Marriage Allowance Transfer Marriage Allowance transfer allows one spouse to transfer a portion of their Personal Tax Allowance to the other, providing a tax reduction if certain conditions are met. Who is Eligible? You may qualify for Marriage Allowance if:...
What is Marriage Allowance? Marriage Allowance is a government initiative aimed at reducing the tax burden for married couples or civil partners. This scheme allows one partner to transfer a portion of their unused personal tax allowance to their spouse or civil...
Trivial benefits are small gifts or perks provided to an employee that costs £50 or less. To qualify as a trivial benefit, the gift must meet the following criteria: It costs £50 or less to provide, including VAT. It isn’t cash or a cash voucher. It isn’t...
Tax on Tips and Gratuities All tips and gratuities, whether received in cash directly from the customer or added electronically via card or cheque, are subject to Income Tax. Depending on how these tips are managed and distributed, National Insurance Contributions...
Child Benefit is valuable support for families raising children in the UK. However, if your income is above a certain threshold, you may need to repay some or all of it through the High Income Child Benefit Charge (HICBC). What is the High Income Child Benefit Charge?...
Dividends affect how many business owners take income and how investors earn returns. They offer a simple and flexible way to share profits, and they often provide tax advantages when used well. What are Dividends? Dividends are payments that a limited company makes...
What is Net Profit? Net Profit is the amount of money that remains from a business’ revenues after all operating expenses, interest, taxes, and other costs have been subtracted. It is a clear indicator of a company’s financial performance over a specific...
What is Gross Profit? Gross Profit refers to the total revenue subtracted by the cost of goods sold (COGS). These costs include all the expenses directly associated with the production of goods or services your business sells, such as raw materials and labour. It does...
The Construction Industry Scheme, or CIS for short, is a tax deduction system which ensures that contractors correctly handle tax payments for subcontractors. The scheme help regulate tax compliance and prevent tax evasion by requiring tax deductions at the source....
Payments on Account are advance payments towards your tax bill, based on your earnings from the previous year. HMRC assumes your income will remain the same and calculates your tax bill accordingly. Instead of paying your full tax bill in one lump sum, you make 2...
7th June VAT Deadline The 7th June marks the due date for VAT returns and payment for the quarter ending 30th April if the returns are filed electronically. This deadline applies to businesses that file their VAT returns electronically, which is now the norm under the...
HMRC use the Self Assessment system to calculate and collect tax on Rental Income. For landlords that earn more than £1,000 annually from rental properties, you must declare this income through Self Assessment. Failing to do so will result in hefty penalties. Do You...
Chattels may seem like a niche topic, but they affect many people who buy, sell or inherit valuable items. If you sell or dispose of an asset for more than you paid for it, you make a profit called a “gain”. That gain may be subject to Capital Gains Tax....
The UK Parliament has recently introduced a new legislation called the Renters’ Rights Bill 2024, which aims to address key challenges in the rental market and ensuring fairness between all parties involved. Therefore, creating a more secure rental market for...
While the idea of earning less money might seem strange at first, salary sacrifice can actually make sound financial sense. This is because the sacrificed portion of your salary may not be subject to Income Tax or National Insurance Contributions, depending on what...
Double Cab Pick Ups Before the legal and political debates, Double Cab Pick Ups (DCPUs) were widely classified as “goods vehicles” for tax purposes. This classification provided the following benefits: Capital Allowances – Businesses could deduct a...
P60 Deadline Following the end of the financial year in the UK, all employers should be looking to issue their employees with their P60. This document summarises an employee’s total earnings and deductions for the year just ended. Ensuring that the P60 is issued...
P11D Deadline As we approach the July deadline, employers across the UK need to prepare for the submission of any P11D forms. These documents report the value of any benefits in kind. These are non-cash benefits that employees or directors receive from their company...
VAT Road Fuel Scale Charges affect many businesses that use vehicles for both work and personal journeys. With updated rates in May 2025, it is important to understand how the rules work and how the charges may impact your VAT position. What are VAT Road Fuel Scale...
Companies House Fee Increase 2024 As of the 1st May 2024, businesses and professionals managing corporate filings in the UK will face increases in Companies House fees. This adjustment spans a variety of transactions including: Company Incorporations, Confirmation...
Spring Budget 2024 In the Spring Budget 2024, Chancellor Jeremy Hunt made several key announcements that could have significant implications for individuals and businesses across the UK. Here’s a breakdown of the main points and what they might mean for you. Taxation...
The gig economy continues to thrive, with more people turning to side hustles to supplement their income or monetise a hobby. However, the new tax rules introduced in 2024 mean that anyone earning from a side hustle needs to be aware of their tax obligations. What are...
The 2023 Autumn Statement brings substantial financial changes that effects everyone from employees and employers to pensioners. This is Pi Accountancy’s overview geared to unpack the key sections that could affect our clients. Read the full documentation here:...
HMRC Helpline Closed for 3 months On 8th June 2023, HM Revenue & Customs (HMRC) announced the temporary closure of their Self-Assessment helpline for three months. This closure is part of their ongoing efforts to improve customer service and streamline operations....
