by Pi Accountancy | Jun 24, 2026 | Advisory and Resources, Business, Frequently Asked Questions
Accounts Payable and Accounts Receivable help you answer two questions: How much do I owe? How much am I owed? When you understand both clearly, you can make better financial decisions and keep your business running smoothly. Accounts Payable Accounts Payable is the...
by Pi Accountancy | Jun 19, 2026 | Advisory and Resources, Business, HMRC, Payroll and Employment, Regulations and Schemes
Subsistence is the cost of meals and necessary expenses during business travel. These costs must arise because an employee works away from their normal place of work. In other words, the expense must links directly to a qualifying business journey. For instance,...
by Pi Accountancy | Jun 17, 2026 | Advisory and Resources, Business, Companies House, Regulations and Schemes
Articles of Association act as your company’s internal rulebook. They set out how the business runs and define the roles of directors and shareholders. They create a clear structure for decision-making so everyone involved understands their rights and...
by Pi Accountancy | Jun 11, 2026 | Advisory and Resources, Business, Frequently Asked Questions
Double Entry Bookkeeping forms the foundation of modern accounting. It records every transaction twice. One entry appears as a debit and the other appears as a credit. This shows how each transaction affects your business in two ways. In other words, money always...
by Pi Accountancy | Jun 11, 2026 | Advisory and Resources, Business, Frequently Asked Questions
Gross Profit shows how much money a business earns from its core activities. It measures the difference between sales revenue and the direct cost of producing goods or services. Simply, it shows how much money remains after covering production costs. This figure...
by Pi Accountancy | Jun 11, 2026 | Advisory and Resources, Business, Frequently Asked Questions
Net Profit is the money left after you pay all business costs. These costs include: Materials Wages Rent Interest Taxes Simply, it is your “bottom line” which shows what you actually keep from your sales once everything gets paid. This figure reflects the...
by Pi Accountancy | Jun 10, 2026 | Advisory and Resources, Business, Frequently Asked Questions
Debits and Credits form the backbone of accounting. Once you understand them, you can record transactions with confidence and accuracy. You will also gain a stronger understanding of how your business finances operate. Explaining Debits and Credits Every financial...
by Pi Accountancy | Jun 3, 2026 | Advisory and Resources, Business, Regulations and Schemes
Trivial benefits are small gifts or perks an employer gives to an employee. They offer a simple and effective way to reward employees. To qualify as a trivial benefit, it must meet all of the following conditions: It costs £50 or less (including VAT) It is not cash or...
by Pi Accountancy | May 14, 2026 | Advisory and Resources, Business
Working Papers are documents that accountants prepare while completing a client’s work. They support the information included in accounts and tax returns. These records provide evidence that the accountant completed the work correctly. Additionally, they help...
by Pi Accountancy | May 13, 2026 | Advisory and Resources, Business, Frequently Asked Questions, Regulations and Schemes
Management Accounts are internal financial reports which help business owners and senior managers monitor performance. They contain detailed financial information as well as commentary and analysis. Businesses usually prepare them either monthly or quarterly. Unlike...
by Pi Accountancy | May 6, 2026 | Advisory and Resources, Business, Frequently Asked Questions
Overheads are the ongoing costs required to run your business. However, they do not link directly to one product, service or job. Simply, these costs support your business as a whole. You should still pay them even if sales slowed down for a period. When a bakery...
by Pi Accountancy | Apr 29, 2026 | Advisory and Resources, Business
Alphabet Shares can add flexibility to a company’s share structure. They can also introduce extra legal steps and tax considerations. Many owner-managed limited companies use these shares to tailor dividends and voting power. However, the structure must comply...
by Pi Accountancy | Apr 21, 2026 | Advisory and Resources, Business, Companies House, Frequently Asked Questions, Regulations and Schemes
A registered office address is the official location of a company. It is where government bodies send important correspondence. Companies House and HMRC use this address for all formal communication. This communication can include: Statutory notices and filing...
by Pi Accountancy | Apr 13, 2026 | Advisory and Resources, Business, Self-Employment and SMEs, Software
Bank reconciliation involves comparing your accounting records with your bank statement. The goal is to ensure every transaction appears in both places. This includes the opening balance, individual transactions and the closing balance. Simply, you check that the...
by Pi Accountancy | Apr 8, 2026 | Advisory and Resources, Business, Taxes
Business rates will change significantly for pubs and live music venues from April 2026. These changes follow a national revaluation and the removal of pandemic-era reliefs. As a result, many businesses will face higher costs despite new support measures. What are...
by Pi Accountancy | Apr 7, 2026 | Advisory and Resources, Business, Property Landlords, Regulations and Schemes, Self-Employment and SMEs, Taxes
Local councils charge Business Rates on most non-domestic properties. Councils use these funds to support local services, such as waste collection and fire services. You will usually pay Business Rates on properties such as: Shops and retail units Offices and studios...
by Pi Accountancy | Mar 17, 2026 | Advisory and Resources, Business, Director
The continued reduction in the Dividend Allowance has increased the tax burden for many directors and shareholders. At the same time, dividend tax rates will increase from April 2026. For this reason, you should consider how dividends interact with your other income...
by Pi Accountancy | Feb 24, 2026 | Advisory and Resources, Business, Corporation Tax, Regulations and Schemes, Taxes
Most limited companies pay Corporation Tax 9 months and 1 day after their year end. However, larger companies must pay their Corporation Tax in quarterly instalments during the accounting period itself. HMRC refers to this system as Quarterly Instalment Payments...
by Pi Accountancy | Feb 17, 2026 | Advisory and Resources, Business
Not every cost fits neatly into headings such as rent or wages. Some payments arise unexpectedly and do not justify their own category. These are Sundry Expenses. Although each cost may seem minor, they can build up over the course of a year. Therefore, you must...
by Pi Accountancy | Dec 19, 2025 | Advisory and Resources, Business, HMRC, Regulations and Schemes, VAT
VAT on hot food often causes confusion for businesses and customers alike. One of the most high-profile and closely watched VAT disputes involved Morrisons and its rotisserie chickens. After a lengthy legal battle, the First-Tier Tax Tribunal have ruled against...
by Pi Accountancy | Dec 16, 2025 | Advisory and Resources, Business, Regulations and Schemes, Taxes
Many people exchange Christmas presents without ever worrying about tax. Gifts between friends and family are usually not subject to Income Tax, but large lifetime gifts can have Inheritance Tax implications for the giver. However, when gifts relate to work or...
by Pi Accountancy | Dec 3, 2025 | Advisory and Resources, Business, Payroll and Employment, The Budget
The Autumn Budget 2025 introduced a wide range of changes that aim to boost youth employment and support employers across the country. These apprenticeship reforms create clearer pathways for young people who want to start their careers. They also give businesses...
by Pi Accountancy | Dec 1, 2025 | Advisory and Resources, Business, Company Car, Regulations and Schemes
To simplify fuel reimbursement, HMRC publishes Advisory Fuel Rates (AFRs). These rates provide a clear and consistent way to calculate fuel-only mileage costs. With this in mind, AFRs only apply to employees who drive a company car. What are Advisory Fuel Rates? HMRC...
by Pi Accountancy | Nov 13, 2025 | Business, Regulations and Schemes
If you sell a business asset, you will likely face a Capital Gains Tax bill. However, if you plan to reinvest the proceeds into another business asset, you may be able to delay paying the tax by claiming Business Asset Rollover Relief. What is Business Asset Rollover...
