Your Total Guide To Business

Reasons to delay registering with HMRC for VAT#AskAMS

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 will have to be paid to HMRC but there are 3 possible ways to avoid or delay this.

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Common mistakes made in Self-Assessment Tax Returns#AskAMS

First of all, I would say read the guidance notes – and if you still need help, see an accountant. ...

The dangers of pension lump sums#AskAMS

Since April 2015, people with private pension funds have had far more freedom about what they can do with their ...

IR35 in the private sector Episode 2: The new laws from April 2020#AskAMS

IR35 in the private sector will be governed from April 2020, by a new law under which Clients (rather than ...

Car expense issues – the 24 month rule#AskAMS

When an employee or director travels to a temporary place of employment, from their permanent place of employment (usually the ...

I want my Company to pay the Golf Club membership for my staff as a gift. Can I provide it as a benefit?#AskAMS

I want my Company to pay the Golf Club membership for my staff as a gift. Can I provide it ...

VAT – zero rated vs exempt#AskAMS

Zero-rated VAT is applied to things like food, children’s clothes, and books etc. Also if selling abroad, say to the ...

Which is best for VAT - Cash or Invoice based Accounting?#AskAMS

Comparison of benefits of each scenario when using Cash or Invoice based accounting.

MTD Quick-fire Q&A for Contractors#AskAMS

There are so many aspects to consider for Making Tax Digital: when it is coming in as the law; the ...

What to do when you receive a VAT assessment#AskAMS

HMRC will send you a VAT assessment when you are late submitting your Vat Return.

What is the impact of goodwill when turning your business from a Sole Trader to a Limited Company?#AskAMS

At one time there were tax advantages to putting a high value on goodwill when incorporating a Sole Trader business ...