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 23, 2024 | Advisory and Resources, National Insurance, Payroll and Employment, Pension, Regulations and Schemes
National Insurance funds the State Pension and several contributory benefits. However, not every worker pays National Insurance from their first pound of earnings. Instead, the system uses a series of thresholds, one of these being the Lower Earnings Limit (LEL). What...
by Pi Accountancy | Jul 18, 2024 | Advisory and Resources, Allowances, Regulations and Schemes, Self-Employment and SMEs
Maternity Allowance can support your income when you take time off to have a baby. Many self-employed parents rely on it. Additionally, some employees claim it when they do not qualify for Statutory Maternity Pay. What is Maternity Allowance? Maternity Allowance is a...
by Pi Accountancy | Jul 16, 2024 | Frequently Asked Questions, Self Assessment
HMRC uses the Self Assessment system to collect Income Tax and requires taxpayers to complete a yearly tax return. Self Assessment is for those who do not have their taxes automatically deducted from their earnings or for those with additional income sources....
by Pi Accountancy | Jul 11, 2024 | Frequently Asked Questions
Does Tax Apply to Marketable Securities? Yes, tax does apply to Marketable Securities. Marketable securities quickly and easily convert into cash due to their high liquidity. Common stocks, treasury bills, and bonds, traded on public stock exchanges, are examples of...
by Pi Accountancy | Jul 10, 2024 | Frequently Asked Questions
What is Football Transfer Tax? Football Transfer Tax refers to the tax implications and regulations surrounding the transfer of football players between clubs. There is no specific tax but rather various tax considerations that come into play during the process of...
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 26, 2024 | Advisory and Resources, Corporation Tax, Frequently Asked Questions, Taxes
Corporation Tax is a tax that companies and certain organisations pay to HMRC on their profits. You calculate it for each accounting period, which usually matches your financial year. However, your first year can include more than one accounting period. Unlike many...
by Pi Accountancy | Jun 20, 2024 | Advisory and Resources
Student Loans are a form of support provided by the UK Government to help students cover the cost of attending university or college. They make higher education accessible to everyone, regardless of background. Student loans fall into two types: Tuition Fee Loans...
by Pi Accountancy | Jun 19, 2024 | Allowances, Taxes
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:...
by Pi Accountancy | Jun 18, 2024 | Allowances, Frequently Asked Questions
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...
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 30, 2024 | CIS, Frequently Asked Questions
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....
by Pi Accountancy | May 23, 2024 | Advisory and Resources, Taxes
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....
by Pi Accountancy | May 16, 2024 | Advisory and Resources, Payroll and Employment, Pension, Taxes
Salary sacrifice is an agreement between an employee and their employer. First, the employee agrees to give up part of their gross salary. In return, the employer provides a non-cash benefit of the same value. Common non-cash benefits include: Increased pension...
by Pi Accountancy | May 15, 2024 | The Budget
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...
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 | Mar 6, 2024 | The Budget
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...
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 | Jun 1, 2023 | Frequently Asked Questions
What Business Expenses can I Deduct? As a business owner (or small business owner) in the UK, you are allowed to deduct certain business expenses from your taxable income, reducing your overall tax bill. However it is important to note that not all expenses are...
by Pi Accountancy | Apr 27, 2023 | Advisory and Resources, Business, Self-Employment and SMEs
Owner’s equity shows the value that belongs to the business owner. It represents what remains after subtracting all liabilities from total assets. Simply, it reflects your business’s net worth at any given time. Additionally, it provides a clear snapshot...
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...
