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.

Small Businesses Face Digital Filing Early if VAT Threshold Drops

Posted on: November 21st, 2017 by Tim Buringham

21 November 2017

Following a recent report from the Office of Tax Simplification (OTS), it looks likely that the Chancellor may move to lower the threshold at which business begin paying VAT in tomorrow’s upcoming Autumn Budget (22 November).

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Autumn Budget 2017 Predictions

Posted on: November 14th, 2017 by Tim Buringham

14 November 2017

In his two major fiscal announcements as Chancellor so far, Philip Hammond has done little to dismiss his reputation for cautiousness. With the government’s majority gone and against the backdrop of ongoing Brexit negotiations, I do not see this as the moment for the Chancellor to throw caution to the wind with a major change of policy direction.

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HMRC Release Latest Tax Gap Figures

Posted on: November 9th, 2017 by Tim Buringham

8 November 2017

Always interesting reading to those in the tax profession, HMRC recently released their annual report on the tax gap, announcing that it has fallen to its lowest figure for a decade.

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EIS, SEIS and the Importance of Seeking Professional Advice

Posted on: October 16th, 2017 by Tim Buringham

16 October 2017

A case heard in July at the Upper Tax Tribunal has reiterated the importance of utilising experienced, qualified, individuals when obtaining advice, especially with regards to companies seeking to qualify for the Enterprise Investment Schemes (EIS) or Seed Enterprise Investment Schemes (SEIS).

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Quality Versus Quantity – Short Period of Occupation, Interesting Outcome of the Recent Case Law

Posted on: October 9th, 2017 by Tim Buringham

9 October 2017

A recent capital gains tax case has confirmed the importance of qualifying for Private Principle Residence relief when residing for short periods of time and also gives emphasises on the ‘quality’ of occupation which counts rather than the ‘quantity’.

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Another Nail in the Coffin of the Personal Tax Return

Posted on: October 5th, 2017 by Tim Buringham

5 October 2017

Last year’s Finance Act introduced a power which enables HMRC to issue “simple assessments” – income tax assessments outside of the self assessment regime. Find out more about these changes.

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Second Finance Bill of 2017 Published

Posted on: September 19th, 2017 by Tim Buringham

19 September 2017

The second Finance Bill of 2017 was published 8 September, with a range of policies that had been dropped from the earlier bill due to the snap election now re-added as anticipated.

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First Tier Tribunal Say ‘Neigh’ to HMRC

Posted on: September 15th, 2017 by Tim Buringham

15 September 2017

A recent case heard at tribunal has confirmed the availability of Business Property Relief and Agricultural Property Relief, but also potentially widened the net with regards to other agricultural businesses qualifying in the future.

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The End of Disincorporation Relief

Posted on: September 12th, 2017 by Tim Buringham

12 September 2017

Although not available to all companies, March 2018 will see the cessation of one of HMRC’s corporation tax reliefs – Disincorporation Relief

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New Employment Status on the Horizon?

Posted on: September 8th, 2017 by Tim Buringham

8 September 2017

On 1 May 2017, the House of Commons Work and Pensions Committee published its report into the new employment status ‘worker’ following dramatic growth in the buzz term of the moment, the ‘gig economy’.

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