Pi Accountancy Swindon

03/06/2026

Do you know what Trivial Benefits are?

Trivial benefits are small gifts or perks an employer gives to an employee.

To qualify as a trivial benefit, it must meet all of the following conditions:
🧩 It costs £50 or less (including VAT)
🧩 It is not cash or a cash voucher
🧩 It is not a reward for work or performance
🧩 It is not included in the employee’s contract

If the benefit meets all of these conditions, it remains fully exempt from tax.

Read our dedicated post for more: https://pi-accountancy.co.uk/2024/06/13/trivial-benefits-explained/

Trivial benefits are small gifts or perks an employer gives to an employee. They offer a simple and effective way to reward employees.

02/06/2026

Do you know what Small Business Rate Relief is?

This relief helps eligible businesses reduce the amount of Business Rates they pay.

The amount you pay depends on your property’s rateable value, which is the estimated annual rental value of a commercial property.

The relief does not apply to empty properties, and you cannot claim it and Charitable Rate Relief at the same time.

Read our dedicated post for more: https://pi-accountancy.co.uk/2026/06/02/small-business-rate-relief/

Small Business Rate Relief helps businesses reduce the amount of Business Rates they pay, depending on their property's rateable value.

28/05/2026

Do you understand Statutory Sick Pay?

Statutory Sick Pay provides a basic level of income when illness or injury prevents an employee from working.

UK law requires employers pay Statutory Sick Pay to eligible employees.

Statutory Sick Pay ends when you return to work, reach the 28-week limit or stop meeting the eligibility rules.

Read our dedicated post for more: https://pi-accountancy.co.uk/2026/05/28/statutory-sick-pay-ssp/

Statutory Sick Pay, or SSP, provides a basic level of income when illness or injury prevents an employee from working.

27/05/2026

Do you know what IR35 is?

IR35 is the common name for off-payroll working rules.

These rules mainly target situations where a worker provides services through an intermediary, usually a limited company.

The question always remains the same: Would the worker count as an employee for tax purposes if they worked directly for the client?

Read our dedicated post for more: https://pi-accountancy.co.uk/2026/05/15/ir35-off-payroll-working-rules/

IR35 remains one of the most discussed topics in the contracting sector. Learn how the off-payroll working rules work and what they mean.

26/05/2026

Do you know what P11Ds and P11D(b)s are?

A P11D reports Benefits In Kind and certain expenses provided to employees or directors during the tax year.

While the P11D shows the benefits each employee received, the P11D(b) summarises the total taxable benefits provided across the business.

The submitted information allows HMRC to calculate how much tax employees should pay on the benefits they receive.

Read our dedicated post for more: https://pi-accountancy.co.uk/2026/05/21/p11d-and-p11db-explained/

A P11D reports Benefits In Kind and certain expenses provided to employees or directors during the tax year to HMRC.

22/05/2026

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.

The temporary 5% VAT rate may apply to the following family-focused activities and services:
🧩 Children’s menu meals eaten inside restaurants and cafés
🧩 Family and children’s cinema tickets
🧩 Theatre and exhibition tickets for families
🧩 Entry tickets for theme parks and amusement parks
🧩 Zoo and museum admission tickets
🧩 Soft play centres and adventure parks
🧩 Wildlife parks and nature reserves

Read our writeup for more information: https://pi-accountancy.co.uk/2026/05/22/summer-vat-reduction/

Families across the UK could enjoy cheaper days out this summer following a temporary VAT reduction on selected family activities.

22/05/2026

🧩 Work Mileage Allowance Increase 🧩

The Government has increased the work mileage allowance for the first 10,000 business miles by 10p (rising from 45p to 55p per mile) and this will be backdated to 6 April 2026.

The new 55p mileage rate applies to cars and vans, and drops to 25p per mile after 10,000 miles per tax year. The rate uplift applies to employees and the self-employed.

This is the first update to the approved mileage allowance rates since 2011, when the rate increased from 40p to 45p per mile and the average petrol price was around £1.20 per litre.

Aside from the 10p uplift to cars and vans pre-10,000 miles, all other mileage rates will remain the same. The Government has said that these rates will be reviewed at the next Budget.

21/05/2026

Do you know what a Trial Balance is?

A Trial Balance is a report that lists all account balances from the general ledger.

The report helps confirm that the double-entry bookkeeping system remains balanced.

Read our dedicated post for more: https://pi-accountancy.co.uk/2024/10/23/what-is-a-trial-balance/

A Trial Balance is a financial report that summarises all the debit and credit balances from the general ledger.

20/05/2026

Do you know what a Balance Sheet is?

A Balance Sheet lists a business’s assets, liabilities and equity.

It shows the financial position of the business on a specific date.

The Balance Sheet works alongside the Profit & Loss and Cash Flow Statement.

Read our dedicated post for more: https://pi-accountancy.co.uk/2024/08/27/what-is-a-balance-sheet/

A Balance Sheet is a financial statement that shows a company’s resources, debts and owner's value at a specific point in time.