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 | Aug 5, 2026 | Advisory and Resources, Business, Corporation Tax, Taxes
Terminal Loss Relief is available when a business permanently stops trading and makes a loss in its final 12 months. You can carry back trading losses from the last year of trading and offset them against profits from the previous 3 years. This can reduce your...
by Pi Accountancy | Jul 22, 2026 | Advisory and Resources, Taxes, VAT
Prices can be confusing when they involve VAT. You may see quotes that state “net of VAT” or figures that already include VAT. By not understanding the difference between these two, you may make decisions that cost you more than expected. What Net of VAT...
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 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...
