Harnett Accontants

Tag: accountancy tips

  • 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.

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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/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.
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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.

  • 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.

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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

    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.

  • Harnett Accountants In Twickenham Answer Your Questions On Capital Gains Tax

    Tax Insights

    Harnett Accountants In Twickenham Answer Your Questions On Capital Gains Tax

    Harnett Accountants in Twickenham were asked by one of our clients whether he would still get the lower 10% rate of capital gains tax on any profit he made on the sale of his furnished holiday letting property, even though it hadn’t been let for 2 years.

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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

    were more than happy to inform him that he could. As long as any property is sold within three years of the date the holiday lettings business ceased you will qualify for entrepreneur’s relief on the gain. This relief gives you the lower 10% rate of CGT after deduction of your annual exemption, for gains of up to £10 million per person.

    Don’t forget that offer a free one 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.
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    Need help with capital gains 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.

  • Harnett Accountants In Twickenham: The New Workplace Pensions Cost

    Tax Insights

    Harnett Accountants In Twickenham: The New Workplace Pensions Cost

    Harnett Accountants in Twickenham are here to tell you that a compulsory pension scheme for all employees is to be introduced over four years from October 2012.

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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

    The largest employers (120,000 or more employees) will be forced to sign up first. Those who employ less than 50 workers will be required to take part in the scheme from a date sometime in 2014 to 2016, depending on their PAYE reference number. Only one-man companies, workers aged under 22, over state retirement age or those paid less than £7,475 will be exempt from the scheme. If employees want to opt out they have to make an active decision to do so and sign a form. The employer will not be permitted to induce employees to opt out, or to screen out potential employees who do not wish to opt out of the pension scheme.

    Employers and employees will be required to make contributions to the pension scheme totalling 8% of the workers earnings, including tax relief given on the employees’ contributions. The employer must contribute at least 3% of the workers’ earnings. This level of compulsory contributions will be imposed gradually over five years to 2017.

    Employers can still use an existing pension scheme, set up a new one, or use the new low cost Government pension scheme, NEST (National Employment Savings Trust). If using an existing scheme the employer will have to certify that it meets all the requirements of the compulsory pension saving scheme and register with the pensions regulator.

    Harnett Accountants in Twickenham advice that you talk to your pension scheme provider to prepare for these new regulations, alternatively, we offer a free hour no obligation consultation. You can also .

    📌 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 pension and retirement 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.

  • – Video Tips Number 1

    Tax Insights

    – Video Tips Number 1

    This is the first in a series of handy business tips delivered through short video clips. We hope you find them useful.

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

  • Are You Missing Out On Valuable Tax Savings And R&d Grants? Investigate

    Accountancy

    Are You Missing Out On Valuable Tax Savings And R&d Grants? Investigate

    British businesses may be missing out on millions of pounds of R&D grants available from the government according to accountants Wimbledon. This may be because they simply don’t know that they are entitled to receive extra relief, or simply think it’s too much hassle. The April 2012 budget increased the amount of relief available for R&D projects to 225% (from 200%) in order to try and encourage businesses to develop and keep investing in long term solutions which may help the UK economy get back on track.

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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

    It is thought that the majority of businesses missing out simply aren’t aware that they are entitled to receive extra tax relief. However, businesses can back date their claims, so the payments could be very substantial. If you think that your business might qualify for this tax relief and want to find out more, get in contact with and we will arrange a one hour no obligation consultation to discuss all of your accounting and financial planning needs. 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 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.

  • Harnett Accountants Hammersmith Have A Vat Tip For You

    Tax Insights

    Harnett Accountants Hammersmith Have A Vat Tip For You

    VAT is a subject that, understandably,  often crops up amongst our clients, with our accountants in West London receiving many questions. One of our accountants, Hammersmith area, brings us the latest advice.

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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

    Harnett Accountants Hammersmith

    Have you signed-up with the Tax Office to submit your VAT returns online, or agreed that we will do this online filing for you? If neither applies then you will shortly receive a letter from the Taxman reminding you of your online filing obligations. Almost all VAT businesses are now required to submit their VAT returns online for periods starting on and after 1 April 2012. The only exceptions are for:

    – those who are subject to insolvency proceedings; or – where the person is a practising member of a religious order whose beliefs are incompatible with the use of electronic communications.

    You must also pay any VAT due electronically, but this includes many more options than just using online banking. For example you can set up a direct debit (by phone or letter), which will automatically collect the amount of VAT reported on the online VAT return, three days after the deadline for submitting that return. However, the direct debit does need to be in place before your VAT return is submitted and at least two working days before the deadline for that return. So Friday 3 August 2012 is the last day for setting up a direct debit for VAT returns to be submitted by 7 August 2012.

    You can use a debit or credit card to pay VAT due of less than £100,000 (but not any penalties or interest due), via the BillPay service online. However, if a credit card is used a fee of 1.4% will be added to the VAT amount due, and the payment will take three working days to arrive.

    📌 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.

  • Going Green To Reduce Your Tax Bills –

    Accountancy

    Going Green To Reduce Your Tax Bills –

    offer this great tax tip to help reduce your tax bills…

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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

    You may already be aware that you can claim capital allowances on assets purchased such as plant, machinery, and vehicles. This gives you tax relief from the reduction in value of assets by writing off their cost against the taxable income of your business. So, make sure that you claim for capital allowance for any business assets that you purchase.

    However, you may not have been aware that you can also claim extra tax relief on your assets if they are environmentally friendly. You could save even more on your tax bills by buying low CO2 emission cars, and environmentally friendly machinery and equipment for your business.

    To find out more about this fantastic way of cutting your tax bills, contact our expert team of accountants. also offer a free one 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.

  • Talk Travel Expenses

    Tax Insights

    Talk Travel Expenses

    Damien has recorded another series of great tax tips videos. Today’s video tax tip from is on the subject of travel expenses. Travel expenses are often a source of confusion, both for employees and employers. If you are an employee, you should know what you are entitled to so that you can reduce your tax bills, and as an employer you should make sure that you are running your business in the most tax efficient way possible.

    💡
    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 would also like to direct you to this information published on the HMRC website, detailing what you can (and can’t!) claim travel expenses for.

    “If your job requires you to travel on business you may be able to get tax relief on your travel expenses. You can go back several years to get the relief – the time you’ve got depends on whether you’ve previously sent in a Self Assessment tax return.

    If you’ve got to make journeys for business purposes you can deduct your travelling expenses from your taxable income – so you’ll pay less tax.

    What Are Business Journeys

    • You can only get tax relief on the cost of business journeys. These are when, as part of your job:
    • you have to travel from one workplace to another – this includes travelling between your main ‘permanent workplace’ and a temporary workplace
    • you’ve got to travel to or from a certain workplace because your job requires you to
    • But business journeys don’t include:
    • ordinary commuting – when you travel between your home (or anywhere that is not a workplace) and a place which counts as a permanent workplace
    • private journeys – which have nothing to do with your job

    What This Means For You

    If you’re not sure if a place you travel to counts as a permanent workplace telephone your Tax Office for advice.”

    As you can see above, ordinary commuting between your home and your place of work does not count as an allowable tax expense, so there is no way that you can reduce your tax bills based on your daily journey to and from work, no matter how expensive it is. This is an especially big problem for people who have to drive a long distance on the motorway or travel a long way by train every day.

    Travel Expenses That Qualify For Relief

    • “You can get tax relief on the necessary costs of business travel like:
    • public transport fares
    • business phone calls, fax or photocopying costs
    • But you can’t get tax relief for things that aren’t directly related to the business journey – like your newspaper or private phone calls.”
    • “You might have to use your own car, van, motorbike or cycle to make business journeys. Your employer can give you mileage allowance payments to cover your costs – up to a certain maximum amount per mile – and you don’t have to pay tax on them. If your employer doesn’t pay you the maximum, you are entitled to tax relief on the difference between:
    • what your employer actually pays you for your business journeys

    Important Points

    the maximum tax free amount that your employer could have paid you for those journeys

    You’ll need to keep good records of the business mileage you do and of the mileage allowance payments your employer gives you. You cannot get relief for your actual expenses if they are greater than the allowed maximum per mile.”

    What Hmrc Says

    All of this information is available to view on the HMRC website.

    If you need advice about travel expenses, or if you run a business and need help with calculating how much you need to give your staff for business journeys, and which arrangements you need to make with HM Revenue and Customs, please call our accountants in Wimbledon on 020 8977 3883 or contact us through our website. 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.