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.
How to delay being VAT registered
VAT registration and small businesses VAT registration is a problem for small businesses who sell to the general public. When your annual turnover exceeds £90,000, you must register for VAT and pay 1/6th of your gross sales to HMRC. However, there are some ways that...
What is the Personal Allowance?
Every person who is resident in the UK is given a personal allowance each tax year. It operates as follows: The personal allowance is the amount of income you can receive before paying tax – and it generally increases each tax year. For the 2024/25 tax year, it is...
What taxes affect landlords?
When starting up as a landlord there are a number of issues and tax implications to bear in mind. Decide on what investment property to buy. This is obviously the most basic decision and the key decision (aside from whether to buy a property). Decide how to...
What Are Benefits in Kind?
Benefits in Kind (BIKs) happen when an employer pays for something on behalf of the employee which is not repaid. BIKs tend to cover personal expenditure - commonly private medical/dental cover, personal use of company cars/vans and fuel benefits etc. The BIK is...
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!...
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.