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...

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 to consider when buying a commercial property.

1 Apr 2023 | Tax

Stamp duty There are 3 rates of Stamp Duty Land Tax on the purchase price of a commercial property: 0% up to £150,000; 2% on the next £100,000; 5% over £250,000. VAT Stamp duty There are 3 rates of Stamp Duty Land Tax on the purchase price of a commercial property: 0%...

Are alphabet shares safe and legal?

16 Nov 2022 | Tax

They are not illegal, but HMRC do not really like ‘alphabet shares’ (where there are several different classes of shares issued). It has been argued that these shares merely give a “right to income” and don’t represent ownership of the Company. Some years ago, there...