Harnett Accontants

Tag: accountants in west london

  • 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.
    📞
    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 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.

    💡
    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.
    📞
    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.

  • Interest And Loss Relief Explained By

    Accountancy

    Interest And Loss Relief Explained By

    offer the following advice on changes to loss and interest relief in 2013:

    💡
    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 lot of businesses have made significant losses in the current recession and will continue to make losses for a while yet. Where those losses are made outside of a company they can generally be set-off against the entrepreneur’s other income, or in some cases their gains, without limit. There are restrictions on the use of losses made from a business where the trader is not actively involved. Losses are often created by the amount of interest the business has to pay to the bank.

    From 6 April 2013 the Government is proposing to cap the amount of loss relief and interest relief given in any one tax year to the higher of:

    – £50,000; and – 25% of the taxpayer’s income.

    The restrictions on losses and interest may affect business decisions you have taken, or which you are about to make in the next few months. Here are five ways the proposed restrictions could affect you:

    1. Where you have significant losses in a current accounting period which will end in the 2013/14 tax year, you may be thinking of selling an asset for a gain to off-set those losses. Such plans need to be reviewed as your total loss relief will be restricted in 2013/14.

    2. Partners who currently pay significant amounts of interest on their partnership loans may need to restructure those loans before 6 April 2013, to ensure their loan interest does not exceed the greater of £50,000 or 25% of their income.

    What This Means For You

    3. If you are planning to invest in EIS shares or SEIS shares in the knowledge that if the enterprise doesn’t work out, you will get income tax loss relief on the capital invested, you need to know that your loss relief may be restricted.

    4. Where you have already subscribed for shares in an unquoted trading company which is sliding into insolvency, you may need to make a negligible value claim for the value of those shares, to ensure the loss falls in the tax year 2012/13 and is not restricted from 2013/14.

    5. If you are planning to set up a new business which is going to make significant losses in the first couple of years, we need to discuss the structure of the proposed new businesses to ensure the losses are used as quickly as possible.

    📌 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.

  • Tax Taskforces Operating From 2013 Explained By

    Accountancy

    Tax Taskforces Operating From 2013 Explained By

    brings you this information about the tax taskforces which will be operating around the country from April 2013.

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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

    These are teams of tax investigators who target particular trades in defined geographical areas with one-to-one visits. A typical taskforce team will include specialists to cover the taxes the business pays: VAT, PAYE, and corporation tax. It may include a computer expert to help with the computerised business records or the till. The Tax Office plans to have over 30 taskforce teams operating round the country by April 2013.

    We have summarised below the target areas for the taskforce teams, as they have been announced. Each team has a target of about 300 businesses in the specified areas and trade sectors to visit.

    Normally the taskforce team will arrange a time to visit the business and inspect the records, either by phone or letter. Please tell us as soon as you get a letter or call to arrange this. If we can speak to the tax inspector at this stage we may be able to limit the scope of the visit, or get it cancelled. For example if we can confirm that all your staff are always paid through PAYE, give the PAYE scheme reference number and the amount of PAYE and NI paid in the previous tax year, the PAYE specialist may stay at home.

    Areas and trades targeted

    – London: Markets, property rentals, property transactions, restaurants, fraudulent repayments – South West: Restaurants, motor trade, fast food outlets – South East: Overdue tax returns – Midlands: Taxi firms, restaurants – East Anglia: Property rentals – North East: Property rentals, motor trade – North West: Restaurants, construction, landlords – Yorkshire: Taxi firms, motor trade – Nottinghamshire: Motor trade – Northern Ireland: Hair and beauty – Scotland: Pubs & nightclubs, fast food outlets, restaurants, scrap metal dealers, landlords – South Wales: Restaurants, motor trade – North Wales: Restaurants, construction, landlords

    📌 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 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.

  • Harntt Accountants Kingston – Tax Efficient Company Cars

    Accountancy

    Harntt Accountants Kingston – Tax Efficient Company Cars

    have another great video tip to help reduce your taxes. Did you know that going green could help to save more than just the environment.

    💡
    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 need advice about company cars, or anything tax related for you or your business, 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 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.

  • Harnett Accountants West London – Are You Neglecting Your Cash Flow?

    Accountancy

    Harnett Accountants West London – Are You Neglecting Your Cash Flow?

    Harnett Accountants West London brings you this report from accountancy age. It seems that many businesses are unwittingly acting as a bank for their clients, sending out late or incorrect invoices at the expense of their own cash flow security:

    💡
    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 RECENT CFO survey by Deloitte highlighted the importance of cost control and cash flow management. However, the dynamics of a competitive and fragile market has led many businesses to focus on prioritising growth opportunities and hoarding cash reserves to fund working capital, leaving cash flow as a secondary concern. As a result, delayed payments are leading many professional services organisations- those who bill clients for their time and services- to function often unwittingly, as a bank for their clients…

    source: original article

    Reliable cash flow is essential in order to be prepared for unexpected circumstances or to meet payment demands from creditors. If you need advice about making your business more efficient, and making sure that your cash flow is consistent and reliable, please contact Harnett Accountants West London 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 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.

  • – Vat Relief As Far Back As 1973!

    Accountancy

    – Vat Relief As Far Back As 1973!

    brings you this report from Accountancy Age. A new ruling means that VAT relief on bad debts can be claimed from as far back as 1973!

    💡
    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 BILL running into billions of pounds could be on its way to the chancellor after an upper-tier tribunal ruled that VAT rebates can be claimed on bad debts for the period between 1973 and 1997.

    The case was brought by BT and GMAC, which is the finance arm of General Motors, and HM Revenue & Customs is likely to appeal the decision, reports the Daily Mail.

    BT stands to claim £92m as well as interest, while the total the exchequer could end up paying out could run into billions.”

    Source: original article

    If you need advice about claiming tax relief on bad debts, please contact 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 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.

  • – Government Figures Dont Add Up

    Accountancy

    – Government Figures Dont Add Up

    brings you this interesting article from the business section of the BBC News website. It seems that there is a disparity between the economic growth forecasts and the real published employment figures:

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

    Key Considerations

    “Here’s the statistic that Britain’s finest economic brains simply cannot explain: the number of people in work in the UK has risen by 201,000 in the three months to June, a period in which our national output is supposed to have shrunk, by 0.7%

    It’s good news that there are more people in work, and that unemployment has fallen by 46,000 in those months as well. But it’s not necessarily good news that collectively, as a nation, we seem to be needing to hire a lot more people, to make less stuff….”

    please contact 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 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.