AMS Accountancy Ltd

22/12/2025

Merry Christmas from everyone at AMS Accountancy!
Christmas card designed by Sunny Simms, Year 6 Lawn Primary School
Our office will close Wednesday 24th December at 2pm and we will re-open at 8.30am on Friday 2nd January 2026

17/12/2025

What is the difference between Zero Rated and Exempt VAT?
META: Comparing the differences between Zero-rated VAT and Exempt VAT sales.
Zero-rated VAT is applied to things like food, children’s clothes, and books etc. Also, if selling abroad, say to the US, your goods will be Zero-rated (although the EU will charge your customers EU VAT on importation). If you are VAT registered, you can reclaim the VAT on your overheads and costs related to those Zero-rated sales – e.g. machines to make children’s clothes.
VAT Exempt sales cover things like rent and health care insurance – and, in contrast to Zero-rated sales, you cannot claim VAT back on costs relating to those VAT Exempt sales.

Zero-rated VAT is applied to things like food, children’s clothes, and books etc. Also, if selling abroad, say to the US, your goods will be Zero-rated (alt...

15/12/2025

Can I claim Statutory Maternity Pay if I’m a ?

Directors of their own company can still benefit from Statutory Maternity pay

11/12/2025

Tax relief on Pension lump sum withdrawals
When you take a lump sum from your , you could pay up to 40% tax on it but there are two options for obtaining tax relief

If you are thinking of taking a lump sum from your pension fund, you should definitely talk to your accountant to go through the tax issues. Pension lump su...

09/12/2025

Do I need to register for if I employ a friend?

Construction Industry Scheme rules for employing people on an ad hoc basis

12/11/2025

What is the 24 month rule when working overseas?

The basic 24 month rule applies – if you are an employee or director and work, or know you will work, at a temporary workplace for 40% plus of your working hours for over 24 months – you are caught by the ‘24 month rule’ and can no longer get tax relief on related travel, […]

10/11/2025

What are the tax rules on landlord’s mortgage interest?
If you are a buy to let the let mortgage interest relief is not tax deductible. Instead, a 20% tax credit is given that reduces the tax payable – but the calculation of this tax credit is not necessarily straightforward. On the other hand, Limited Companies still get full tax relief on mortgage interest on buy-to-let properties.

If you are a buy to let landlord the let property mortgage interest relief is not tax deductible. Instead, a 20% tax credit is given that reduces the tax pa...

24/10/2025

What is the high income Child benefit charge?
From April 24 the high income child benefit charge threshold has increased to £60,000

https://www.gov.uk/child-benefit-tax-charge/restart-child-benefit https://account.hmrc.gov.uk/child-benefit/make_a_claim/hicbc/opt-in Find out more at www.am...

22/10/2025

Tenants in common vs joint tenants
The tax implications of sharing ownership of a home depend on whether the property is owned as Tenants in Common or Joint Tenants.

When 2 people buy a property they can own it in one of two ways. Owning as Joint Tenants suits couples who want to own a property jointly as a couple, or spl...

20/10/2025

What is the 24 month rule for travel expenses?
When an employee or director travels to a temporary place of employment, from their permanent place of employment (usually the home address for Personal Service Companies), then they can claim tax relief on relating travel & subsistence expenses....

Claiming tax relief on travel & subsistence and the effect of the 24 month limit.

03/10/2025

Limited Company accounts - Fixed and Tangible Assets and Depreciation.
Fixed Assets, Tangible Fixed Assets and Depreciation are phrases that appear in a set of limited company accounts. Firstly, a fixed asset means something that lasts longer than a year and that you use in the business in some way. Tangible assets means something physical such as machinery, vehicles, furniture etc. – as opposed to ‘intangibles’ like patents and goodwill. Depreciation is a way of describing the loss of economic value of an asset over a period of time.

Fixed Assets, particularly Tangible Fixed Assets and their value in the Balance Sheet and DepreciationFind out more at www.ams-accountancy.co.uk