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 that when a business went into liquidation, creditors were paid...
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),...
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...
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...
If you are Not UK resident for tax purposes, then you don’t need to pay UK income tax on your overseas earnings. But the rules for deciding whether or not you are UK resident are rather complicated: You must consider, in order: also see HMRC Guidance notes The 183...
When 2 or more people go into business together it is a Partnership. There should be an agreement on how to split profits and who does what (essential when a partnership splits up). Simply advise HMRC and it is set up. It is easy to join a Partnership, and to leave,...
