Making Tax Digital Quick-fire Q&A#AskAMS
MTD is a new rule coming in two stages. The first stage came into effect April 19 and is for ...
What is Entrepreneurs’ Relief?
Entrepreneurs’ Relief is a reduced rate of Capital Gains Tax that applies when ones sells certain business assets; or all/part ...
The Pension Allowance and overfunding#AskAMS
Your tax position will be impacted when you overfund your private pension scheme – as proved by NHS consultants working ...
I'm a Contractor - how do I close my Limited Company?#AskAMS
Explaining the options for a Contractor to close their Limited Company and the tax implications for each option, including taking ...
My business has grown and I need an extra person. Do I have to make them an employee?#AskAMS
What to consider when you take on an employee.
What Are Benefits in Kind?#AskAMS
Benefits in Kind (BIKs) happen when an employer pays for something on behalf of the employee which is not repaid.
Top Ten Tips to Manage your Fixed Assets
So, what is managing your fixed assets all about? In short Fixed Asset Management helps you to track, protect and ...
Car expenses: Not always clear in practice#AskAMS
A company, a sole trader or a partnership can claim motor/travel expenses incurred “wholly and exclusively” for the trade. However, ...
Accountant offers free advice to local businesses to get smarter with their money in uncertain times.
Chartered certified accountant Steph Rickaby is running a free morning of training on modern accounting next month to allow small ...
Which Accountancy Qualification should I choose?
A question I get asked often by candidates is which qualification is best to get into professional Accountancy. Two of ...
AMS Contractor Services#AskAMS
Monthly service for Contractors including advice on what to save to pay your taxes.
How is my wife’s state pension bigger than mine?#AskAMS
I’ve been self-employed for 45 years, paid NI (Class 2 & 4). My wife worked part time / low paid jobs.
How and why you would register for an Income tax Return#AskAMS
When you must complete and submit a Tax Return and the form to use.
I rent out a property – what is the difference between repairs that can and cannot be claimed in my Tax Return?#AskAMS
This is a common difficulty when calculating net rental property income and you should really seek advice.
Can 2 Contractors work through the same Limited Company?#AskAMS
Looking at the pros and cons for 2 Contractors working through the same Limited Company.
Should I charge VAT on rechargeable expenses?#AskAMS
What to do when your agency doesn’t want to pay you VAT on your expenses?
The pitfalls of using a personal bank account for your Limited Company#AskAMS
Can I save on bank charges by using my personal bank account for my Limited Company?
An introduction to Cloud Accounting#AskAMS
Shereen Shams-Eldin explains about cloud accounting and the services offered by AMS Accountancy.
My client owes me a large debt, should I hire a Debt Collector?#AskAMS
Don’t use a debt collector in the first instance. Your client could be experiencing difficulties, so hiring a debt collector ...
I’m selling my house and want to know if I will have to pay Capital Gains Tax on the room I use as my office at home?#AskAMS
There can be some tax implications if you use your home for business purposes.
Explaining IR35 for Contractors#AskAMS
IR35 explained for new Contractors, what happens when you are caught and how not to be caught.
I want to book privately for cosmetic surgery but I was told I would have to pay VAT – is this right?#AskAMS
Well, it does depend on whether the surgery is for genuine therapeutic reasons.
My business partner spent all the profits from our business – does this mean I will have to pay the bills?#AskAMS
Partnerships are risky – particularly if you are in Partnership with the wrong person!
I rent out my house and my mortgage interest is bigger than my rental income. Can I claim tax relief on this loss? And do I need to tell HMRC?#AskAMS
It is generally good practice to declare income from property rentals – even if one makes a loss.
HMRC is a preferred creditor when businesses go bankrupt!#AskAMS
From April 2020 HMRC is changing the rules on where they rank in the list of creditors for a bankrupt business.
Can I give my house to my children to save IHT and avoid nursing home costs?
Inheritance Tax rules on leaving a property to your family and how to avoid losing it for nursing care costs.
Thrings' Brexit MOT - Review Your Business Now
Thrings’ Brexit MOT is a legal review service that will identify issues that might arise from the UK’s exit from ...
Corporation Tax vs Personal Tax for Limited Companies #AskAMS
If you have a Limited Company you must pay Corporation tax AND Personal tax, something that is often forgotten by ...