Tax Advice | AMS Accountancy

Should I pay myself extra salary or extra dividends?

29 Nov 2023 | Tax

Generally, for small Companies, dividends are still more tax efficient than salary because they avoid 13.8% Employer’s National Insurance plus, possibly, 12% Employee’s National Insurance. So usually it’s better to vote, and pay dividends – but it depends on your...

Can HMRC collect unpaid tax from my salary?

17 Nov 2023 | Tax

HMRC can collect outstanding tax via an employed tax code after a Self-Employed business fails.

Common mistakes made in Self-Assessment Tax Returns

16 Nov 2023 | Tax

Common errors and information that people forget to include on their Self-Assessment Tax Returns

What is the difference between tax avoidance and tax evasion?

16 Oct 2023 | Tax

The phrase ‘Tax Avoidance’ has become associated with dirty practice. This is because certain celebrities have avoided Income Tax by being paid via things like offshore Trusts – which has led some politicians to moralise about it. These practices are not...

Do I need to pay tax on rental income?

6 Sep 2023 | Tax

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...

How do I register for CIS (the Construction Industry Scheme)?

4 Aug 2023 | Tax, Construction

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...