Harnett Accontants

Tag: accountants in wimbledon

  • 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.

  • 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.

    💡
    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.

    💡
    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.

  • 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.

  • 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:

    💡
    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.

  • – 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 – Whose Fault Is Underpaid Tax?

    Accountancy

    Harnett Accountants Hammersmith – Whose Fault Is Underpaid Tax?

    Here’s another useful tax tip from Harnett Accountants Hammersmith:

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

    Key Considerations

    Have you received a tax calculation (on form P800) which shows you owe tax that you thought had been collected under PAYE? Every year the Tax Office undertakes a ‘PAYE reconciliation’ to check whether the tax collected from pensions and salary under PAYE was the correct amount. Where a taxpayer has a number of jobs or several pensions in a year, the PAYE system can get it wrong, leaving tax underpaid.

    We can help you check any form P800 you receive, but we need to see the PAYE codes issued to you for the tax year, and payslips from your employer or pension provider to check what PAYE codes they have used. Where the employer/pension provider has not used the correct PAYE code and this causes any tax not to be collected, it remains their responsibility, not yours.

    Unfortunately the Taxman is ignoring this piece of law and is demanding payment of the underpaid tax from employees and pensioners, where the error lies with the employer/pension provider. We can help you challenge the Taxman on this point.

    Sometimes the fault lies with the Taxman who has ignored information you or your employer have provided on more than one occasion. The Tax Office may also have let tax arrears to build up over two or more years without telling you. If either of these situations apply, you can ask the Taxman to write-off the tax owing under Extra Statutory Concession A19. The Taxman is very reluctant to use this concession, but we can help argue your case.

    If you need help making sure that you have paid the correct amount of tax, and that your business or personal finances are conducted 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 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.

  • – Self Billing

    Accountancy

    – Self Billing

    offer this useful advice on self billing:

    💡
    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-billing’ is where the customer in the supplier/customer relationship raises the invoices to themselves for work done or goods provided by the supplier, instead of the supplier raising those invoices. Self-billing helps large organisations that need to pay out lots of small amounts to hundreds of suppliers. It allows their purchase invoices to be standardised which saves costs when processing, and payments to be made automatically at the time the invoice is raised.

    However, there are significant disadvantages for the supplier who agrees to self-billing. The supplier losses control of when invoices are raised and may have no control over the amount billed and the amount of VAT shown on the invoice.

    Although the VATman’s guidance on their website says that the recipient of the supply (i.e. the customer who raises the self-billed invoice) is responsible for ensuring the invoice carries the correct VAT amount, it is actually the supplier who remains responsible for the amount of VAT charged.

    If you are signed-up to self-billing as a supplier don’t assume that the VAT shown on the invoices you receive from your customers is correct. You will remain responsible for any errors.

    If you need advice about self billing or VAT payments, 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.