Valentine's Day

With Valentine's Day coming up very soon, what should the astute business man or woman be thinking about.

Perhaps taking some time off on Saturday after the morning round of golf? I am told this would go down very well.

If you are thinking about a gift for someone special, is there any chance of some tax relief?

The tax rules do say that conspicuous advertising on a gift should mean it is tax deductible (providing it is not food or drink or tobacco or a voucher you can exchange for goods). You may need to find something more than an office pen, but don't go too wild as there is an upper limit of £50 in the legislation.

In these difficult times, you could consider offering that someone a job. They would have to work for you to justify the salary, but they may already be helping in the business anyway. Do be careful you pay them enough to avoid worries about the national minimum wage.

If the relationship has already moved on to marriage or civil partnership, you can be much more generous, since gifts are tax-free. But you may want to think a little longer before giving away part of your business - your other half may not always be entitled to the capital gains tax reliefs you will get when you do decide to move the business on and retire.

You could go for the more usual options - dinner, chocolates, a show - just don't try to put them through the books though as the Taxman has heard about romantic gestures.