by Pi Accountancy | Jun 11, 2025 | Business
From April 2023, the rules around Corporation Tax in the UK changed. One of the biggest changes was the return of tax bands based on profit levels. However, if your company has associated companies, those profit thresholds reduce. As a result, more businesses may find...
by Pi Accountancy | Jun 5, 2025 | Business
Every business relies on equipment, tools or property to some degree. Some of these assets are short-term expenses, while others serve a long-term purpose. These long term assets, known as Capital Assets, help with business growth and financial planning. What are...
by Pi Accountancy | Apr 24, 2025 | Business
In simple terms, “Plant and Machinery” refer to the essential tools, equipment and systems that a business needs to keep running smoothly. These assets are not just helpful for daily operations, they also offer businesses the opportunity to claim tax...
by Pi Accountancy | Feb 27, 2025 | Business
From April 2025, changes to company size classifications will make financial reporting simpler for thousands of businesses. The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 updates the the turnover and Balance Sheet limits...
by Pi Accountancy | Feb 4, 2025 | Advisory and Resources, Business, Frequently Asked Questions, Taxes
If you run a business, the “Wholly and Exclusively” rule determines whether you can deduct an expense from your taxable profits. To qualify for tax relief, you must incur the expense Wholly and Exclusively for the purposes of your trade. In practical...
by Pi Accountancy | Dec 17, 2024 | Advisory and Resources, Business, Payroll and Employment
Christmas brings a fast and intense rise in demand for many businesses. As a result, many employers hire temporary Christmas staff to keep operations running smoothly. These short-term workers help manage extra tasks and maintain strong customer service when it...
by Pi Accountancy | Oct 31, 2024 | Advisory and Resources, Business, Regulations and Schemes
When you sell or close your business, the profits you make may be subject to Capital Gains Tax (CGT). This tax can significantly reduce your final earnings. Business Asset Disposal Relief (BADR) helps lower that burden by allowing eligible business owners to pay a...
by Pi Accountancy | Oct 29, 2024 | Advisory and Resources, Business, Self-Employment and SMEs
Deferred Income is money a business receives before they deliver goods or services. This happens when a customer pays upfront, but the business still owes them something. Because of this, the payment does not count as earned income immediately. Instead, accountants...
by Pi Accountancy | Oct 23, 2024 | Advisory and Resources, Business, Frequently Asked Questions, Software
A Trial Balance is a financial report that lists all account balances from the general ledger. Businesses usually prepare this report at the end of an accounting period. This may happen monthly, quarterly or annually. The report helps confirm that the double-entry...
by Pi Accountancy | Sep 17, 2024 | Advisory and Resources, Business, Frequently Asked Questions, Taxes
Capital Gains Tax (CGT) applies when you make a profit after you sell or dispose of an asset. However, CGT only applies to the gain, not the total amount you receive. For example: You buy a painting for £5,000. Later you sell it for £25,000. You have made a £20,000...
by Pi Accountancy | Aug 27, 2024 | Advisory and Resources, Business, Frequently Asked Questions, Regulations and Schemes, Software
A Balance Sheet is a financial statement that lists a company’s assets, liabilities and equity. It shows the financial position of a business on a specific date. Most businesses prepare balance sheets monthly, quarterly or annually. A Balance Sheet forms one of...
by Pi Accountancy | Jul 25, 2024 | Business
The Cycle to Work Scheme is a government-backed initiative that helps employees save money on bicycles and cycling gear. It aims to promote healthier and more sustainable commuting habits while reducing traffic congestion and air pollution. Since its introduction in...
by Pi Accountancy | Jul 4, 2024 | Business
Holiday Accrual on SSP When employees are unable to work due to sickness, they may be eligible for Statutory Sick Pay (SSP), currently set at £116.75 per week for up to 28 weeks in the UK. During these periods, employees still accrue Holiday or Annual Leave. Employees...
by Pi Accountancy | Jun 13, 2024 | Business
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...
by Pi Accountancy | Jun 6, 2024 | Advisory and Resources, Business, Director
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...
by Pi Accountancy | May 8, 2024 | Advisory and Resources, Business, Regulations and Schemes, VAT
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...
by Pi Accountancy | Nov 23, 2023 | Business
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:...
by Pi Accountancy | Apr 27, 2023 | Business, Director
Owner’s Equity Owner’s equity, also know as shareholders’ equity, represents the residual interest in the assets of a company after deducting it’s liabilities. In real words, it is the portion of a company’s assets that belongs to the...
by Pi Accountancy | Apr 6, 2023 | Business, Director, HMRC, Self-Employed, Taxes
Happy New Tax Year! As of today, the new UK tax year has officially started. It’s time to get your finances in order, review your tax code and start planning for the year ahead. Whether you’re self-employed, employed or a business owner, this is the...
by Pi Accountancy | Mar 31, 2023 | Business, Corporation Tax, Property Landlords, Taxes
The ISA Allowance has been frozen for 2023/24 The annual Investment Savings Account (ISA) allowance has been frozen once again for the 2023/24 tax year. By freezing it again, the allowance is being left at £20,000 for every individual – However there will be an...
by Pi Accountancy | Mar 21, 2023 | Business, Corporation Tax, Director, HMRC, MTD, Self-Employed, Taxes, VAT
Key Tax Changes for the 2023/24 Tax Year We’re here to inform you about the Key Tax Changes for the 2023/24 Tax year and how these changes will affect companies, as well as sole traders. National Insurance The introduction of the new “Health and Social...
by Pi Accountancy | Mar 16, 2023 | Business, Director, HMRC, PAYE, Payroll and Employment, Taxes
The Payroll Year will End on the 5th of April 2023 This year’s Payroll Year will end on the 5h of April 2023 and we’re here to help you get prepared for the next Payroll Year, with the dates you need to be aware of and tips to help you get ready. The Dates...
by Pi Accountancy | Mar 15, 2023 | Business, Payroll and Employment
The Minimum Wage rates increase from the 1st of April 2023 All employers should be aware that all minimum wage rates increase on the 1st of April of each year. This includes all National Minimum Wage rates and the National Living Wage rate. Below you will find the...
by Pi Accountancy | Mar 15, 2023 | Business, Corporation Tax, Director, Taxes, The Budget
Budget Highlights 2023 The Chancellor presented his Spring Budget on the 15th of March 2023 and we’re here to discuss some of the highlights. The Economy: The OBR expects inflation to fall from 10.7% to 2.9% by the end of 2023. UK economy will shrink by 0.2%...
