by Pi Accountancy | Aug 12, 2026 | Advisory and Resources, Business, Companies House, Regulations and Schemes
A Company Registration Number (CRN) is a unique eight-character identifier assigned to every limited company and Limited Liability Partnership (LLP) registered with Companies House. Think of it as your company’s fingerprint, as it remains the same for the...
by Pi Accountancy | Aug 11, 2026 | Advisory and Resources, Companies House, HMRC, Regulations and Schemes, Taxes
A Tax Identification Number is a unique reference number. HMRC uses several Tax Identification Numbers to link you or your business to official tax records. Because each taxpayer has a unique reference, HMRC can apply payments and process refunds more efficiently. It...
by Pi Accountancy | Aug 6, 2026 | Advisory and Resources, Regulations and Schemes, Taxes
Share Loss Relief allows you to offset losses on shares against your income. This treatment differs from standard capital losses. Normally, you can only use capital losses against capital gains. However, Share Loss Relief allows you to reduce your income instead. This...
by Pi Accountancy | Jul 29, 2026 | 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 | Jul 28, 2026 | 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...
by Pi Accountancy | Jul 21, 2026 | Advisory and Resources, Regulations and Schemes, Taxes, VAT
A Limited Cost Trader is a business that uses the VAT Flat Rate Scheme but spends very little on goods. HMRC introduced this rule on 1 April 2027, which requires certain businesses to apply a higher flat rate of 16.5%. This rate applies to your VAT-inclusive turnover,...
by Pi Accountancy | Jul 16, 2026 | Advisory and Resources, Property Landlords, Regulations and Schemes, Taxes
In recent years, councils have introduced much higher Council Tax charges for those with a second home. As a result, many owners now face significantly larger annual bills. For Council Tax purposes, a second home is a property that: Is substantially furnished Is not...
by Pi Accountancy | Jul 15, 2026 | Advisory and Resources, Payroll and Employment, Regulations and Schemes, Taxes
Working more than one job has become increasingly more common. However, working multiple jobs does not increase your tax unfairly. Instead, your total income determines how much tax you pay. How Your Personal Allowance Works Your Personal Allowance is the amount you...
by Pi Accountancy | Jul 2, 2026 | Advisory and Resources, Allowances, Frequently Asked Questions, Regulations and Schemes, Self-Employed, Self-Employment and SMEs
The Trading Allowance is a £1,000 tax-free allowance per tax year. It applies to those with self-employed or casual income. It covers income from: Selling goods online through platforms such as eBay or Vinted Freelance or gig work (including design or virtual...
by Pi Accountancy | Jun 30, 2026 | Advisory and Resources, Property Landlords, Regulations and Schemes, Taxes
Capital Gains Tax applies to the profit you make when selling a residential property. This profit is the “gain”. So, if your property increases in value between purchase and sale, you may need to pay tax on that increase. You usually pay Capital Gains Tax...
by Pi Accountancy | Jun 25, 2026 | Advisory and Resources, Regulations and Schemes, Taxes, VAT
Families across the UK could enjoy cheaper days out this summer following a temporary VAT reduction. The government will reduce VAT from 20% to 5% on selected family activities and children’s meals between 1 July 2026 and 31 August 2026. This announcement forms...
by Pi Accountancy | Jun 22, 2026 | Advisory and Resources, Regulations and Schemes, Taxes, VAT
The VAT Flat Rate Scheme (FRS) provides a simpler way for small businesses to manage VAT. It allows businesses to pay VAT as a fixed percentage of their turnover. This turnover includes VAT. Under standard VAT accounting, you calculate the difference between: VAT...
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 16, 2026 | Advisory and Resources, Companies House, HMRC, Regulations and Schemes, Self-Employment and SMEs, Software
The UK Government has confirmed major changes to the accounts filing rules. These changes will take effect from April 2028, forming part of the Economic Crime and Corporate Transparency Act 2023. Why the Changes are Happening The Government wants to strengthen trust...
by Pi Accountancy | Jun 15, 2026 | Advisory and Resources, PAYE, Payroll and Employment, Regulations and Schemes, Self-Employment and SMEs
PAYE stands for Pay As You Earn. It is the system HMRC uses to collect Income Tax and National Insurance from wages. Employers deduct tax before paying employees. As a result, workers pay tax gradually throughout the year. PAYE first appeared in 1944 during the Second...
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 | Jun 2, 2026 | Advisory and Resources, Frequently Asked Questions, Regulations and Schemes, Taxes
National Insurance (NI) is a tax on earnings. You pay it when you work and earn above certain limits. It also applies to profits if you run your own business. National Insurance helps you qualify for several state benefits, as your contributions can support: The State...
by Pi Accountancy | Jun 2, 2026 | Advisory and Resources, Regulations and Schemes, Taxes
Small Business Rate Relief helps eligible businesses reduce the amount of Business Rates they pay. These rates work in a similar way to Council Tax, although they apply to commercial properties instead of homes. Most businesses operating from physical premises must...
by Pi Accountancy | May 29, 2026 | Advisory and Resources, Companies House, HMRC, Regulations and Schemes, Taxes
Tax in the UK follows a progressive structure. This means the more you earn, the higher the percentage of tax you pay on the additional income. We have created a breakdown of the most common tax bands, rates and allowances. Your Tax-Free Personal Allowance Your...
by Pi Accountancy | May 28, 2026 | Advisory and Resources, Payroll and Employment, Regulations and Schemes
Statutory Sick Pay, or SSP, provides a basic level of income when illness or injury prevents an employee from working. UK law requires employers pay SSP to eligible employees. This support allows people to focus on recovery. It also helps workplaces reduce the spread...
by Pi Accountancy | May 26, 2026 | Advisory and Resources, CIS, Regulations and Schemes, Self-Employment and SMEs
The Construction Industry Scheme (CIS) is a tax scheme that applies to most construction work. Under CIS, contractors deduct tax from payments they make to their subcontractors. The contractor then reports these deductions and pays them to HMRC each month. These...
by Pi Accountancy | May 26, 2026 | Advisory and Resources, CIS, Regulations and Schemes, Self-Employment and SMEs
The Construction Industry Scheme (CIS) is a tax scheme that applies to most construction work. For contractors under CIS, they must deduct tax from subcontractor payments and then pay the deductions to HMRC each month. These deductions act as advance payments towards...
by Pi Accountancy | May 21, 2026 | Advisory and Resources, Frequently Asked Questions, Payroll and Employment, Regulations and Schemes
A P11D reports Benefits In Kind and certain expenses provided to employees or directors during the tax year. HMRC treats many of these benefits as taxable income, so employers must report them carefully. The submitted information allows HMRC to calculate how much tax...
