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

December 2018

  • Is VAT payable on parking fines?

    Picking up the odd parking fine is inevitable in a business where your reps and delivery drivers visit customers all around town. Do these fines include VAT and if so can you reclaim it?

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  • Tax-efficient business entertainment

    Entertaining existing and potential customers can be an important factor in generating new business. HMRC says that none of the associated costs is tax deductible, but that’s not entirely correct. When is tax relief allowed for entertaining costs?

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  • Who pays the tax on joint gains?

    As joint owners, if you and your spouse sell a property for more than you paid for it, you’ll each be taxed on an equal share of the gain. How can you allocate the tax bill more efficiently?

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  • Are pool cars worth the effort?

    Where the directors and employees of your company use a “pool car” there’s no tax or NI payable. The trouble is there are tough conditions for pool car treatment which are rigidly enforced by HMRC. What steps are needed to ensure your pool car isn’t taxable?

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  • IHT planning for attorneys

    If you’re in charge of someone else’s finances through a lasting power of attorney, there are tight restrictions on what you can do with their money. Does this mean you can’t get involved in any inheritance tax planning on their behalf?

     

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