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

April 2014

  • Tax break for hobbies

    If you run a business and are the outdoor type or just like to keep active, HMRC has a tax break for you. What is it and how does it work?

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  • Sharing income with your spouse tax efficiently

    For tax purposes you can shift income to your spouse to lower your joint tax bill, as long as you also give away the asset which produces the income. However, there’s a neat loophole that allows you to shift the income while keeping most of the asset. What’s involved?

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  • An alternative company share buy-back plan

    Where you make a gain from selling shares back to your company HMRC can agree to apply the capital gains tax rules. This is usually the most tax-efficient arrangement, but where HMRC doesn’t agree to it what are the options for reducing your tax bill?

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  • IHT-free gift when employing family members

    Normally when you make a gift to a family member you’ll have to survive seven years for it to become exempt from inheritance tax (IHT). But one type of gift escapes the IHT net immediately. What is it?

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  • Avoiding penalties for dormant companies

    Before your company starts and after it finishes to trade it will be dormant. Even though it won’t have taxable income HMRC expects it to submit accounts and tax returns and will issue fines if it doesn’t receive them. What steps can you take to avoid this happening?

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Tax Breaks Directory

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