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

May 2010

  • Escaping the Inheritance Tax net
    You have a life policy that will pay out a substantial sum on your death to cover the Inheritance Tax bill. However, this can actually increase the IHT due if the policy isn't set up properly. What steps can you take to avoid this trap?
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  • Offset loan tax benefit
    By using an "offset" mortgage, you can get a better return compared with putting your money into a deposit account. But is there a way you can use the cash in your company to get an even better result without triggering a taxable benefit-in-kind?
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  • VAT on the move
    It's not uncommon for businesses to recruit key employees from other parts of the country. Meeting their relocation costs can be expensive, but if it's done in the right way at least you'll be able to reclaim the VAT. What's involved?
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  • Making allowances for NI
    An employee uses his own car for work, and he's asked if you'll pay him a fixed allowance per month rather than a rate per business mile. Is there any way of doing this without paying extra tax and NI?
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  • Double your tax relief
    If finances mean you have to choose between your company making a payment into your pension fund or it buying a new piece of equipment for the business, there's something that might allow you to do both: double tax relief. But what do you need to do to get hold of it?
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Tax Breaks Directory

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