Tax Advice | AMS Accountancy

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...

What are Payments on account?

1 Aug 2023 | Tax

If you have recently started trading as a self-employed person, your first income tax bill will be due in the January following your first trading year, and for many it comes as a bit of a shock. This is because your first tax bill, due in the January, will commonly...

What is Salary Sacrifice and why do people do it?

1 Aug 2023 | Tax

‘Salary Sacrifice’ is a mechanism where a formal agreement is made jointly by an employer and employee, to reduce an employee’s salary in return for some other benefit. The point of this arrangement is generally to save National Insurance – and this saving can then...

Tax on Bitcoins and Cryptocurrencies

10 Jul 2023 | Tax, Video

If you’re a Company investing in Bitcoins or other cryptocurrencies, you should treat the investment like a foreign currency. When you buy them, you should note the sterling value and, at your business year end, convert the value back into sterling. If the value has...

What are Depreciation and Capital Allowances?

4 Jul 2023 | Tax

Depreciation: Is an accounting term for spreading the value of a fixed asset (vehicle or equipment etc.) over its useful life. Spreading the cost is fairer and more accurate than deducting it all from the Business’s Profit in the year of purchase. i.e. Depreciation...