by Pi Accountancy | May 3, 2023 | Business, HMRC
Anti-Money Laundering Regulations Money laundering is a criminal activity that involves disguising the proceeds of illegal activities as legitimate funds, which can include the proceeds from drug dealing, theft, fraud, bribery, corruption or tax evasion. Money...
by Pi Accountancy | Apr 27, 2023 | Business, Director
Owner’s Equity Owner’s equity, also know as shareholders’ equity, represents the residual interest in the assets of a company after deducting it’s liabilities. In real words, it is the portion of a company’s assets that belongs to the...
by Pi Accountancy | Mar 15, 2023 | Business, Payroll
The Minimum Wage rates increase from the 1st of April 2023 All employers should be aware that all minimum wage rates increase on the 1st of April of each year. This includes all National Minimum Wage rates and the National Living Wage rate. Below you will find the...
by Pi Accountancy | Mar 10, 2023 | Payroll, QuickBooks, VAT
Why do we only work with QuickBooks and Xero? Our Accounting Software Partners We have teamed up QuickBooks and Xero – both leading software partners in the accounting world – to enable us to keep track of your accounting records, sales invoices, purchase...
by Pi Accountancy | Jul 2, 2021 | COVID-19, HMRC, SEISS, Self-Assessment, Self-Employed, Taxes
As the Coronavirus Job Retention Scheme (CJRS) enters its final months, now is the time to review grants that you have claimed under the scheme, and pay back any amounts claimed in error. You may also choose to repay voluntarily funding that you have received under...
by Pi Accountancy | May 25, 2021 | Business, COVID-19
Recovery loan scheme If you need to access finance to help your business recover from the effects of the COVID-19 pandemic, the Recovery Loan Scheme may be for you. Nature of the scheme The Recovery Loan Scheme is designed to provide access to finance in order to...
by Pi Accountancy | May 24, 2021 | Business, COVID-19, HMRC, Self-Assessment, Taxes
To help businesses which have suffered losses as a result of the COVID-19 pandemic, the period for which certain trading losses can be carried back is extended from one year to three years. The extended carry-back period applies for both income tax and corporation tax...
by Pi Accountancy | May 22, 2021 | Business, HMRC, PAYE, Self-Assessment, Taxes, VAT
Business records if you’re self-employed You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs (HMRC) may check your records to make sure you’re paying the right amount of tax....
by Pi Accountancy | May 21, 2021 | Business, Director, HMRC, Taxes
If you run your business as a personal or family company, you will need to decide how best to extract profits for your personal use. A typical tax-efficient strategy is to pay yourself a small salary and then extract any further profits as dividends. Where this...
by Pi Accountancy | Apr 7, 2021 | Business, COVID-19, HMRC, PAYE, Self-Assessment, Self-Employed, Taxes
Checking your tax code – 2021/2022 If you pay all or some of your income tax via PAYE, it’s important to check that you are on the correct Tax Code (CT). As we start the new 2021/2022 tax year, HMRC will be sending out your individual coding notices (usually via...
by Pi Accountancy | Nov 3, 2020 | VAT
Postponed VAT accounting Postponed VAT accounting is being introduced from 1 January 2021. This will affect you if you are VAT-registered and you import goods into the UK, particularly if you are a smaller business and you do not currently use the Duty Deferment...
