by Pi Accountancy | Jul 1, 2026 | Advisory and Resources, Frequently Asked Questions, Payroll and Employment, Taxes
HMRC uses emergency tax codes when they do not have enough information about your income. As a result, it applies an estimated tax calculation to your pay. Normally, HMRC calculates your tax based on your total earnings across the tax year. However, an emergency tax...
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 23, 2026 | Advisory and Resources, Corporation Tax, Director, Taxes
Section 455 is a type of Corporation Tax. It applies when a director or shareholder borrows money from a company and does not repay it on time. As the name implies, the rule comes from Section 455 of the Corporation Tax Act 2010. In practice, when you take a loan from...
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 15, 2026 | Advisory and Resources, Allowances, Frequently Asked Questions, Payroll and Employment, Taxes
Everyone who earns money pays Income Tax. However, you do not pay tax on all your income. The Personal Allowance lets you earn a set amount each year without paying tax. For the 2026/27 tax year, the standard Personal Allowance is £12,570. This means you can earn up...
by Pi Accountancy | Jun 9, 2026 | Advisory and Resources, Frequently Asked Questions, Payroll and Employment, Taxes
A tax code tells your employer or pension provider how much Income Tax to deduct from your pay or pension. Each source of income has its own tax code, which HMRC creates and issues. Therefore, if you have more than job or pension, you will receive more than one tax...
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 5, 2026 | Advisory and Resources, Frequently Asked Questions, Taxes
When selling your home, you may not need to pay Capital Gains Tax. Private Residence Relief can reduce or remove this tax liability when you sell your main home. Simply, you do not pay tax on the profit you made from selling your home. The relief applies to your only...
by Pi Accountancy | Apr 8, 2026 | Advisory and Resources, Business, Taxes
Business rates will change significantly for pubs and live music venues from April 2026. These changes follow a national revaluation and the removal of pandemic-era reliefs. As a result, many businesses will face higher costs despite new support measures. What are...
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 | Apr 2, 2026 | Advisory and Resources, Frequently Asked Questions, VAT
VAT, or Value Added Tax, is a tax on most goods and services. Businesses collect VAT from customers and pass it to HMRC. Simply, the business acts as a middleman for the government. When you buy something, the price usually includes VAT. Therefore, you often pay it...
by Pi Accountancy | Apr 1, 2026 | Advisory and Resources, Frequently Asked Questions, Inheritance Tax, Taxes
Inheritance Tax is a tax on the estate of someone who has died. Your estate includes everything you own at the time of your death. An estate normally includes: Property or land Money in bank accounts Savings and investments Personal belongings (such as jewellery or...
by Pi Accountancy | Mar 10, 2026 | Frequently Asked Questions, HMRC, Taxes
Tax Investigation Insurance is a specific type of cover that protects you from the professional fees you will incur if HMRC investigates your tax affairs. These tax investigations can come from irregularities in your tax returns or entirely at random. The insurance...
by Pi Accountancy | Mar 10, 2026 | Frequently Asked Questions, HMRC, Taxes
An HMRC Tax Investigation, also known as a compliance check, is an official review of an individual’s or business’s tax records. HMRC wants to confirm that they are calculating and paying their taxes correctly. These investigations therefore allow HMRC to...
by Pi Accountancy | Feb 24, 2026 | Advisory and Resources, Business, Corporation Tax, Regulations and Schemes, Taxes
Most limited companies pay Corporation Tax 9 months and 1 day after their year end. However, larger companies must pay their Corporation Tax in quarterly instalments during the accounting period itself. HMRC refers to this system as Quarterly Instalment Payments...
by Pi Accountancy | Dec 19, 2025 | Advisory and Resources, Business, HMRC, Regulations and Schemes, VAT
VAT on hot food often causes confusion for businesses and customers alike. One of the most high-profile and closely watched VAT disputes involved Morrisons and its rotisserie chickens. After a lengthy legal battle, the First-Tier Tax Tribunal have ruled against...
by Pi Accountancy | Dec 16, 2025 | Advisory and Resources, Business, Regulations and Schemes, Taxes
Many people exchange Christmas presents without ever worrying about tax. Gifts between friends and family are usually not subject to Income Tax, but large lifetime gifts can have Inheritance Tax implications for the giver. However, when gifts relate to work or...
by Pi Accountancy | Dec 9, 2025 | Advisory and Resources, Payroll and Employment, Taxes, The Budget
If you run a business in the UK, you may already be familiar with the Apprenticeship Levy. This tax has funded apprenticeship training since 2017. However, following the November 2025 Autumn Budget, the government has confirmed that the new Growth and Skills Levy will...
by Pi Accountancy | Dec 2, 2025 | Advisory and Resources, Taxes, The Budget
The UK Government is preparing to introduce a new pay-per-mile tax for Electric Vehicle (EV) and Plug-In Hybrid drivers, confirmed in the Autumn Budget 2025. For years, these drivers have benefitted from incentives meant to encourage them to switch from petrol and...
by Pi Accountancy | Nov 26, 2025 | Advisory and Resources, Regulations and Schemes, Taxes, The Budget
The November Budget 2025 has arrived. The unexpected and accidental early publication caused a buzz in Westminster and gave the public an early look at the government’s plans. The 2025 Budget introduces major tax changes, new support measures and several important...
by Pi Accountancy | Oct 29, 2025 | Advisory and Resources, HMRC, Taxes
Dealing with HMRC can often feel like navigating a maze. Fortunately, you do not need to manage everything on your own. You can authorise an agent or someone you trust to act on your behalf. This allows them to handle your tax affairs directly with HMRC while you stay...
