Harnett Accontants

Tag: Taxman

  • Harnett Accountants In Kingston Answer Your Queries

    Tax Insights

    Harnett Accountants In Kingston Answer Your Queries

    A client came to our Harnett Accountants in Kingston in kingston who specialise in HR and Legal at with this query.

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    Reviewed for 2026/27: All tax figures and HMRC rules in this article reflect current guidance for the 2026/27 tax year.

    Key Considerations

    “I have recently prepared all our companies accounts and submitted them to the Companies House and Tax Office. However, the Taxman sent back my company’s accounts and tax return saying they were in the wrong format. I’m confused. What have I done wrong?”

    Harnett Accountants in Kingston informed their client that since April 2011 all company accounts must be submitted online in iXBRL format. Offering our free hour no obligation consultation Harnett Accountants in Kingston were able to help the client to get their accounts back in order and submit it online.

    If you are interested in speaking to one of our members of staff then don’t be afraid to contact us through the contact information page on our website, alternatively you can .

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
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    Need help with accounting and tax?
    Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.

  • Property Development: A Note From Your Accountants In Richmond

    Tax Insights

    Property Development: A Note From Your Accountants In Richmond

    As accountants in West London we understand the high prices involved in buying a new property, especially if you plan to develop it. That is why we at Harnett Accountants in Richmond have these few simple facts/tips to try and keep those tax issues at bay.

    💡
    Reviewed for 2026/27: All tax figures and HMRC rules in this article reflect current guidance for the 2026/27 tax year.

    Key Considerations

    If you purchase a property with the intention of developing it for profit it will become subject to income tax worth up to 50% rather than the usual capital gains tax of 18-28%. If you make it a habit of developing properties and selling them on the Taxman will want to view the property as a trade. This means your free capital gains tax when you sell your property will become exempt – if caught still receiving it you will be open to tax investigation. Furthermore, if your new property includes a significant amount of land (excess of half a hectare) you will be eligible for capital gains tax.

    It is also important to remember when developing a property the cost of VAT. If you are not a registered VAT builder you cannot reclaim VAT on the development costs. However there is a scheme (although a number of conditions apply) that allows DIY builders to reclaim VAT when a non-residential building is being converted into a home. Another possibility to save on VAT is if the building you are developing has been empty for at least two years you will be charged at a lower rate of 5% VAT. Once again a number of conditions apply for this.

    If you are looking at property development it is important to get advice before proceeding. Harnett Accountants in Richmond can help you with this, and don’t forget we offer a free hour no obligation consultation for all our new clients. Additionally, why not continue to follow our regular informational blogs or add us on Facebook or Twitter.

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
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    Need help with VAT returns and compliance?
    Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.

  • A Word On Web Bots From Your Accountants In Kingston

    Tax Insights

    A Word On Web Bots From Your Accountants In Kingston

    It was announced in 2011 that the Taxman is going to start targeting tax evasion by online traders, private tutors, personal trainers and life coaches. Our accountants in Kingston have recently received several queries about this from clients, so we thought a blog was necessary.

    💡
    Reviewed for 2026/27: All tax figures and HMRC rules in this article reflect current guidance for the 2026/27 tax year.

    Key Considerations

    The Taxman can now send out automatic search programmes (web bots) to trawl the internet for data on sales and services advertised by UK residents, which will be compared to bank interest and tax returns already held by the Tax Office to check everything is in order.

    If you have declared all your profits and earnings on your tax return then you have nothing to fear. Where costs are not recorded (say from selling jewellery through your private website) the Taxman will treat this income as profit, even if the turnover is very small, meaning you could land yourself in a lot of trouble!

    We at Harnett Accountants in Kingston advice that you complete the self-assessment registration form CWFI online or in paper form as soon as possible if this is the case. You will then receive a new tax return form to be filled out. If you have been trading online for several years without declaring income a more detailed disclosure to the Tax Office will be required.

    Harnett Accountants in West London offer a free hour no obligation consultation. Alternatively, you can .

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
    📞
    Need help with VAT returns and compliance?
    Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.

  • Harnett Accountants In West London Discuss Paying Those Taxes On Time

    Tax Insights

    Harnett Accountants In West London Discuss Paying Those Taxes On Time

    It’s coming up to July, one of those big tax-paying months. So Harnett Accountants in West London thought it would be a good idea to remind you of what is due and what could go wrong if you accidently miss those all important payments.

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    Reviewed for 2026/27: All tax figures and HMRC rules in this article reflect current guidance for the 2026/27 tax year.

    Key Considerations

    – If you are self-employed you need to pay your income tax and class 4 NIC on-account payments for 2011/12 by 31 July. – A company with a 30 September 2011 year end must pay its corporation tax by 1 July 2012. – Employers must pay class 1A NICs on benefits by 19 July. – Quarterly payments of PAYE are due by the same date. Monthly payments of PAYE and CIS deductions are due by 19th of every month, or by 22nd if paying electronically.

    In the current economic climate the Taxman is keener than ever to chase every penny of tax owed. If you or your company are even a day late you will start to receive aggressively worded letters and, if not reacted to promptly ,telephone calls and possible personal visits from debt collectors in toe. The situation can escalate quite quickly into bailiffs being authorised to seize your goods, or a court judgement being enforce.

    Our Accountants in Kensington advice that if you or your company know you will not be able to pay your tax on time to contact the Tax Office Business Payment Support Line (0845 302 1435) and try and negotiate a reasonable payment plan. The longer you leave this the harder this will be, so as soon as you receive a demanding letter, don’t ignore it!

    Remember, Harnett Accountants in West London offer a free 1 hour, no obligation consultation. Alternatively you can follow us on our Facebook, Twitter or our page or keep looking out for our daily blogs

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
    📞
    Need help with corporation tax planning?
    Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.

  • Must You Register For Vat? Harnett Accountants In Kingston Tell Us More.

    Tax Insights

    Must You Register For Vat? Harnett Accountants In Kingston Tell Us More.

    There is a myth in certain quarters that every legitimate business is required to be VAT registered. Harnett Accountants in Kingston insist that this is not the case. A sole-trader, partnership or company does not have to become VAT registered until the total sales for 12 consecutive months exceeds £73,000, this does however apply to all businesses you run.

    💡
    Reviewed for 2026/27: All tax figures and HMRC rules in this article reflect current guidance for the 2026/27 tax year.

    Key Considerations

    If/Once your business is VAT registered you must charge VAT at the appropriate rate of 20% on all sales. You also have to submit regular quarterly/monthly VAT returns of sales and purchases. If this all sounds a bit too much to cope with, Harnett Accountants in Kingston suggest a number of designed schemes you can sign up to which make VAT reporting much easier for smaller businesses to handle.

    For example, the Flat Rate Scheme, this allows you to just total-up your sales each quarter and not worry about your purchases, paying over a flat percentage of VAT to the Taxman. The percentage used will depend on your trade sector. If your business makes very few purchases you can benefit significantly from being within the flat rate scheme.

    Another option which some smaller companies take is to keep their total sales below the compulsory VAT registration threshold, so they don’t have to charge or submit VAT. Although not illegal the Taxman is very suspicious of businesses who manage their sales in this way. In late 2011 the Taxman offered a limited amnesty to those who had sales over the VAT threshold but who had not registered for VAT. Once that amnesty period was over he started to actively investigate traders who reported total sales just below the VAT threshold. If you do use this strategy then you will need to be able to prove all your sales are correctly recorded and declared to avoid investigation.

    Don’t forget that Harnett Accountants in West London offer a free hour no obligation consultation, alternatively keep reading our blogs or .

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
    📞
    Need help with VAT returns and compliance?
    Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.

  • Our Accountants Twickenham Say Yes To Claiming Your Linkedin Subscription As A Company Expense

    Tax Insights

    Our Accountants Twickenham Say Yes To Claiming Your Linkedin Subscription As A Company Expense

    The social/business networking site Linkedin is a great way for companies/businesses to generate work and socialise with potential co-workers. Recently have received several queries about whether this and similar business networking site’s subscription fees are a tax allowable expense for their company.

    💡
    Reviewed for 2026/27: All tax figures and HMRC rules in this article reflect current guidance for the 2026/27 tax year.

    Key Considerations

    We at were more than happy to inform them that Linkedin’s subscription fee was in fact a Tax allowable expense, along with any other expense spent to generate work for your business. We do advise however, that when using Linkedin, if you subscribe in your name rather than the name of your company, the company would be paying your personal subscription fee and so it may be regarded as payment in kind.

    Furthermore, as Linkedin doesn’t appear on the list of approved professional organisations whose subscriptions are tax allowable for employees, the Taxman will argue that there should be a personal tax charge. So it’s necessary for you to prove that there is only a business purpose to your subscription before making your claim.

    Don’t forget that offer a free hour no obligation consultation for all clients and you can . Additionally, you can keep reading our daily blogs.

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
    📞
    Need help with accounting and tax?
    Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.

  • – Hmrc’s Tax Taskforces Revealed

    Accountancy

    – Hmrc’s Tax Taskforces Revealed

    brings you this insight from Accountancy Age into the new tax taskforces introduced by HMRC to clamp down on tax evasion:

    💡
    Reviewed for 2026/27: All tax figures and HMRC rules in this article reflect current guidance for the 2026/27 tax year.

    Key Considerations

    IN RECENT MONTHS, the taxman has been doing its level best to be seen to be tackling those dodging their tax share.

    Part of HMRC’s myriad tools to achieve that has been its taskforces, which it says operate in “short, sharp bursts of activity” in targeted areas of the country and perceived high-risk industries.

    Since they were introduced in May, the taskforces have investigated stall-holders in London, taxi operators in Yorkshire and the east Midlands, restaurants across the Midlands and property rental businesses in East Anglia, the north east, Yorkshire and London, among others.

    The aim is to induce traders in the target industries and areas to voluntarily come forward and settle any outstanding tax liabilities they might have by generating publicity in the local area. Compliance checks are carried out, as well as announced and unannounced visits.

    There is an element of carrot and stick involved, too; generally, if someone comes forward, fully discloses and pays up, the matter is closed, whereas invasive investigations and potential criminal proceedings await those who continue to dodge their bills.

    At the time of writing, £50m is the target figure for the taskforces to bring in, with HMRC so far satisfied with the progress the initiative has made. Indeed, £20m is expected from the property sector alone.

    What This Means For You

    The Revenue says it will measure success through cash collected and “the number of sanctions imposed, from penalties and fines through to the number of prosecutions brought”. It is also hoped that the taskforces will be able to “change the behaviour of individual evaders who will in the future voluntarily meet their tax obligations as a result … and change the behaviour of people who might consider evading tax”.

    The budget for the taskforces is part of £900m the Treasury set aside for the taxman to tackle avoidance and evasion. How much of that went towards the taskforces, however, is not public knowledge.

    “It’s the sixty-four thousand dollar question for me and for ARC”, says Gareth Hills, president of the Association of Revenue & Customs (ARC), which represents professionals and senior management at HMRC.

    “We’ve never been able to tie down where that money’s gone in terms of where it’s been invested in the department.”

    With that money earmarked specifically to tackle evasion and avoidance, the Revenue has been keen to yield results against a background of cuts and criticism from the Public Accounts Committee after the National Audit Office found it wrote off £5.2bn in taxes last year.

    There were some 100,000 HMRC employees in 2004, deployed across the country. Today, the number is closer to 60,000 with another 15% of cuts – based mainly in London – to come in the next four years. And they now work according to sector instead of region.

    Important Points

    The move to sector-based specialisation is perfectly understandable, provided it is combined with local knowledge.

    “When investigators were investigating local businesses, they would have local knowledge,” says Phil Berwick, director at Pinsent Masons. “If you are looking at take-aways, for example, showing a different spread of results, then you might know there is one next to a cinema with more passing trade than one further down the high street. There are dangers [in a sector-based] approach if it’s not combined with local knowledge.”

    Gareth Hills does not recognise that problem, however, and is keen to stress the Revenue still has a “has a network of local offices across the UK”.

    “People shouldn’t think that because they do not fall within the businesses or locations targeted by the task forces that they will not be selected for enquiry. That’s not the case,” he says. “The taskforces target specific traders and businesses in specific areas where there’s an identified high risk of tax leakage. The nature of the traders and businesses subject to this approach are based on local knowledge in those locations to determine the riskiest areas.”

    With many of the investigations ongoing, and new ones potentially to come, it remains to be seen how successful the taskforces will be, especially given that cost-effectiveness cannot yet be measured. The real test will come when the financial year ends and vital figures become available.

    Source: Original Article

    Further Details

    If you need help or advice about tax and working out exactly how much you should be paying, please contact us and we will arrange a free one hour no obligation consultation. Also you can . Additionally, you can keep reading our daily blogs.

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
    📞
    Need help with property tax advice?
    Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.

  • – Vat Reclaim Cases Will Cost Taxman Billions

    Accountancy

    – Vat Reclaim Cases Will Cost Taxman Billions

    bring you this report from Accountancy Age, revealing how VAT claims going back as far as 1973 are now going through the European courts, and could see the taxman repaying tens of billions in repayments:

    💡
    Reviewed for 2026/27: All tax figures and HMRC rules in this article reflect current guidance for the 2026/27 tax year.

    Key Considerations

    “THE COURTS are presumably growing tired of VAT reclaims cases now.

    At least, if they aren’t, they soon will be.

    In July, former high street retailer Littlewoods had its claim sent back to the UK courts by the European Court of Justice, sparing – at least temporarily – HM Revenue & Customs a bill that could have run into the billions.

    The dispute centred on whether refunds on VAT overpayments, made by Littlewoods between 1973 and 2004, should have been refunded with simple interest or with compound interest.

    The claims were made where customers had failed to fully pay for goods, but the retailers had paid the full VAT onto the taxman. Many now predict the UK court will rule in the taxman’s favour, which will see the VAT returned to Littlewoods with simple interest.”

    If you need advice about reclaiming overpaid VAT, or making sure that your business pays the correct amount of VAT without overpaying, please contact for a free no obligation consultation. Also you can . Additionally, you can keep reading our daily blogs.

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
    📞
    Need help with VAT returns and compliance?
    Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.

  • Harnett Accountants Hammersmith – Gifting Assets And Shares

    Accountancy

    Harnett Accountants Hammersmith – Gifting Assets And Shares

    Harnett Accountants Hammersmith brings you another useful piece of tax saving advice. If you plan to gift assets or shares to your relatives, there are several taxes you need to consider:

    💡
    Reviewed for 2026/27: All tax figures and HMRC rules in this article reflect current guidance for the 2026/27 tax year.

    Key Considerations

    You won’t make an actual profit or gain when you give away assets or shares, so you may not expect to pay capital gains tax. However, when the gift is made to a person connected to you, such as your son or daughter, UK tax law deems you to have made a transfer of the asset at its market value. This means you could well make a paper gain on the gift, which will be subject to capital gains tax. This does not apply to a gift to your spouse or civil partner.

    You need to calculate this gain to see if it needs to be reported on your tax return. Where the gain from the gift, together with any other gains you make in the year, exceeds your annual exemption of £10,600, all those gains must be reported on your tax return.

    To calculate the amount of the gain you need to know the market value of the items given, at the date of the gift, and the cost or value when you acquired the items. If you acquired the assets before 31 March 1982, the value at 31 March 1982 is taken as your cost value, so you need a value at that date as well. We can help you will the calculation of the gain, but it would be wise to engage a specialist valuer to determine the value of the assets (particularly property) at the date of the gift and at 31 March 1982 if required.

    If the asset (such as property) you plan to give away is located in another country you need to take local tax advice as to whether gift tax will apply. This is not a tax we have in the UK, so any gift tax paid in another jurisdiction will not be offset against UK tax paid on the same gift. Local transaction taxes such as VAT or stamp duty may also apply, so do your research first.

    Stamp duty does not apply to shares which are transferred as a gift.

    Stamp duty land tax generally applies to the transfer of land in the UK, but it will not apply if the recipient gives nothing in return for the property, i.e. it is a pure gift. However, if the recipient agrees to take on a mortgage attached to the property, the outstanding value of that mortgage will be treated as consideration for the property and stamp duty land tax will apply to that consideration.

    What This Means For You

    Most gifts of assets you make will be treated as potentially exempt transfers for inheritance tax, which means they escape inheritance tax as long as you live for at least seven years after the date of the gift. You can look to take out insurance to cover the cost of inheritance tax that will become payable in respect of the gifts made during your lifetime. Gifts made into a trust may be subject to inheritance tax immediately.

    If you need advice on gifting assets or shares in the most tax efficient way possible, please contact Harnett Accountants Hammersmith for a free no obligation consultation. Also you can . Additionally, you can keep reading our daily blogs.

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
    📞
    Need help with VAT returns and compliance?
    Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.

  • – September Tax Q&a Part 1

    Accountancy

    – September Tax Q&a Part 1

    are pleased to present part 1 of our September Tax Q&A:

    💡
    Reviewed for 2026/27: All tax figures and HMRC rules in this article reflect current guidance for the 2026/27 tax year.

    Key Considerations

    Q. I run my own company from an office in a spare bedroom at home, and my wife runs a separate company from a downstairs office in the same house. Can we both claim £3 per week expenses for use of home from our companies? Would the situation be different if we both worked full time for the same company?

    A. Yes, you can both claim the use of home expense allowance, which is now £4 per week as from 6 April 2012. It makes no difference whether you both work for the same company or for different companies.

    Q. I own a number of rental properties but this year I’ve been sued over unpaid service charges. The dispute has been resolved, but I’ve been left with legal costs. Can I deduct those legal costs from the property rental income for the year?

    A. In general any legal fees associated with acquiring or improving the property or defending the title to the property or extending a lease on a property cannot be deducted from the rental income, as they are capital expenditure. Other legal fees associated with annual bills or service charges should be allowable. You should keep all the paper work associated with the dispute just in case the Taxman asks about the legal fees in future.

    Remember to send in your questions by email to have them answered in next month’s Q&A from Harnett Accountants Wimbledon. Also you can . Additionally, you can keep reading our daily blogs.

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
    📞
    Need help with property tax advice?
    Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.