Harnett Accontants

Tag: tax relief

  • Capital Allowances Tips From Your Richmond Accountants.

    Tax Insights

    Capital Allowances Tips From Your Richmond Accountants.

    Although the weather is starting to improve, as accountants in Richmond we are more than aware of the public’s desire to get away to that perfect holiday home. However, did you know that if you owned a property that was eligible to be let as a furnished holiday home (FHL) for at least 105 days per year, that you could claim property capital allowance on the following fixtures!

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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

    – Bathroom fittings – Dishwashers – Fridge-freezer – Central heating – Fitted carpets – Curtains – Fixed furniture – Swimming pool

    If your property does qualify as a FHL you can also claim tax relief for all of the equipment included in and attached to the property (which qualifies as integral features). FHL properties have advantageous tax rules that permit capital allowances to be claimed for the cost of equipment used in the building, which is not the case for other let residential property. If your property is used for private purposes your capital allowance claim must reflect that private use and be sent for approval with your yearly tax return.

    If you don’t claim, you don’t get the tax relief. Harnett Accountants in Richmond are here to advice and inform so stay tuned for more helpful accounting tips. Or why not ?!

    📌 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 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.

  • 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.

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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

    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.
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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.

  • 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.

  • – Pensions And Taxes Covered In This Video Tip From

    Accountancy

    – Pensions And Taxes Covered In This Video Tip From

    Another useful tax tip from on tax efficient pensions. To find out how Harnett Accountants could help your business, contact us and we will arrange a free one hour no obligation consultation. 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.
    📌 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.

  • 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.

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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. 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.
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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.

  • 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.

  • 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:

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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 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:

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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 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.

  • – Self Billing

    Accountancy

    – Self Billing

    offer this useful advice on self billing:

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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-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.