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.

How does being married affect Capital Gains Tax (CGT)

When a person gives/sells shares, investment properties etc. to a spouse, the transfer is deemed to be at a no gain/no loss value – so no CGT to pay. By transferring a half share of an investment property to your spouse prior to selling it, you can double the tax-free...

read more

Should I charge VAT on recharged expenses?

As a VAT registered IT consultant, I invoice an Agency for my time and I occasionally recharge expenses for travel and accommodation. My Agency refuses to pay the VAT on these recharged expenses – saying they are a ‘disbursement’ and VAT shouldn’t be applied. I’m out...

read more

What is s.455 tax on overdrawn Director’s Loan accounts?

This tax is the result of an overdrawn Director’s Loan Account (DLA).  Here is a brief explanation of how they can arise; the implications, and what to do. An overdrawn Director’s Loan Account (DLA) can often arise accidentally when a Director/shareholder takes money...

read more

Starting a business checklist – 20 things to consider

When starting a business there are a lot of things to think about and a checklist can be useful. The checklist below is not exhaustive but it does include tasks that are sometimes overlooked by people starting out in business.  It is always worth talking to an...

read more

Do I need to pay tax on rental income?

If you have net rental income on which you'll have tax to pay, (rent minus expenses) then you must register for a Self- Assessment tax return and keep a record of your rental income and ‘allowable’ expenses (you can find out what they are here...

read more

How to complete a VAT return

Whether you are on the standard or the cash accounting scheme this is how you should complete your VAT return.  The only difference is that with the standard scheme you will include all transactions as at their...

read more

VAT reverse charge for building and construction services

On 1st March 2021, the VAT reverse charge for building and construction services came into effect for VAT registered businesses in the Construction Industry Scheme. In a nutshell, from 1st March 2021, the reverse charge means that a subcontractor in the CIS scheme...

read more

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.