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

August 2014

  • Making the most of tax-free mileage allowances

    It’s well known that companies can pay tax and NI-free mileage allowances to directors and employees who drive their own cars on company business. But did you know the allowance can be increased where passengers accompany the driver?

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  • Give away business assets IHT free

    If you give away business assets to your family, tricky inheritance tax rules could land your estate with an unexpected bill from HMRC. What steps can you take to avoid this happening?

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  • Maximise tax deductions for property repairs

    When you carry out major repairs to your premises HMRC might argue that some or all of the cost isn’t allowed against your business profits. How can you improve your chances of a tax deduction?

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  • Reclaim VAT on the costs of supplying foreign customers

    Where you don’t charge VAT to your customers you can’t usually reclaim any you incur in respect of the costs of making the supply. What are the exceptions to this rule when selling services to foreign customers?

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  • Accelerate tax deductions for equipment

    Currently, businesses can claim tax deductions in the year of purchase for the full cost of equipment up to £500,000. However, this figure drops to £25,000 after the end of 2015. But there are still opportunities to accelerate tax relief; what are they?

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