015

Posted on: December 16th, 2015 by alison No Comments

Yes, it’s that time of year again….copious amounts of tinsel, crackers, over indulgence, glittering indoor foliage, Michael Bublé and of course the season of giving.

If you’re in the spirit of giving I thought it only right to remind you not to forget the tax implications when making gifts over this festive period.

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Autumn Statement – Tax announcements – 26/11/2015

Posted on: November 27th, 2015 by alison No Comments

As expected, the Chancellor’s Autumn Statement announcements were a bit light on tax announcements – probably given that we have had two budgets this year! However it is clear that the Government is tightening up its payment terms in order to help cashflow, as any good accountant would recommend, but is this purely political to result in the appearance of a reduction of the deficit in time for the next election?

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