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

July 2011

  • Business assets make a better gift than cash

    If you sell your business and want to give some of your windfall to the next generation, you'll have to wait seven years before the gift is exempt from IHT. But there's an alternative way to pass on some of your wealth and avoid IHT altogether.

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  • Party tax exemption - the more the merrier!

    When you throw a "do" for your staff it won't count as a taxable benefit-in-kind as long as the cost per head is no more than £150, including VAT. What can you do to make the most of this exemption?

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  • Reclaiming VAT on vehicle extras

    There's no VAT payable on parking fines or similar, such as a congestion charge penalty, but where you hire a vehicle and the invoice for it shows the rental firm has added VAT to this kind of charge, can you recover the tax?

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  • Maximising the tax deduction for accountancy fees

    Where your accountant's bill includes a charge for preparing your personal self-assessment tax return, can your company claim a Corporation Tax deduction for this element?

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  • A tax-free thank you

    You think someone has done a good job for the company and you'd like to put some cash in their pocket to say thank you. But can you do this without either of you having to pay tax and NI?

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Tax Breaks Directory

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