by Pi Accountancy | Jun 10, 2023 | HMRC
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....
by Pi Accountancy | May 3, 2023 | Business, HMRC
Anti-Money Laundering Regulations Money laundering is a criminal activity that involves disguising the proceeds of illegal activities as legitimate funds, which can include the proceeds from drug dealing, theft, fraud, bribery, corruption or tax evasion. Money...
by Pi Accountancy | Apr 25, 2023 | Corporation Tax, HMRC, Taxes
R&D Tax Relief Reformation 2023 Research and Development (R&D) Tax Relief is set to undergo Reformation in 2023, following the review of R&D tax reliefs launched at Budget 2021. The government announced changes to the reliefs at Autumn Statement 2021 to...
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 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, 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 14, 2023 | HMRC, Taxes
Extended Deadline The Government have announced that taxpayers will have until the 31st of July 2023 to make Class 3 voluntary National Insurance (NI) contributions going back to April 2006. This will help them plug gaps in their contribution record. State Pensions To...
by Pi Accountancy | Mar 13, 2023 | Company Car, HMRC
Expenses and benefits: P11D deadline looming To stay on the right side of HMRC’s expenses and benefits legislation, P11Ds need to be filed by 6th July. Here we take a look at the P11D form; what’s included, what’s exempt and what the penalties are for filing late....
by Pi Accountancy | Mar 10, 2023 | HMRC, Self-Assessment, VAT
It’s important to know the relevant dates and deadlines to look out for when you’re filing your VAT returns; especially if you’ve just become VAT registered. What are my VAT quarters? Each VAT period is 3 months long, making up the 4 quarters of the...
by Pi Accountancy | Mar 9, 2023 | Business, HMRC, Payroll
Subsistence Per HMRC – EIM30240 Employers are allowed to reimburse qualifying employee expenses at benchmark rates specified in the Income Tax (Approved Expenses) Regulations, without need approval from HM Revenue & Customs (HMRC). This exemption is...
by Pi Accountancy | Jan 31, 2023 | HMRC, Taxes, VAT
A new VAT penalties regime was brought in this from January 2023, and any firms or individuals missing their filing deadline from January 2023 onwards will receive penalty points even if there is no VAT due to be paid. While this may sound more less effective than...
by Pi Accountancy | Jan 3, 2023 | Business, HMRC, Taxes
Anyone who submits an annual tax return can be picked at random for a compliance check by HMRC tax inspectors to see whether the right amount of tax and national insurance contributions are being paid based on the income. HMRC has in recent months adopted a more...
by Pi Accountancy | Apr 29, 2022 | Business, HMRC, MTD, VAT
Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase. All businesses registered for VAT – even if they have turnover below the threshold – must file their returns this way from...
by Pi Accountancy | Mar 14, 2022 | HMRC, Self-Assessment, Taxes
You can earn up to £7,500 per year tax-free from letting out furnished accommodation in your home, via the Rent a Room scheme Although the name suggests renting a single room, you can actually rent out as much of your home as you’d like. If you share the income with...
by Pi Accountancy | Feb 18, 2022 | Business, Corporation Tax, COVID-19, HMRC, Taxes
Have you set money aside to deal with tax on support grants? HMRC has highlighted that all money paid for test and trace or self-isolation payments in England, Scotland or Wales are taxable, as are Coronavirus Statutory Sick Pay Rebates. The Coronavirus Business...
by Pi Accountancy | Feb 3, 2022 | Business, CIS, HMRC, PAYE, Taxes
When should CIS be taken off a retention? There are no special rules for retention payments and they are treated the same way as any other payments. Whether the retention payment is made gross or under deduction depends on the subcontractor’s tax status at the date of...
by Pi Accountancy | Jan 10, 2022 | HMRC, Self-Assessment, Self-Employed, Taxes, VAT
Financially, 2021 has been a difficult year for many, and you may be struggling to pay your January tax bill in full. Any tax and National Insurance that remains unpaid for 2020/21 must be paid by 31 January 2022, along with the first payment on account for 2021/22....
by Pi Accountancy | Jan 5, 2022 | HMRC, Self-Assessment, Self-Employed
HMRC have published a call for evidence on the case for reforming the rules for registering for Income Tax Self Assessment (ITSA). The call for evidence is interested in hearing views on whether it would be beneficial to bring forward the deadline by which landlords...
by Pi Accountancy | Jan 1, 2022 | HMRC, Self-Assessment, Self-Employed, Taxes
Payments on account (POA) are advance payments towards your tax and, where relevant, your Class 4 National Insurance bill. You may need to make them if you are self-employed or if you are a landlord. You may also need to make them if you operate your business through...
by Pi Accountancy | Dec 31, 2021 | COVID-19, HMRC, SEISS, Self-Assessment, Self-Employed, Taxes
If you need to file a self-assessment tax return for the year to 5 April 2021, you have until midnight on 31 January 2022 to file your return if you have not already done so. You must also pay any tax that you owe for 2020/21 by the same date. Do I need to file a...
by Pi Accountancy | Dec 15, 2021 | Business, Corporation Tax, HMRC, MTD, Self-Employed, Taxes, VAT
Making Tax Digital (MTD) is a Government initiative that aims to provide the UK with one of the most digitally advanced tax administrations in the world. Under MTD, taxpayers are required to keep electronic records and report to HMRC digitally. The new MTD timetable...
by Pi Accountancy | Dec 3, 2021 | HMRC, PAYE, Payroll
Real Time Information and Full Payment Submission Under Real Time Information (RTI), you must report payments made to employees and associated deductions to HMRC on a Full Payment Submission (FPS) at or before the time at which you make the payment to your employee....
by Pi Accountancy | Nov 14, 2021 | HMRC, Taxes
From 4 April 2022, applicants applying to renew certain licences will need to pass a tax check before their licence applications can be considered. Initially, the requirement will only apply in England and Wales. However, the Government have consulted on extending the...
by Pi Accountancy | Nov 4, 2021 | Business, HMRC, Taxes
Annual Investment Allowance (AIA) transitional limit extended The Annual Investment Allowance (AIA) is a capital allowance that enables you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The AIA limit...
