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

July 2013

  • Instant IHT relief

    If you make a lump sum gift its value remains in your estate for Inheritance Tax purposes for seven years. But gifts to certain members of the family might escape the net immediately. When does this rule apply?

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  • A legitimate VAT claim for the cost of private motoring

    If you're a director, business partner or self-employed as a sole trader, there's a generous VAT break which, if you use your own car for business, could cut your running costs. How can you make it work for you?

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  • Sharing company benefits with your spouse

    If you're a higher rate taxpayer, but your spouse isn't, you could save tax by shifting some or all of your company benefits to them. But this will only work in certain circumstances - what are they?

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  • Cutting the tax and NI cost of employees

    Certain types of job are paid at a cash-in-hand rate, for example cleaners and nannies; the trouble is using this method might land you with an unexpected tax and NI bill. When does this trap apply and how can you dodge it?

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  • Selling a subsidiary company tax-efficiently

    If your company sells a subsidiary it will have to pay Corporation Tax on any gain it makes, but you might be able to slash thousands off this if the business has accumulated profits. How's it done?

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Tax Breaks Directory

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