Harnett Accontants

Tag: HMRC

  • What Are The Highest Penalties For Late Tax Returns?

    Tax Insights

    What Are The Highest Penalties For Late Tax Returns?

    As Accountants in Richmond we are often asked this question, ‘what are the highest penalties for late tax returns’.

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

    Key Considerations

    All self-assessment Tax returns must be submitted to HMRC in paper format by the end of January each year. In prior years you would receive a penalty of £100 if presented after this date; however, since 2011 this has slightly changed with additional penalties receivable with the initial £100 penalty. These are, if you are anything more than three months late submitting a daily basis of £10 per day will be given up to the maximum of £900. If your self-assessment Tax is over six months late you will receive a penalty calculated as the higher of £300 and 5% of the tax already due. This will continue every six months that passes.

    It is important to remember that when referring to late partnership tax return, these penalties will apply to each partner in the partnership.

    Additionally if you’re late paying the correct amount of your self-assessment Tax a further penalty will be given. This penalty is calculated as 5% of the outstanding tax due at the following intervals: 30 days late, 6 months late and 12 months late.

    Harnett Accountants in Richmond are here to help. Stay tuned for more accountants tips soon. Why not click on the RSS feed button so you never miss one.

    📌 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.

  • Paying Paye On Time – Tax Advice From Your Richmond Accountants

    Tax Insights

    Paying Paye On Time – Tax Advice From Your Richmond Accountants

    As accountants in Richmond we are fully aware of the lack of employment in today’s climate and how money is incredibly tight for a lot of us out there. Yet, even for the lucky few of us with an income, we still need to remember to pay those PAYE and other Payroll deductions to HMRC. Even though we all know you would much prefer to be out in the sun!

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

    Key Considerations

    Businesses are encouraged to pay taxes electronically to HMRC; however, in October 2013 this will become compulsory for all companies. At present HMRC do not operate the Faster Payment Service (FPS) for any of their accounts, meaning you must allow at least three working days before your payment is processed. This means electronic payments of PAYE must leave your bank on 19th to arrive on the 22nd of the month, assuming none of those days falls on a weekend/bank holiday.

    To avoid PAYE payments going missing Harnett Accountants in Richmond recommend including the Accounts Office (AO) reference with the year and month the sent payment relates to, at the end of the reference without any spaces. For example, PAYE for month 01 in 2012/13 (due 22 May 2012 for electronic payments), add 1301 to the AO ref.

    If you would like any more information on looking after your accounts then stay up-to-date with our daily blogs for tips and hints on keeping those accounts straight and narrow. Additionally you could .

    📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
    📞
    Need help with payroll management?
    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 Twickenham Accountants Office Tell Us It’s Ok To “question That Taxman”

    Tax Insights

    Our Twickenham Accountants Office Tell Us It’s Ok To “question That Taxman”

    As Accountants in Richmond we have noticed that, like the rest of the country, in the Twickenham/Hampton/Teddington area people are very reluctant to question the Taxman when they see something that doesn’t add up.

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

    Key Considerations

    One of our clients recently contacted our Twickenham Accountants office to say they’d received two Tax calculations although she hadn’t completed tax returns for those years due to short-term contract employment. Harnett Accountants advised her to first check the tax computations against her prior P60/P45 forms and any payslips for those tax years in question. We can help with this. From completing this it was clear that the Tax affairs of our client from Kingston were in order, meaning she could ask HMRC to write-off the tax underpaid from that year under Extra Statutory Concession A19. If it had transpired that the Taxman was correct, our client could have asked for the Tax payment to be collected over the next 36 months to ease the process.

    Harnett Accountants in Richmond are more than happy to advise you on your Tax repayments, offering a free one-hour, no obligation consultation. Alternatively, keep your eyes peeled for more daily blogs from your favourite accountants in West London.

    📌 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.

  • Missing Trader Fraud Described By Your Accountants In Richmond

    Tax Insights

    Missing Trader Fraud Described By Your Accountants In Richmond

    We were recently contacted by one of our fellow accountants in West London about one of their clients being affected by Missing Trader Fraud, which costs the UK millions of pounds each year. They wanted to know if any of our clients from Harnett Accountants in Richmond had also been affected. Luckily none of them had been, but it made us think that more of you out there need to be more informed on the concept.

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

    What Is It

    What is Missing Trader Fraud?

    The best way to describe Missing Trader Fraud is through an example. For instance A VAT registered company based in the UK purchases small high-value goods (such as mobile phones) in another EU country and imports them into the UK (with zero-rate VAT). The importer then sells those goods at a VAT-inclusive price within the UK. However, before the VAT can be collected by HMRC from the UK customers, the importing company is liquidated and its directors disappear (become a missing trader), leaving the VAT unpaid. If you are the UK customer who bought said goods from said company, the Tax Office will block your claim for repayment of the VAT you paid on your purchase, whether you knew you were part of the fraudulent supply chain or not.

    What should I look out for?

    There are about nine key signs that a company may be a criminal trader. These are:

    • The company has no prior financial or trading history • The company has been recently acquired/established and the owners have no prevuiys involvement in your sector • The company trade from residential or short-term lease property • The company have poor knowledge of the market and products available • The company claim there is no apparent risk for you in the deal • The company repeat deals at the same/lower prices and small/consistent profit • The company instructs payments to third parties or offshore bank accounts • The company ask for a profit far less than the full market price of the good • The company offer you an unsecure loan with unrealistic interest rates/terms

    If you spot any of these factors when purchasing something then please stop immediately and contact your accountant so they can do a customer check on the company. This involves carrying out credit/identity checks on the supplier and directors of the company along with the product itself. If needed, the police will then be contacted.

    Key Considerations

    Don’t forget Harnett Accountants in Richmond offer a free hour no obligation consultation and can also be found on Facebook, Twitter and or wait for our next daily blog instalment!

    📌 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.

  • Your Accountants Twickenham – Useful Advice On Tax Inspections.

    Accountancy

    Your Accountants Twickenham – Useful Advice On Tax Inspections.

    We have a team of 7 accountants and serve businesses thorought the Richmond borough and West London.

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

    What Is Covered

    Recently, one of our accountants – Twickenham – had a query regarding tax inspectors. Like many areas covered by our accountants Twickenham is a thriving business community with its fair share of business advice needs; non more concerning than that dreaded knock on the door from the tax inspector.

    What can you expect and what are your rights? Our Twickenham accountant sets the record straight:

    —————– The Taxman has wide powers to inspect your business, but he is supposed to give you at least seven days notice to check on your business property, computer or business records. He is permitted to turn up without warning, but only if tax is immediately at risk, such as where fraud is suspected.

    In spite of these strict rules, tax inspectors do try to examine business records without a prior appointment, or where an appointment has been arranged, the officers may turn up hours early before the tax adviser has arrived. If the Taxman pitches up at your workplace and demands access to your business records, know your rights:

    – Ask to see the inspectors’ ID, which they must carry and check this ID is genuine by telephoning the HMRC office they claim to be from – You don’t have to let the tax officers into your building, and their rules say they must not gain entry by force – You and your staff are not obliged to answer the tax officers’ questions – You are required to provide access at any reasonable time to any computer you use for your business, and help the tax officer extract the computer records, but that’s where your responsibility ends – The tax officers are not supposed to rummage around in your stuff. They can examine materials and records brought to them but they do not have search powers.

    Remember if you have any concerns that tax officers may turn up unannounced, offer a free – no-obligation consultation. Just contact us http://www.harnettaccountants.co.uk

    Key Considerations

    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 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 Ready For Compulsary Online Paye Paying? Are Here To Help

    Accountancy

    Are You Ready For Compulsary Online Paye Paying? Are Here To Help

    Currently, only business with 250 or more employees are required to submit PAYE and other payroll information to HMRC by electronic means. However, from October 2013 this will change, and all business will be required to submit PAYE information online. This may be a problem for some businesses, as HMRC do not currently operate any fast payment service (FPS) accounts. This means that businesses owners will have to be very punctual in submitting their PAYE information online. So if you are looking for accountants Kingston, why not contact Harnett accountants and we can advise you on how best to set up to pay PAYE online.

    💡
    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 information, please 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 payroll management?
    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.

  • – 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:

    💡
    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.

  • – Vat Collections On The Rise As Taxman Clamps Down

    Accountancy

    – Vat Collections On The Rise As Taxman Clamps Down

    bring you this report showing that VAT Collections are rising as the Taxman continues to clamp Down on avoidance, published in accountancy age:

    💡
    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 SIGNIFICANT INCREASE in VAT investigations could put businesses and the taxman at loggerheads, lawyers have warned, as the ailing economy puts a strain on the government’s finances.

    The UK’s largest companies paid about £1.84bn after investigations carried out by HM Revenue & Customs into VAT avoidance for the 2010/11 tax year, approximately treble the £443m paid out the previous year. The number of companies investigated rose 42% in the same period, reports the Telegraph.

    The data, which is the most recent available and gleaned after a Freedom of Information request, demonstrates HMRC’s “aggressive” approach, according to Steven Porter, associate at law firm Pinsent Masons.

    Porter added that George Osborne’s decision to raise VAT to 20% from 17.5% in January 2011 had exacerbated the pressure on business.

    “With their eye on the bottom line, businesses will have been looking for ways to limit their VAT liabilities as much as possible. HMRC has responded aggressively,” he said, pointing to the taxman’s focus on grey areas such as the accounting treatment of VAT.

    HMRC said the figures are distorted somewhat by exceptional payments, including a one-off sum of £500m generated by investigations into the leisure and gaming industry. In spite of that, 2010/11 was still the highest-yielding year for VAT in the last five years.

    What This Means For You

    HMRC said it “works hard to ensure that the right amount of tax is paid at the right time” and that its campaign against avoidance was working.”

    source: accountancy age

    If you need advice about paying the correct amount of VAT on time, 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 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.

  • – Today’s Video Tip

    Accountancy

    – Today’s Video Tip

    have another helpful video tip for your business. Today’s tip covers the subject of taxation when selling your business:

    💡
    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 selling your business, or conducting other financial activities in the most tax efficient way, please contact us, and we will arrange a free one hour no obligation consultation to discuss exactly what we can do to help your business. 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.