Tag: business advice

  • Harnett Accountants West London Offer This Video Tip On Holiday Homes

    Accountancy

    Harnett Accountants West London Offer This Video Tip On Holiday Homes

    If you have a second property, then it should be working for you to reduce your tax bills. Harnett accountants west london offer this new video tip explaining how your second property could do just that if your accounts are managed correctly.

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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 why not get in touch with us, and we will advise you on whether properties you own could entitle you to receive extra tax relief. Contact us, 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 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.
  • Barclays Pension Shortfall Soars By A Further £1.1bn Despite Moves To Correct The Problem

    Accountancy

    Barclays Pension Shortfall Soars By A Further £1.1bn Despite Moves To Correct The Problem

    BARCLAYS HAS SEEN its pensions shortfall shoot up by more than a billion pounds over the last six months, despite paying in £700m to cut the deficit.

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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 bank’s half yearly report, published this month, reveals the deficit on an IAS19 basis grew from £200m to £1.3bn from December to June, Accountancy Age’s sister publication Proffesional Pensions reports.

    The firm’s main scheme, the UK Retirement Fund moved from a surplus of £300m to a shortfall of £700m.

    Barclays said the deterioration of the schemes’ funding levels was due to drop in the discount rate used to value liabilities, which was driven by falling yields on AA corporate bonds.

    It revealed the bank had made deficit funding contributions of £1.8bn in December and £700m in April under a recovery plan agreed after the last triennial valuation in December 2010.

    The plan requires annual recovery payments of £700m, rising by 3.5% a year, to be paid until 2021.

    The 2010 valuation put the deficit on an actuarial basis as £5bn and an actuarial update as at 30 September 2011 showed a funding deficit of £6.4bn before the contributions in December.

    What This Means For You

    source: Accountancy Age

    📌 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.
  • 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:

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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 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.
  • – 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:

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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

    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 Kensington – Government Lowers Audit Exemption Threshold

    Accountancy

    Harnett Accountants Kensington – Government Lowers Audit Exemption Threshold

    Harnett Accountants Kensington brings you this report from Accountancy Age, revealing that the government has lowered the audit exemption threshold.

    💡
    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 GOVERNMENT has announced changes to reporting and auditing requirements that will allow more small companies and subsidiaries to decide whether or not to have an audit.

    The changes, announced by business secretary Vince Cable in response to the consultation on Audit Exemptions and Change of Accounting Framework, also make it easier for companies to move from IFRS to UK GAAP.

    “Tackling these problems will help save UK companies millions every year and free them up to expand and grow their business, which ultimately benefits the entire British economy,” Cable said.”

    If you need advice about auditing, or if your company is being audited, Harnett Accountants Kensington are registered auditors and we can guide you through the process. We offer a free one hour, on obligation consultation, and you can contact us through our website or on 020 8977 3883. 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.