Harnett Accontants

Tag: accountants in twickenham

  • 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.
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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.

  • 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.

  • From Your Accountants In Twickenham – Companies House Reminder Scheme

    Accountancy

    From Your Accountants In Twickenham – Companies House Reminder Scheme

    Your helpful Accountants in Twickenham here with another great business tip.

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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

    Did you know there’s an email reminder service for your company or LLP at Companies House. Once you have registered you will receive timely emails to remind you of the due dates to submit the annual return and accounts for your business, and paper reminders will cease.

    Up to four email addresses can be registered for each business. Each email address nominated will receive an activation email which must be acted upon within five days.

    Remember that offer a free hour no obligation consultation and can be followed on Facebook, Twitter and .And keep coming back for our daily blogs and, very soon, video tips from Damien Harnett founder of Harnett Accountants.

    📌 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.

  • Buying A Commerical Property? Here’s Another Useful Tip From Our Accoutants In Twickenham

    Accountancy

    Buying A Commerical Property? Here’s Another Useful Tip From Our Accoutants In Twickenham

    Here is another useful tip for business owners from our accountants in Twickenham. If you’re buying a building, you generally won’t have to pay any VAT. However, there are many exceptions to this.

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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

    A person who holds an interest in a building (freehold or leasehold) can opt to tax the building, such that income from selling or letting the building is subject to VAT. If you purchase a building and the purchase price includes VAT, you do not have to opt to tax that building.

    Consider Ali who owns a VAT registered car repair business. He purchases a new commercial unit for £200,000 plus VAT of £40,000. The unit is used entirely for the car repair business, so Ali can reclaim the VAT of £40,000 in the same way he reclaims VAT on other purchases.

    Ali does not have to opt to tax the unit to reclaim that VAT. In a few years Ali may want to sub-let the unit, in which case the rent will be exempt from VAT. This will make Ali’s business partially exempt, which may mean he cannot reclaim all the VAT charged on his purchases. In that situation Ali may choose to opt to tax the building so the rent must have VAT added.

    Practical Tips

    Check back regularly for more useful tips and advice from our expert team.

    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.
    📞
    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.

  • Another Valuable Tip From Our Accountants In Twickenham, Travel Expenses

    Accountancy

    Another Valuable Tip From Our Accountants In Twickenham, Travel Expenses

    Today, another valuable tip from Harnett Accountants in Twickenham. The approved tax free mileage rate for 2011/2012 was 45p per mile for the first 10,000 business miles. However, did you know that this rate only applies per separate employment. So if you worked for Company A and drove for 8,000 miles, and then worked for company B and drove 5,000 miles, all of your miles would be deductible under the 45p approved rate, even though you would have driven more than 10,000 miles in total.

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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

    So if your employers have given you 40p per mile for travel expenses, you are entitled to claim back an extra £650 (5px13000 miles). Come back soon for even more useful tax saving tips and advice.

    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.
    📞
    Need help with allowable business expenses?
    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.

  • More Tax Saving Tips For Business Owners From Our Expert Accountants In Twickenham

    Accountancy

    More Tax Saving Tips For Business Owners From Our Expert Accountants In Twickenham

    As a business owner, you need to be able to extract funds from your business in the most efficient way. If you extract all available funds each year in the form of a salary, you may be paying more tax than is necessary. Business owners should consider paying themselves, and maybe other shareholders too, in the form of a dividend.

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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

    Other ways to extract funds from your business are bonuses and rent. By getting the right mix of salary, dividends and bonuses, you could make considerable tax savings. Contact our expert team of accountants in Twickenham and we can help you to manage your finances in the most tax efficient way.

    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 dividend 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.

  • Announce Video Tips For Your Business

    Accountancy

    Announce Video Tips For Your Business

    have launched a sesries of video tips designed to improve your business.

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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 first is below where our CEO introduces Harnett Accountants.

    📌 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.

  • The Importance Of Working Capital Management, Another Great Tip From Our Expert Accountants In Twickenham

    Accountancy

    The Importance Of Working Capital Management, Another Great Tip From Our Expert Accountants In Twickenham

    Over-trading is one of the leading causes of failure for otherwise strong and profitable businesses, especially in the first five years of trading. Over-trading arises when a business underestimates the amount of working capital it needs to keep trading. If you run a business that works on a credit basis, and your clients and other debtors are slow to repay you, then you may find that you don’t have enough cash available to meet short term capital demands.

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

    Key Considerations

    When a business runs out of working capital, creditors such as banks and suppliers can no longer be paid, and the situation can quickly spiral out of control. Given the current financial climate, efficient management of working capital has never been more crucial, particularly for small and medium sized businesses that find it hard to obtain long extensions on their credit agreements, and may not be able to afford expensive credit management services.

    So Pay close attention to your working capital reserves, and make sure that you keep enough cash available to meet all of your short term needs. And just as importantly, look closely at your credit management facility, and make sure that your debtors pay promptly. For more help and advice, please contact our dedicated team of accountants.

    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.
    📞
    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.