by Pi Accountancy | Jan 8, 2024 | Taxes
Side Hustles: New Tax Changes As the gig economy continues to flourish, many people in the UK are turning to “Side Hustles” to earn an additional income. However, with the new tax year comes some new changes that every side hustler needs to be aware of....
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 | Apr 3, 2023 | Self-Assessment, Taxes
Higher Earners Tax Rate The highest rate of tax will be paid by more people after the threshold is reduced, following the Chancellor’s Budget announcements. The Chancellor has changed the level at which the 45% additional rate of tax applies from, lowering it...
by Pi Accountancy | Apr 3, 2023 | Self-Assessment, Taxes
Childcare Benefit Changes – The Good and the Bad Following the Chancellor’s Budget announcements, there will be some changes to childcare benefit and depending on your personal circumstance, this could be a blessing or a curse. Parents will get up to 30...
by Pi Accountancy | Apr 3, 2023 | Pension, Property Landlords, Self-Assessment, Taxes
A Significant Overhaul for Pensions and Retirement Saving Following the Chancellor’s Budget announcements, pensions got a significant overhaul to make retirement saving more appealing. This comes with an increase in the amount you can put into your pension each...
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 27, 2023 | Corporation Tax, Taxes
Marginal rate will be charged at 26.5% As of 14 October 2022 it has been re-announced the Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A rate of 19% will be available for business with profits of up to...
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 15, 2023 | Business, Corporation Tax, Director, Taxes, The Budget
Budget Highlights 2023 The Chancellor presented his Spring Budget on the 15th of March 2023 and we’re here to discuss some of the highlights. The Economy: The OBR expects inflation to fall from 10.7% to 2.9% by the end of 2023. UK economy will shrink by 0.2%...
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 | 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 | Nov 14, 2022 | Director, Taxes, VAT
A Trivial Benefit continues to be very popular and is frequently given by employers to directors and employees. What is a Trivial Benefit? A Trivial Benefit is something that It cost you £50 or less to provide (including VAT) It is not a reward for their work or...
by Pi Accountancy | Oct 14, 2022 | Corporation Tax, Taxes
Corporation Tax will increase to 25% As of 14 October 2022 it has been re-announced the Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A rate of 19% will be available for business with profits of up to...
by Pi Accountancy | Apr 6, 2022 | Property Landlords, Taxes
Many property owners opt to rent their property as a Furnished Holiday Letting (FHL). There are several benefits to FHLs including Capital Gains Tax relief and capital allowances for furniture and fixtures. To access these benefits, there are several conditions that...
by Pi Accountancy | Apr 1, 2022 | Business, Corporation Tax, Taxes
End of year tax planning – what you need to consider The new tax year on April 6 is accelerating quickly towards us, and now is the time to make sure that any last-minute tax planning will enable you to make the most of the 2021/22 tax year allowances – Click...
by Pi Accountancy | Apr 1, 2022 | Director, Self-Assessment, Taxes
Married Couple’s Allowance can be transferred between spouses and civil partners, and while 2m couples have claimed this since it was introduced back in 2015, there are many more people who are entitled to claim it. Go back four years The allowance, which is worth up...
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 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...
