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

February 2010

  • A helping hand with school fees
    The cost of your child's private education may be soaring. Worse still, the fees have to be paid out of your taxed income, but by using your children's tax-free allowances you could soften the blow. How is this achieved?
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  • Timing is everything for dividends
    Paying a dividend may be the most tax efficient way of getting money out of your company, but as income tax rates are about to change, paying it at the wrong time could be a disaster. How do you make sure that the time is right?
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  • Getting (VAT) credit where credit is due
    If one of your regular customers returns some goods, you'll want to reclaim the VAT you paid over to the Taxman on the original sale. Issuing a credit note is the answer, but if you don't follow the right procedure it could leave you waiting for your money. So what's the right thing to do?
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  • Refurbish your tax deductions
    It might surprise you that you can't get a tax deduction from your profits for all business expenditure, particularly on money spent to maintain your business premises. If you overdo it, the Taxman can argue that it's a capital cost. What steps can you take to maximise your tax relief?
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  • Avoiding the PAYE petty cash trap
    Most businesses use petty cash to pay their employees' out-of-pocket business expenses. It often makes more sense just to give them a cash float, but the Taxman can say you should treat this as extra salary and demand PAYE and NI. The good news is that there's an easy way around this, you just need to know how.
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