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

January 2020

  • Dodging a double tax hit on IR35 income

    IR35 applies to some of your company’s income and so PAYE tax and NI has to be accounted for on a deemed payment of salary. The trouble is that you’ve also drawn the income as dividends. How can you avoid being taxed twice?

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  • Minimising IHT if you own more than one property

    You inherited a property several years ago which you keep as a weekender. You want to retain the property but reduce its value in your estate for inheritance tax purposes. Is it possible to achieve both of these goals?

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  • Get more from your VAT annual adjustment

    If you sell both VATable and exempt goods or services, you’re required to make a special adjustment to the VAT you reclaim in your VAT returns. At the end of the year you must consider if a further adjustment is needed. What should you be checking to ensure you get the right answer?

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  • Are there tax advantages to an office in your garden?

    If you have to work from home but don’t have a spare room to use as an office, an alternative could be a ready-made garden office. These are popular but what are the tax pros and cons?

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  • Directors and a National Insurance pension trap

    HMRC has special rules for the taxation of directors, including one for NI contributions. These can cause unexpected losses in your state pension rights. What are the special rules and what steps can you take to prevent a loss to your pension?

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Tax Breaks Directory

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