Harnett Accontants

Tag: accountants in twickenham

  • Salaries And Dividends Covered By Harnett Accountants Hammersmith

    Accountancy

    Salaries And Dividends Covered By Harnett Accountants Hammersmith

    If you need advice on salaries and dividends from accountants Hammersmith, then check out this great new video from harnett accountants Hammersmith. If you are paid a dividend by your company instead of a salary, it can help to save on employers national insurance.

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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

    For more great tips to help you cut down on tax bills, and run your business in the most efficient way possible, please contact Harnett accountants Hammersmith. 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.
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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.

  • 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.
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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.

  • A Third Of Uk Sme’s Are Missing Out On Tax Breaks According To A New Survey! Harnett Accountants Hammersmith Investigate

    Tax Insights

    A Third Of Uk Sme’s Are Missing Out On Tax Breaks According To A New Survey! Harnett Accountants Hammersmith Investigate

    A new survey published by RSM Tenon has revealed that 33% of UK SME’s are missing out completely on tax breaks which they are entitled to. The highest proportion of SME’s missing out are located in the north, and the most underutilised tax break on offer was the 225% tax relief available for R&D projects.

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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

    Breaks in corporation tax are being claimed, as are business rate reductions, but the government may be disappointed that SME’s are still considering corporation tax reductions in particular to be the most important form of tax relief.

    Paul Belsman from RSM Tenon said, “It is interesting that despite the various tax reliefs introduced by governments, most businesses still consider the headline corporate tax rate to be the statistic they are most interested in.

    “It is also disappointing that only one in three UK entrepreneurs are unaware of tax breaks that could benefit their company – again an interesting finding when you consider the effort the government puts into devising targeted tax incentives.

    “This could indicate that either the government is off the mark or the incentives introduced are too complicated for many businesses to consider.”

    So, UK SME’s need to take more notice of the many and varied forms of tax relief currently available to them. If you are looking for accountants Hammersmith, and would like advice about which forms of tax relief your business is entitled to, why not get in touch with harnett accountants and we will arrange a free 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.
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    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.

  • Harnett Accountants In London – August Tax Q&a Part 2

    Accountancy

    Harnett Accountants In London – August Tax Q&a Part 2

    Today’s blog from Harnett Accountants in London is part 2 of our August tax Q&A. Please contact us through our website with your question to have it appear in next months tax Q&A! Also you can . Additionally, you can keep reading our daily blogs.

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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

    Q. I want to buy a new business but the only way I can do that is to increase the mortgage on my house. Will the interest I pay on the extra mortgage be tax allowable for the business?

    A. In principle yes, but there are restrictions to prevent improper use of this tax relief. Further restrictions are also proposed from 6 April 2013 (see above). Interest paid on loans used to buy into a partnership or to buy shares in a closely controlled company, or lend to such a company are generally tax allowable. However, it would be best to have a separate loan for this business investment, as when you repay any part of the mortgage the business part will be deemed to be reduced first. You will also have to hold at least 5% of the ordinary shares of company and work for it for the greater part of your time.

    Q. I’m worried about the Granny tax. Is this going to affect me? I’m aged 64 with an annual income of around £16,000.

    A. The so-called Granny tax is actually a change in entitlement to allowances from 6 April 2013. You are currently entitled to a personal allowance (tax free amount) to set against your income, of £8,105. From 6 April 2013 you will be entitled to a personal allowance of £9,205.

    As you will reach age 65 in 2013/14 you may have expected to receive the higher age allowance of £10,500 which is available to people currently aged 65 or over. However, because the rules are changing on 6 April 2013, only those born before 6 April 1948 will be entitled to the age allowance of £10,500, everyone else will get the normal personal allowance. This is not as unfair as it seems as the age allowance will be frozen, probably for ever more at £10,500, but the personal allowance will increase each year, and is likely to reach £10,000 in 2014/15.

    📌 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.

  • 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.

  • Harnett Accountants In London – August Tax Q&a

    Accountancy

    Harnett Accountants In London – August Tax Q&a

    Today’s blog from Harnett Accountants in London is our August tax Q&A. Please contact us through our website with your question to have it appear in next months tax Q&A! Also you can . Additionally, you can keep reading our daily blogs.

    💡
    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. Our company is owned jointly by myself and my wife, and we are both directors of the company. I do most of the work and draw a lot of funds out of the business, so my director’s account with the company is often overdrawn. My wife has another paid position, so doesn’t draw so much from the company. Her director’s account with the company is always in credit. Can our two director’s accounts be combined and set-off against each other for tax reporting requirements?

    A. Married individuals are taxed as separate persons in the UK, and their income and liabilities cannot be amalgamated to present a better picture for tax purposes. The Taxman is dead against the overdrawn balance on one person’s account being set against the credit balance on another person’s account, even if those two people are married.

    Q. My company is doing well and I’d like a new car, possibly a BMW series 5. Should the company lease or buy this car, or does it make more sense for me to take a dividend from the company and to buy the car personally?

    A. As the car is available to you for personal journeys you will be taxed on the ‘benefit’ of driving that car giving rise each year to a tax bill for yourself and a NI bill for your company at 13.8%.

    The company will get a deduction against profits for the cost of leasing the car, but that deduction is limited if the car has CO2 emissions over 160g/km (reducing to 135g/km from April 2013). Likewise the capital allowances are restricted for cars with CO2 emissions over 160g/km. The company can pay for the car’s insurance, servicing and repairs, with no further cost to you, the driver. However, if fuel is provided there is an additional benefit in kind to be taxed on you.

    In reality the calculations need to take into account other factors such as the cost of insurance and whether you need to borrow money to buy the car. We need to talk about this in greater detail to provide you with the correct advice.

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
    📞
    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.

  • August Tax Q&a – Part 3

    Accountancy

    August Tax Q&a – Part 3

    Welcome to the third and final instalment of our August Tax Q&A from Harnett Accountants Wimbledon. Please contact us through our website with your question to have it appear in next months tax Q&A! Also you can . Additionally, you can keep reading our daily blogs.

    💡
    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. Until 31 May 2011 I was employed as loss adjuster for company A, and I drove 4,400 business miles in my own car for that company in 2011/12. I then joined rival company B, and drove a further 8,080 miles on business, also in my own car, by 5 April 2012. Both companies paid me 40p per mile for those business journeys. Can I claim anything extra on my tax return?

    A. Yes. The approved tax free mileage rate for 2011/12 was 45p per mile, for the first 10,000 business miles. However, this mileage threshold applies per employment. As you held two jobs with completely separate employers in the year, and drove less than 10,000 miles in each job, all your business mileage can be claimed at 45p per mile. You can claim £624 (5p x 12480 miles) on your tax return for 2011/12.

    Q. The company provides the sales reps with pay-as-you-go mobile phones, who purchase top-ups when they need them, claiming the cost back on expenses. Does the cost of the top-ups need to be included on the forms P11D for those employees? Does it make a difference if the employee bought the pay-as-you-go phone?

    A. Where the mobile phone is owned by the company and the contract is between the company and the telecoms provider, any top-ups purchased for that phone are tax free, as the provision of the phone is tax free. The cost of the vouchers does not have to be reported on the form P11D for each employee. Note this tax free treatment only applies to one phone per employee.

    If the phone was bought by, and thus owned by the employee, the top-up vouchers are taxable and need to be reported on the form P11D. The employee could claim a deduction on their tax return for the cost of business calls made with the top-up payments, but this would involve analysing all the calls made into business and non-business calls.

    Harnett Accountants Wimbledon

    📌 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 Fulham Brings You This Report On Sipp’s

    Accountancy

    Harnett Accountants Fulham Brings You This Report On Sipp’s

    Two in three SIPP’s are being mismanaged or ignored according to this report from The Telegraph, brought to you by Harnett Accountants Fulham:

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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

    Self Invested Personal Pensions (Sipps) have been dubbed Self ‘Ignored’ Personal Pensions by Investec Wealth & Investment, after their new research showed that less than one in three investors feel they have the expertise to manage them properly.

    Significant numbers of investors are failing to maximise the potential of their Sipps with only 37pc of people saying they had enough time to devote them.

    The idea of managing one’s own pension can be initially appealing, but in reality, many people subsequently find they do not have the time or knowledge required to achieve maximum returns on their investments. As a result many are paying extra charges for the flexibility of a Sipp which they are not then using.

    Chris Aitken, spokesperson for Investec Wealth & Investment, said: “Managing a Sipp properly requires time, expertise and a strong understanding of market risk and appropriate set allocation. Unfortunately, for many people this is simply too difficult. We’d advise anyone who is concerned about having a ‘Self-Ignored Personal Pension’ to take professional advice.”

    The survey showed that just under half (45pc) of those self-managing their Sipps actually fully understand the charging structures from their providers., while 15pc of those who currently managed their own Sipp said they were likely to appoint an investment professional to do so within the next 12 months.

    Mr Aitken said: “This is a poor reflection of some Sipp providers and it’s also a call to action for investors to better understand what they are paying for, and whether or not their current plan represents good value and is the right product for them. Many Self ‘Ignored’ Personal Pension holders probably don’t fully understand the flexibility and power that a Sipp can provide.”

    What This Means For You

    Alternative and less costly choices to Sipps include company pension schemes and cheaper stakeholder or personal pension plans, both of which do not require investors to monitor holdings as frequently.

    Pension experts said that anyone saving for retirement should first of all maximise workplace pension schemes, particularly if their employer also paid into the plan. Although Sipps offer greater flexibility, many personal pension now offer a wide range of funds, sometimes at a fraction of the cost of a “full-Sipp” which also allows investors hold property, direct shareholdings, investment trusts and exchange traded funds.

    Please contact us to 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.

  • Are You Paying Too Much Tax –

    Accountancy

    Are You Paying Too Much Tax –

    Are you paying too much tax unnecessarily? bring you this report published on the ‘This Is Money’ website:

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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

    Despite the ongoing financial strain being felt by millions, new figures have revealed that as a nation we will gift an eye-watering £12.6billion in unnecessary tax to the taxman this year.

    According to professional advice website Unbiased.co.uk in its annual Tax Action Report, on average £421 will be wasted per individual taxpayer this year.

    It highlights that over the last ten years, we have amassed a phenomenal tax waste mountain of £88.6billion.

    Of course, in theory the money is not entirely wasted as it goes to help fund the nation’s spending, but on a personal level this is cash we are simply pouring away.

    This year represents the second highest tax wastage figure in that time, only beaten by the £13.5billion waste Unbiased claims for last year.

    According to Unbiased, the biggest area of tax waste in 2012 is through tax credits, with £7.26billion being lost through people failing to claim their child tax credits, working tax credits and pension credits correctly.

    What This Means For You

    Failure to make use of tax relief on pension contributions is the second biggest area of tax wastage (more than £2.45 billion), followed by tax inefficient charitable donations (more than £997 million).

    Why not get in touch with to see if we can help you to be more efficient in either your personal or business taxes. We will arrange a free one hour no obligation consultation to discuss exactly how we maximise the efficiency of your tax payments and save you money. 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 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.

  • – Gauke Rejects Calls For Rti Postponement

    Accountancy

    – Gauke Rejects Calls For Rti Postponement

    RTI PAYE scheme still on track for April 2013 according to this report from Accountancy Age, brought to you by Harnett Accountants Twickenham:

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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 EXCHEQUER SECRETARY David Gauke has rejected calls for a postponement of the introduction of real-time information after the All-Party Parliamentary Commission raised concerns about the timetable and costs of the programme.

    The commission had been worried the investment costs and timescales were underestimated and expressed worries over whether RTI could guarantee real-time data was sustainably accurate.

    Gauke, though, was keen to emphasise that the scheme was “on time and on budget” and “strongly disagreed” with the report while Mark Holden, HM Revenue & Customs’ RTI programme director, said there was “a number of misunderstandings” in the report and that it “can’t hold any credibility”.

    RTI is set to supersede the current “1940s system” of paying employees currently in place and will see employers updating their PAYE records as and when changes occur, rather than at the end of every tax year.

    The taxman expects the system will reduce the burden on employers by £300m and will lead to a significant decrease in fraud and error.

    What Hmrc Says

    HMRC hopes to roll out RTI nationally from April 2013, with all employers taking part by October of the same year.

    Currently, the pilot has 500 employers – equating to 1.7m employees – with the scheme set to grow to 250,000 employers and 6m employees by April 2013.

    source: Accountancy Age

    If you need advice on the new RTI PAYE systems which will mandatory for all businesses from next year, please contact and we will arrange a free one hour, no obligation consultation to discuss exactly how we can assist your business, and help it to run in the most tax efficient way possible. 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.