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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.
The Budget
Back on 11th March 2020, we had Rishi Sunak’s first budget. The tax changes were soon overshadowed by the Coronavirus pandemic and the Government measures used to support employees and businesses. Below i have explained some of these tax changes: Delay of IR35 in the...
HMRC is a preferred creditor when businesses go bankrupt!
From April 2020, 4 taxes became preferred and high ranking trade creditors in any business going into liquidation. They are; Income Tax, VAT, CIS schemes and Employees’ National Insurance. It used to be...
The Bounce Back Loan
On Monday 5th May 2020, the Government launched a new type of loan to help small, UK-based businesses, which have been affected by the coronavirus pandemic, and who are not an ‘undertaking in difficulty’ (which seems to mean you need to have a positive balance sheet),...
How does paying dividends reduce my Company’s tax bill?
It doesn’t. A Company pays Corporation Tax on its profits before dividends are paid out. Consequently, shareholders are treated as having already paid tax on their dividends (called a ‘tax credit’). A shareholder who is paying Higher Rate Tax will have the dividends...
Government Measures to Support Businesses
At AMS we have tried to make sense of, and put some detail on, the recent Government measures that have been publicised – below are links to certain other websites that contain useful information – namely the www.gov.uk website, the ICAEW website and a link that our...
Reasons to delay registering with HMRC for VAT
VAT advice for small businesses – when your turnover reaches £85,000 in any rolling 12 month period, you must register for VAT. Unfortunately, this means that one sixth, or about £14,000 of your turnover...
Warning! Umbrella companies – loan charge from HMRC
The story of a client who was contacted by HMRC The concept of an HMRC loan charge from payments from an Umbrella Company is likely something you haven't encountered before, or maybe you just have and you need some advice. I have a client who came to us for help in...
Does the 24 month rule affect IR35?
Contractors, working through their own Limited Companies sometimes think that the 24 Month Rule and IR35 are connected but they are not. You are caught by IR35 if you work more like an employee than a...
Should you run a second business through your existing Limited Company?
The answer is yes - if: Customers are similar It’s simply an experiment There are no VAT implications; Admin & time is minimal (bookkeeping, insurance etc.) There are no unfair outcomes for shareholders. The answer could be no if: Your current Company is VAT...
Can I claim Statutory Maternity Pay if I’m a director?
You probably can. In order to qualify for Statutory Maternity Pay you must have been continuously employed by the same employer (in this case your Company) in the 26 weeks going into the qualifying week of your maternity, (around 15 weeks before the due date). You...
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