Steve Maggs Tax Blog

The world of tax is fast moving, ever changing and constantly evolving. Through my Tax Blog I hope to bring you important tax changes and advice and help you keep abreast of developments in this ‘taxing’ world! If you’d like any further information please call me on 01872 276116 or email me at steve.maggs@rrlcornwall.co.uk.  You can also follow me @TaxCornwall.

HMRC Figures on Marriage Allowance Suggest Concerns Were Right – 28/11/2016

Posted on: November 28th, 2016 by Tim Buringham

Jane Ellison, the Financial Secretary to the Treasury, has confirmed that only 1 million couples have claimed the Marriage Allowance, despite the fact that an estimated 4.2 million were eligible to claim – a take-up of less than 25%.

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HMRC Responds to Making Tax Digital Concerns – 23/11/2016

Posted on: November 23rd, 2016 by Tim Buringham

In response to criticisms of Making Tax Digital (some of which I’ve previously covered), Jim Harra (HMRC Director General, Customer Strategy and Tax Design), published a letter in the Financial Times on Wednesday 9 November defending the plans.

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HMRC Lose Tribunal Case on Tax Penalty Suspension – 21/11/2016

Posted on: November 21st, 2016 by Tim Buringham

HMRC have the ability to charge penalties for inaccuracies in returns, where they believe the inaccuracy results in a lower tax bill or the mistake was careless or deliberate. It is possible for these penalties to be suspended in those cases where the behaviour that resulted in the inaccuracy is deemed to be ‘careless’, as opposed to ‘deliberate’. HMRC can also set conditions for the taxpayer to avoid a similar inaccuracy occurring in the future.

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Stamp Duty ‘Additional Property’ Surcharge Hits the Brief – 20/11/2016

Posted on: November 20th, 2016 by Tim Buringham

Quarterly Stamp Duty Land Tax (SDLT) statistics released by HMRC show that over half of the SDLT paid in the third quarter of 2016 was made up of duty paid because of the 3% ‘additional property’ surcharge.

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Lowest ‘Tax Gap’ Figures For 10 Years – 18/11/2016

Posted on: November 18th, 2016 by Tim Buringham

Always of interest to Tax experts is the yearly ‘tax gap’ estimate from HMRC. The latest annual estimate for 2014/15 has been released, putting the ‘tax gap’ at £36 billion, which represents 6.5% of the UK’s estimated tax liability.

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Making Tax Digital – Professional Feedback – 16/11/2016

Posted on: November 16th, 2016 by Tim Buringham

Following from my post earlier this month regarding HMRC’s plans for “Making Tax Digital” the Chartered Institute of Taxation and the Association of Taxation Technicians have released their comments on the plans.

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Mystic Maggs – Autumn Statement 2016 Predictions – 15/11/2016

Posted on: November 15th, 2016 by Tim Buringham

It’s always difficult to guess what will be included in the Chancellor’s announcements, and trying to predict what will be included in this year’s Autumn Statement on 23rd November is arguably even more difficult than usual. However I do like a challenge!

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Why Use the New HMRC Online Application Process for VAT Annual Accounting? – 14/11/2016

Posted on: November 14th, 2016 by Tim Buringham

HMRC has introduced an online application process for VAT annual accounting, consistent with its ‘Making Tax Digital’ plans. This looks to be good news as it will reduce the administrative burden HMRC places on businesses. The purpose of the scheme is to aid cash flow and budgeting.

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Does a Trump Win Impact UK Taxpayers? – 10/11/2016

Posted on: November 10th, 2016 by Tim Buringham

Well… that was a surprise! The second big political shock of 2016 has occurred across the pond.

Driving into our Truro office on Wednesday morning listening to Donald Trump’s acceptance speech, I found myself reflecting on what impact The Trump Plan might have on the UK taxpayer.

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Making Tax Digital – Important Update – 03/11/2016

Posted on: November 3rd, 2016 by Tim Buringham

In 2015 the government announced major plans to modernise the tax administration system by introducing digital services for tax.

Steve Maggs gives detail of all the major changes you need to be aware of.

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