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.

A Van or Not a Van, That is the Question

Posted on: April 17th, 2018 by Tim Buringham

17 April 2018

Recently, there has been a rise in the number of PAYE audits, with one of HMRC’s hot topics being the correct treatment of a company supplied van, and whether this should actually be treated as a car. This was especially brought to the fore in the recent case at First Tier Tribunal level, between HMRC and Coca-Cola.

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Personal Service Companies – The Times They Are A-Changin’

Posted on: April 4th, 2018 by Tim Buringham

4 April 2018

10 February 2018 saw the first IR35 ruling handed down in over 7 years, designed to prevent individuals inserting a company between themselves and a client, essentially obtaining a tax advantage, by escaping the individual’s obligation to income tax and national insurance.

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Last Chance to Claim the £5k Dividend Allowance

Posted on: March 29th, 2018 by Tim Buringham

29 March 2018

5 April 2018 will see the last day on which shareholders will be able to take advantage of the £5,000 dividend allowance. From 6 April 2018, the dividend allowance is reducing to £2,000, therefore this is the last year you can take advantage of the larger amount.

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Claiming Back VAT on Mileage

Posted on: March 26th, 2018 by Tim Buringham

23 March 2018

You are probably aware that if an employee uses their own vehicle for work, they can claim back the mileage from their employer or get a tax deduction for the same amount from their employment income.

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Companies Owning Residential Property – Don’t Be Caught Out

Posted on: March 20th, 2018 by Tim Buringham

20 March 2018

The 1st April not only sees the beginning of Financial Year 2018, but also the beginning of the 2018-19 Annual Tax on Enveloped Dwellings (ATED) year.

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Spring Statement 2018 – A Brief Summary

Posted on: March 16th, 2018 by Tim Buringham

16 March 2018

Philip Hammond published the first ever Spring Statement, with the Budget itself now providing the sole fiscal event taking place in the Autumn, following the Chancellor’s announcement in 2016.

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New (Tax) Year’s Eve: Tax year-end planning checklist

Posted on: March 5th, 2018 by Tim Buringham

March 2018 Following a tax year involving the publication of two Finance Bills, here is a brief reminder of the key points that are tax year-end sensitive and that you may wish to bear in mind with only just over a month remaining of the tax year. You can plan ahead and use our annual […]

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Inheritance Tax – a Complex Beast

Posted on: February 22nd, 2018 by Tim Buringham

22 February 2018

A survey carried out by Canada Life earlier this month has highlighted once again the complexity of the inheritance tax (IHT) system, and that individuals may be exposing themselves to unnecessary tax bills.

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Trust Registration Deadline Looms

Posted on: February 15th, 2018 by Tim Buringham

15 February 2018

On 26 June 2017, new legislation was introduced meaning that trusts that incurred certain UK taxes in the 2016/17 tax year are required to register

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Five Ways to Make Self Assessment Easier

Posted on: January 24th, 2018 by Tim Buringham

24 January 2018

With many people hastily preparing tax returns in time for the Self Assessment deadline on 31 January, here are my top five tips for making sure you don’t get caught out by the taxman

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