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 19, 2025 | Frequently Asked Questions
Companies prepare Statutory Accounts as official financial reports at the end of every financial year. These accounts are mandatory under UK law and follow specific accounting standards. They offer shareholders, investors and other stakeholders a complete view of a...
by Pi Accountancy | Feb 18, 2025 | Advisory and Resources, Director, Frequently Asked Questions
A limited company owns its money. So, when a director takes cash for personal use, the company must record it properly. A Director’s Loan Account (DLA) tracks money that moves between the director and the company outside normal pay. What is a Director’s...
by Pi Accountancy | Feb 13, 2025 | Advisory and Resources, Allowances, Frequently Asked Questions, Property Landlords, Regulations and Schemes, Self-Employment and SMEs
The Property Allowance allows you to earn up to £1,000 of tax-free income each tax year from land or property. In most cases, you also do not need to report this income to HMRC. Moreover, this allowance is optional and gives you time to decide whether it suits your...
by Pi Accountancy | Feb 6, 2025 | Advisory and Resources, HMRC, Regulations and Schemes, Taxes
If you cannot pay your tax bill in full, a Time to Pay arrangement allows you to spread your tax bill into manageable monthly instalments. While interest still applies, you can avoid further late payment penalties once HMRC agrees to the plan and you keep to it. What...
by Pi Accountancy | Feb 5, 2025 | Frequently Asked Questions
Professional Clearance is the process of getting approval from a professional body or regulatory organisation to make sure all works follows the law, regulations and ethical standards. This process is especially relevant when an accountant or firm takes over from a...
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 | Jan 29, 2025 | Advisory and Resources, Self Assessment
Self Assessment forms are used to report income, calculate taxes and claim reliefs. All those completing a tax return must complete the main form, SA100. Depending on your sources of income, you may also need to complete supplementary Self Assessment forms to provide...
by Pi Accountancy | Jan 21, 2025 | Advisory and Resources, Self Assessment, Self-Employment and SMEs
HMRC uses Self Assessment to collect Income Tax from employed and self-employed individuals. Your employer will automatically deduct tax from your earnings, if they are employing you. However, as a self-employed individual, it is your responsibility to report your...
by Pi Accountancy | Jan 16, 2025 | Advisory and Resources, HMRC, Self Assessment, Taxes
Whether it’s a simple typo or forgetting details, errors can slip through the cracks. When it comes to your tax return, these mistakes can feel monumental, especially after the deadline has passed. However, amending your tax return can be an option, depending on...
by Pi Accountancy | Jan 15, 2025 | Frequently Asked Questions
Tax season can be one of the most stressful times for sole traders. With so many obligations and deadlines to manage, it’s easy to feel overwhelmed. A common concern is whether HMRC has processed your tax return. However, by using HMRC’s online services, the...
by Pi Accountancy | Jan 8, 2025 | Advisory and Resources, Self Assessment
For the 2023/24 tax year, the income threshold for filing a Self Assessment tax return has increased from £100,000 to £150,000 for taxpayers taxed solely through the PAYE (Pay As Your Earn) system. If your income through PAYE is below £150,000 and you do not meet any...
by Pi Accountancy | Dec 19, 2024 | Frequently Asked Questions
What is the DWP Christmas Bonus? The DWP provides a one-off £10 Christmas Bonus each December to qualifying individuals. Since it’s introduction in 1972, this payment has aimed to support those on certain benefits with the financial strain of the festive period....
by Pi Accountancy | Dec 18, 2024 | Advisory and Resources, PAYE, Payroll and Employment
For many businesses, December brings festive pressure and changes to normal payroll routines. Offices may close for several days and staff may also take annual leave. As a result, many employers choose to pay their staff earlier than usual in December. Early payment...
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 | Nov 22, 2024 | Advisory and Resources, Company Car, Regulations and Schemes
Company cars and vans remain popular benefits for employees and directors. While they help staff travel for work, they also bring important tax rules and reporting responsibilities. Employers and employees both need to understand these rules before choose a vehicle....
by Pi Accountancy | Nov 21, 2024 | Advisory and Resources, Self Assessment
Filing your Self Assessment tax return on time can help you avoid penalties from HMRC. These penalties can quickly add up, leaving you with more stress than just paying your tax bill. What Happens if You File Your Tax Return Late If you miss the Self Assessment...
by Pi Accountancy | Nov 8, 2024 | Advisory and Resources, VAT
HMRC introduced a new VAT Penalty System on 1st January 2023. This system replaced the old default surcharge regime and introduced a clearer, points-based approach to late submissions and payments. Businesses that understand this system can protect themselves from...
by Pi Accountancy | Nov 7, 2024 | Frequently Asked Questions, VAT
The VAT threshold is the maximum amount of VAT-taxable turnover your business can earn in any rolling 12-month period before you are legally required to register for VAT. As of 1st April 2024, the threshold is £90,000. HMRC has confirmed this figure will remain...
by Pi Accountancy | Oct 30, 2024 | The Budget
The Autumn Budget 2024 The 2024 Autumn Budget brings changes across wages, business taxes and public spending. Here’s an easy breakdown by category to help you understand what’s new and how it may impact you. Employers National Insurance Contributions The government...
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 24, 2024 | The Budget
Back in the Spring Budget 2024, the government announced the abolition of the Furnished Holiday Let (FHL) Tax Regime. Now, as of April 2025, the abolition has fully come into effect. From this date, HMRC will treat all income from these types of properties under the...
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 | Oct 17, 2024 | Frequently Asked Questions
What is a Company Year End? Your Company Year End depends on your business and typically aligns with the date you registered your company with Companies House. It’s different from the tax year, which runs from 6th April to 5th April. Your Company Year End typically...
