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.
Why should I use an LLP?
A Limited Liability Partnership (LLP) is safer than a typical Partnership, just as a Limited Company is safer than a Sole Trader business – because of ‘limited liability’. Safer because: The advantage an LLP has over a Partnership is that Partners in LLPs are not...
When/why/how to set up a PAYE scheme in your limited company
You may be wondering when and how to set up a PAYE scheme for your limited company, or why you should in the first place. We've got all the advice you need to make the right choice for your business. When does a limited company need PAYE? The vast majority of...
IR35 and Umbrella companies
Umbrella companies have been around for many years. They basically combine the job insecurity of the self-employed with the high taxes of an employee under PAYE - but they have been ‘popular’ because they allow the hirer to pay a worker in a way that helps them to...
How do I use allowances and losses against capital gains tax?
There is an order for deciding how to set off the Annual Exempt Amount (for Capital Gains) and Capital Losses against Capital Gains The Annual Exempt Amount (2021/22 £12,300) is set against any Capital Gains in the year BEFORE any Capital Losses are brought forward....
What are the advantages of paying voluntary National Insurance contributions
Generally speaking, you get a bigger state pension for each year in which you pay National Insurance contributions. But sometimes, taxpayers don’t have enough income to be charged National Insurance - so risk having a smaller state pension. If you are self-employed,...
Car expenses: Sole Trader vs Limited Company
When you are a Limited Company or a Sole-Trader or Partnership, most expenses are very similar in terms of tax relief. But, there is one area where there are differences – car expenses. A Sole-Trader would generally claim...
Can paying dividends reduce your Company’s tax bill?
No it can’t. A Company pays Corporation Tax on its profits before dividends are paid out. Consequently, shareholders are treated as having already paid some tax on their dividends but they still have 7.5% dividend tax to pay (on dividends above £2,000) - and...
HMRC Buy to Let Amnesty
If you rent out a residential property, HMRC will want to know the total amount received and the expenses you’ve paid for. It applies even if there were periods when the property was empty. So what to...
What is an LLP or Limited Liability Partnership?
An LLP or Limited Liability Partnership has some things in common with a Partnership but, like a Limited Company, it also has Limited Liability so partners cannot lose personal assets. LLP’s are easy to join and to leave –...
What expenses can be claimed against rental income?
Common expenses that can be claimed against rental income are: mortgage interest - even though there were new rules in April 2017; the management fees for the agent; maintenance of the building including...
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.