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 a Business Partnership?
When 2 or more people go into business together it is a Partnership. There should be an agreement on how to split profits and who does what (essential when a partnership splits up). Simply advise...
How much can I earn before paying income tax?
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 2019/20 tax year, it is...
How Limited Company Dividends work
When a Limited Company makes profit it can pay the profit out to its owners by Dividends - which are paid out in proportion to the shares held by the shareholders. Someone with 100 shares will be paid...
Can I make myself redundant from my own limited company?
Oh no! It’s a bit like trying to sue yourself! As a Director/Shareholder of your own Company, you’ll have no employment contract, so can’t make yourself redundant. Also, as a Director you have a legal duty to act in the interests of the Company - which this clearly...
Should we set up our family business as a Partnership
There are many reasons for not choosing a Partnership in your position, for instance: They are less tax efficient than Limited Companies Partners must pay Class 4 National Insurance All Partners are responsible for all debts Partnerships can result in disagreements if...
Annual investment allowance
When a business buys fixed assets, plant equipment, commercial vehicles, IT equipment, fixtures and fittings, it can claim the total cost against its trading profits (effectively reducing your profit for...
How is my wife’s state pension bigger than mine
Good question. It’s because we used to have two types of State Pension: the Basic State Pension and the Secondary State Pension (formerly SERPS). You probably didn’t receive a Secondary State Pension because, until April 2016 self-employed NI contributions didn’t...
What is Dividend Tax?
Dividend tax is the unpopular income tax that came into effect in April 2016. Before then tax wasn’t paid on dividends unless you were in the Higher Rate tax bracket. Now Basic Rate taxpayers have had to pay 7.5 pence on every £1 received...
Can I employ my children in my new business?
Yes - assuming they are adults, and provided the salaries, and any other benefits you pay them, are commercially justifiable. These benefits could include: A company car Medical insurance Making payments into a registered pension scheme However, HMRC may consider the...
Am I caught by IR35?
Four factors are usually used to decide whether you are caught by the IR35 rule (working like an employee vs self-employed person). You are not caught by IR35 if: CONTROL: You decide how you work and it is...
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.