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

February 2020

  • How to delay tax on bonuses

    PAYE tax and NI is due on directors’ remuneration when it’s paid. To prevent tax avoidance HMRC has its own meaning of “paid” to ensure tax is payable at the earliest possible date. How can you stay within the rules but defer your tax and NI bill?

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  • Reclaiming VAT for entertaining foreigners

    Tough rules prevent businesses from reclaiming VAT on entertainment costs. However, there’s an exception where they relate to overseas customers. When and how can you take advantage of these?

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  • Repair or improve - why the difference is important for tax

    The cost of refurbishing and repairing assets used in your business qualifies for tax relief but the timing of that relief varies dramatically, which can affect your business’s cash flow. What steps can you take to achieve tax relief in the shortest possible time?

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  • Closing down your business - tax-efficient ways to extract cash

    As a rule of thumb, the most tax-efficient way to take money from a company which is closing down is to liquidate it first. But that’s not the whole story; timing the winding up can also make a difference. What timetable would work best for you?

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  • Avoiding the business assets IHT trap

    Assets owned by your business can qualify for inheritance tax business property relief. However, despite views to the contrary, not all such assets qualify and those which don’t can jeopardise the tax-free status of the others. What’s the problem and how can you avoid it?

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Tax Breaks Directory

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