Tax Breaks
Five powerful Tax Breaks every month. See how much they could save you

April 2009

  • Care home fees - avoiding a tax pitfall
    Has your elderly relative nearly exhausted their savings in paying for their care home fees? Are they now having to sell their home to fund these? If so, they could be unwittingly creating an Inheritance Tax problem. But with some planning, and the benefit of mortgage rates at an all time low, there could be some help at hand.
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  • Making the Taxman pay for home security
    Keeping your business's computer data backed-up is one thing. But there's little point in storing it on tapes or disks you leave in the office. If there's a fire or a burglary, you stand to lose it all. So how about keeping it at one of the directors' homes? If the company pays for a fireproof cabinet or safe to be installed, will that be a taxable benefit-in-kind if the director uses it for personal items? Not with a little planning.
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  • Taxman's errors could benefit you
    Tax planning is all about avoiding tax within the rules. But what if it's too late? What if the Taxman has worked out that you owe him money and his calculations appear to be right? However, what if it turns out that the reason for the underpayment is that he made a mistake in calculating your code number, despite you giving him all the information he needed to get it right? There may be a way to dodge the tax you owe.
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  • Redundancy, making the most of a bad situation
    These are testing times for both employers and employees. We may not like it, but these days redundancies are a fact of life. However, there's no point in adding to the misery by paying unnecessary tax and NI on employee pay-offs. So how can these liabilities be avoided?
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  • Business expenses - what a relief!
    Sometimes business expenditure may result in a personal benefit. For instance, while on a business trip you may take the opportunity to attend a show in the evening. The Taxman likes to argue that in practice there were two purposes for the expense, one personal and one business. If you accept that argument, you won't get any tax relief, not even on a proportion of the costs. So what tactics can you use to beat the Taxman?
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Tax Breaks Directory

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