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 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 | 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 15, 2026 | Advisory and Resources, Payroll and Employment, Regulations and Schemes, Self-Employment and SMEs
IR35 is the common name for off-payroll working rules. The rules mainly target situations where a worker provides services through an intermediary. This intermediary often takes the form of a limited company. However, the legislation can also apply when services pass...
by Pi Accountancy | Apr 28, 2026 | Advisory and Resources, Self-Employment and SMEs
If you run a limited company, you must prepare accounts each year. You must then submit these accounts to Companies House, where they become publicly available. However, many small companies do not need to file full Statutory Accounts. Instead, they can choose to...
by Pi Accountancy | Apr 13, 2026 | Advisory and Resources, Business, Self-Employment and SMEs, Software
Bank reconciliation involves comparing your accounting records with your bank statement. The goal is to ensure every transaction appears in both places. This includes the opening balance, individual transactions and the closing balance. Simply, you check that the...
by Pi Accountancy | Apr 7, 2026 | Advisory and Resources, Business, Property Landlords, Regulations and Schemes, Self-Employment and SMEs, Taxes
Local councils charge Business Rates on most non-domestic properties. Councils use these funds to support local services, such as waste collection and fire services. You will usually pay Business Rates on properties such as: Shops and retail units Offices and studios...
by Pi Accountancy | Feb 19, 2026 | Advisory and Resources, Company Car, Self-Employment and SMEs
While running your business, you may drive to client meetings, carry tools, transport stock or collect supplies. Because of this, vehicle expenses can take up a large part of your business budget. The good news is that you can claim many of these costs and lower your...
by Pi Accountancy | Feb 4, 2026 | Advisory and Resources, Companies House, Director, Regulations and Schemes, Self-Employment and SMEs
Authorised Corporate Service Providers (ACSPs) will play an important role in how businesses continue to interact with Companies House. They will help confirm identities and protect the public register from misuse. Over time, most third-party agents will also need to...
by Pi Accountancy | Feb 2, 2026 | Advisory and Resources, Regulations and Schemes, Self-Employment and SMEs
Money laundering is the process of disguising illegally obtained earnings to make them appear legitimate. In the UK, Anti-Money Laundering (AML) Regulations are in place to detect, prevent and prosecute these activities. This is a global issue which undermines the...
by Pi Accountancy | Dec 1, 2025 | Advisory and Resources, Business, Company Car, Regulations and Schemes
To simplify fuel reimbursement, HMRC publishes Advisory Fuel Rates (AFRs). These rates provide a clear and consistent way to calculate fuel-only mileage costs. With this in mind, AFRs only apply to employees who drive a company car. What are Advisory Fuel Rates? HMRC...
by Pi Accountancy | Sep 25, 2025 | Advisory and Resources, Property Landlords, SDLT
Stamp Duty Land Tax is a tax you may need to pay when taking on leases in the UK. It can be a major expense, particularly for longer commercial leases or higher-value properties. What Stamp Duty Covers Stamp Duty applies to two elements of a lease: The Premium (the...
by Pi Accountancy | Sep 24, 2025 | Property Landlords
Buying a leasehold property is a way to own a home without purchasing the land. These properties are very common in the UK, especially for flats and maisonettes. Some houses can also be leasehold, particularly legacy and shared ownership schemes. The Leasehold and...
by Pi Accountancy | Sep 16, 2025 | Property Landlords, Taxes
Council Tax is a local tax on residential properties throughout England, Scotland and Wales. It helps councils fund a wide range of essential services, such as: Rubbish collection Street lighting Recycling services Road maintenance Local schools Libraries Public parks...
by Pi Accountancy | Sep 10, 2025 | Company Car
A fuel card lets you purchase fuel exclusively at designated petrol stations. It works much like a credit or debit card, but businesses use it specifically for managing fuel expenses. The business pays for all transactions directly, so drivers do not need to pay...
by Pi Accountancy | Sep 4, 2025 | Property Landlords, Taxes
Renting out property can be a fantastic way to earn extra income. To make the most of your rental income and avoid any unexpected tax bills, you need to understand how Property Income works. What is Property Income? Property Income is the money you earn from land or...
by Pi Accountancy | Sep 3, 2025 | Property Landlords, Taxes
Renting out property is a popular way to earn extra income. Whether you are letting a single flat, a family home or managing a portfolio of properties, you must understand the rules around rental income and taxation. What is Rental Income? Rental income includes more...
by Pi Accountancy | Jul 31, 2025 | Self-Employed
With no employer to support you and no access to Statutory Sick Pay (SSP), many self-employed workers face real uncertainty. Fortunately, there are alternative benefits and insurance options that can offer support during periods of illness. Why the Self-Employed...
by Pi Accountancy | Jul 30, 2025 | Self-Employed
Your business exclusively incurs self-employed expenses. You deduct these expenses from your income to calculate your taxable profit. Expenses must be “Wholly and Exclusively” for your business. You cannot claim personal expenses, such as personal shopping...
by Pi Accountancy | Jul 29, 2025 | Advisory and Resources, HMRC, Self-Employed
Whether you are launching a freelance career or building a full-time business, the first step is to register as Self-Employed with HMRC. This makes sure you declare your income properly and that you meet all legal obligations. What Does It Mean to Be Self Employed?...
by Pi Accountancy | Apr 16, 2025 | Advisory and Resources, MTD, Property Landlords, Regulations and Schemes, Self Assessment, Self-Employed, Self-Employment and SMEs, Taxes
Making Tax Digital (MTD) for Income Tax is changing how sole traders and landlords keep records and report income to HMRC. Instead of completing most of the work once a year, you will spread your tax admin more evenly across the year. As a result, you can keep better...
