by Pi Accountancy | Apr 1, 2022 | Business, Corporation Tax, Taxes
End of year tax planning – what you need to consider The new tax year on April 6 is accelerating quickly towards us, and now is the time to make sure that any last-minute tax planning will enable you to make the most of the 2021/22 tax year allowances – Click...
by Pi Accountancy | Apr 1, 2022 | Allowances, Director, Self Assessment, Taxes
Married Couple’s Allowance can be transferred between spouses and civil partners, and while 2m couples have claimed this since it was introduced back in 2015, there are many more people who are entitled to claim it. Go back four years The allowance, which is worth up...
by Pi Accountancy | Mar 14, 2022 | Regulations and Schemes
You can earn up to £7,500 per year tax-free from letting out furnished accommodation in your home, with the Rent a Room Scheme. If you share the income with someone else, such as a spouse or partner, then you would get £3,750 each. Despite the name, you can rent out...
by Pi Accountancy | Mar 8, 2022 | QuickBooks
How to create and send customer statements in QuickBooks Below is a video, detailing how to create and send Customer Statements in QuickBooks Create a customer statement Go to Sales and select Customers. Select the checkboxes for the customers you want to make...
by Pi Accountancy | Feb 18, 2022 | Business, Corporation Tax, COVID-19, HMRC, Taxes
Have you set money aside to deal with tax on support grants? HMRC has highlighted that all money paid for test and trace or self-isolation payments in England, Scotland or Wales are taxable, as are Coronavirus Statutory Sick Pay Rebates. The Coronavirus Business...
by Pi Accountancy | Feb 3, 2022 | CIS
Retentions are common across the construction industry and, unfortunately, quite hard to avoid. Knowing how to manage retentions properly, especially with the Construction Industry Scheme (CIS), could make a big difference to cash flow and tax obligations. What are...
by Pi Accountancy | Jan 12, 2022 | COVID-19, PAYE, Payroll and Employment
To help employers affected by the spread of the Omicron variant of COVID-19, the Statutory Sick Pay (SSP) rebate scheme for small employers is being reintroduced. In addition, the period for which an employee can self-certify a sickness absence is increased...
by Pi Accountancy | Jan 10, 2022 | HMRC, Self Assessment, Self-Employed, Taxes, VAT
Financially, 2021 has been a difficult year for many, and you may be struggling to pay your January tax bill in full. Any tax and National Insurance that remains unpaid for 2020/21 must be paid by 31 January 2022, along with the first payment on account for 2021/22....
by Pi Accountancy | Jan 5, 2022 | HMRC, Self Assessment, Self-Employed
HMRC have published a call for evidence on the case for reforming the rules for registering for Income Tax Self Assessment (ITSA). The call for evidence is interested in hearing views on whether it would be beneficial to bring forward the deadline by which landlords...
by Pi Accountancy | Dec 31, 2021 | COVID-19, HMRC, SEISS, Self Assessment, Self-Employed, Taxes
If you need to file a self-assessment tax return for the year to 5 April 2021, you have until midnight on 31 January 2022 to file your return if you have not already done so. You must also pay any tax that you owe for 2020/21 by the same date. Do I need to file a...
by Pi Accountancy | Dec 15, 2021 | Business, Corporation Tax, HMRC, MTD, Self-Employed, Taxes, VAT
Making Tax Digital (MTD) is a Government initiative that aims to provide the UK with one of the most digitally advanced tax administrations in the world. Under MTD, taxpayers are required to keep electronic records and report to HMRC digitally. The new MTD timetable...
by Pi Accountancy | Dec 3, 2021 | Payroll and Employment
Real Time Information and Full Payment Submission Under Real Time Information (RTI), you must report payments made to employees and associated deductions to HMRC on a Full Payment Submission (FPS) at or before the time at which you make the payment to your employee....
by Pi Accountancy | Dec 1, 2021 | Director
Christmas is a time of giving, and you may wish to give your employees a small token of your appreciation for their work during the year. To prevent the gift being accompanied by an unwanted tax liability, you can take advantage of the trivial benefits exemption to...
by Pi Accountancy | Nov 30, 2021 | Business
If you are holding a Christmas party for staff this year, you’ll want to keep it tax-free so you may want to take advantage of the tax exemption for annual parties and functions to prevent your employees from suffering a benefit-in-kind tax charge. Keeping the...
by Pi Accountancy | Nov 14, 2021 | HMRC
From 4 April 2022, applicants applying to renew certain licences will need to pass a tax check before their licence applications can be considered. Initially, the requirement will only apply in England and Wales. However, the Government have consulted on extending the...
by Pi Accountancy | Nov 4, 2021 | Allowances, Taxes
Annual Investment Allowance (AIA) transitional limit extended The Annual Investment Allowance (AIA) is a capital allowance that enables you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The AIA limit...
by Pi Accountancy | Nov 1, 2021 | Self Assessment
The deadline for filing your 2020/21 self-assessment tax return is midnight on 31 January 2022. However, if you have underpaid tax and you are employed and would prefer HMRC to collect that underpayment through your tax code, you will need to file your tax return...
by Pi Accountancy | Oct 29, 2021 | Business, COVID-19, VAT
New VAT rate for hospitality and leisure To help the hospitality and leisure industries recover from the impact of the COVID-19 pandemic and associated lockdowns, a reduced rate of VAT of 5% applied from 15 July 2020 until 30 September 2021. This rate has now come to...
by Pi Accountancy | Oct 29, 2021 | Business, Corporation Tax, Director, Taxes, The Budget
The Chancellor presented his Autumn Budget and Spending Review on 27 October 2021 and we’re here to discuss some of the highlights. Income tax rates and thresholds The rates and thresholds applying for 2022/23 were confirmed. Personal allowance As...
by Pi Accountancy | Oct 27, 2021 | MTD, Taxes, VAT
Extension of Making Tax Digital for VAT Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT is above the VAT registration limit of £85,000. However, this is set to change from April 2022. Extension to all...
by Pi Accountancy | Oct 26, 2021 | National Insurance
On 8th September 2021, the Prime Minister unveiled a major reform package intended to address long standing challenges in health and social care provision across the UK. This initiative includes a detailed funding strategy to ensure the sustainability of social care...
by Pi Accountancy | Oct 1, 2021 | COVID-19, HMRC, PAYE, Payroll and Employment, Taxes
The Coronavirus Job Retention Scheme (CJRS) came to an end on 30 September 2021. The scheme has provided financial help to employers and employees during the COVID-19 pandemic, allowing employers to claim grants with which to pay furloughed and flexibly furloughed...
by Pi Accountancy | Sep 30, 2021 | Director, HMRC, Self Assessment, Taxes
As part of the Government’s funding strategy for health and social care, the dividend tax rates are to be increased from April 2022, alongside the temporary increases in National Insurance, and, from April 2023, the introduction of the Health and Social Care Levy. The...
by Pi Accountancy | Sep 15, 2021 | COVID-19, Director, HMRC, Job Support Scheme, PAYE, Payroll and Employment, Taxes
The recent ‘pingdemic’ has resulted in large numbers of employees self-isolating. Where an employee meets the qualifying conditions, you must pay them SSP while they are self-isolating. As qualifying periods of self-isolation count as a Coronavirus-absence, if you are...
