Blog
Stay informed with the latest updates
Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
What is the marginal rate of tax?
The marginal rate of tax paid is “the percentage of tax paid on earnings for the next pound earned.” What that means is that if you earn £50,270 your marginal rate of tax is 40% because for the next pound that you earn, you will be paying tax at 40%. Below are the...
Mortgage References for business owners
Applying for a new mortgage or re-mortgage can be a stressful and time-consuming task for anyone. At least for people in full time employment there is a good chance that their income will have been consistent over the last few years. Unfortunately, people running...
What should I do when employing someone for the first time?
The most important things are: You must pay at least the National Minimum wage. Get Employers’ Liability insurance as soon as you become an employer. Send a written job description (including Terms & Conditions) to your employee. When employing someone for over 1...
What tax will I pay on a pension lump sum?
Since April 2015, people with private pension funds have had far more freedom about what they can do with their “pot”. They are able to take their whole pension as a lump sum without having to buy an annuity or similar long-term investment. The idea is that the...
How do I register for CIS (the Construction Industry Scheme)?
The Construction Industry Scheme is a scheme that applies to payments to self-employed workers and businesses in the Construction Industry. Under the scheme tax is deducted from payments and paid over to HMRC. There are two sorts of people that need to register with...
What is a VAT assessment?
The reason for HMRC sending you an assessment is that you are late submitting your VAT Return. If you pay the assessment you could wait a very long time for them to correct the amount after you send in your Return, which is especially annoying if they owe you money!...
What car expenses can I claim for my business?
Find out what car expenses you can claim for your business
Can I claim my new computer as a business expense?
Sole Traders / Partnerships. If the computer is purchased for part business/part private, then the business portion of the cost can be claimed. VAT claimed back on the purchase must be in the same proportion. Limited Companies. The full cost of the computer can be...
What is Gift Aid?
Tax relief: Gift Aid is a way you can increase the value of a charitable donation - at no extra cost to you. If you pay tax in the UK, a charity can reclaim 25% of your donation from tax you have paid. You should be aware that if you have not paid enough tax to cover...
What is Business Asset Disposal Relief (Entrepreneurs’ Relief)?
Business Asset Disposal (‘BAD’) Relief (formerly Entrepreneurs’ Relief) is a reduced rate of Capital Gains Tax that applies when ones sells certain business assets; or all/part of a business; or more than 5% of shares in a small company in which you work or hold...
Get in touch today for a free consultation.
We are very happy to meet you to discuss your business or even your idea for a business. We will advise you on the most tax efficient structure if you are setting up and we can review your business if you are already trading.
Subscribe to our newsletter
By submitting your details you agree to receive email marketing from AMS Accountancy and have read and understood our Privacy Notice. You can withdraw your consent or change your preferences at any time by emailing us or by clicking the link at the bottom of every email we send you.