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

November 2011

  • An IHT efficient gift of your holiday home

    It's nice to own a holiday home so you can take a break from the rat race when you want.  But when your time comes the Taxman will charge Inheritance Tax (IHT) on what it's worth, which may leave your beneficiaries having to sell the property to pay his bill. The good news is that there's a simple way you can continue to use the property and avoid IHT.

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  • The tax benefits of a home phone

    Sometimes your employees need to use their home phones for their job. As a general rule, the Taxman won't allow a tax deduction for the cost of their line rental even though it includes some business use. Is there an alternative way to secure tax relief?

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  • Sharing your income to save tax

    The current economic downturn has resulted in falling income for your family, and now your partner has been made redundant. Can you transfer some of your income to them and save some tax in the process?

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  • Advantage dividends

    There are usually significant tax and NI advantages to extracting your company's annual profits in the form of a dividend rather than a bonus. In fact, you can take dividends at any time of the year as long as they are paid out of the company's accumulated profit. How can you make sure this is the case?

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  • A retrospective on VAT registration

    The Taxman allows you to reclaim VAT on purchases made for your business before you registered, but time limits apply. The good news is that there's a way you can extend these, allowing you to reclaim even more VAT.

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