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You may already be aware that you can claim capital allowances on assets purchased such as plant, machinery, and vehicles. This gives you tax relief from the reduction in value of assets by writing off their cost against the taxable income of your business. So, make sure that you claim for capital allowance for any […]
Over-trading is one of the leading causes of failure for otherwise strong and profitable businesses, especially in the first five years of trading. Over-trading arises when a business underestimates the amount of working capital it needs to keep trading. If you run a business that works on a credit basis, and your clients and other […]
As a business owner, you need to be able to extract funds from your business in the most efficient way. If you extract all available funds each year in the form of a salary, you may be paying more tax than is necessary. Business owners should consider paying themselves, and maybe other shareholders too, in […]
Today, another valuable tip from Harnett Accountants in Twickenham. The approved tax free mileage rate for 2011/2012 was 45p per mile for the first 10,000 business miles. However, did you know that this rate only applies per separate employment. So if you worked for Company A and drove for 8,000 miles, and then worked for […]
Here is another useful tip for business owners from our accountants in Twickenham. If you’re buying a building, you generally won’t have to pay any VAT. However, there are many exceptions to this. A person who holds an interest in a building (freehold or leasehold) can opt to tax the building, such that income from […]
Your helpful Accountants in Twickenham here with another great business tip. Did you know there’s an email reminder service for your company or LLP at Companies House. Once you have registered you will receive timely emails to remind you of the due dates to submit the annual return and accounts for your business, and paper […]
Harnett Accountants in Twickenham are here to tell you that a compulsory pension scheme for all employees is to be introduced over four years from October 2012. The largest employers (120,000 or more employees) will be forced to sign up first. Those who employ less than 50 workers will be required to take part in […]
Harnett Accountants in Twickenham were asked by one of our clients whether he would still get the lower 10% rate of capital gains tax on any profit he made on the sale of his furnished holiday letting property, even though it hadn’t been let for 2 years. Harnett Accountants Twickenham were more than happy to […]
The social/business networking site Linkedin is a great way for companies/businesses to generate work and socialise with potential co-workers. Recently Harnett Accountants Twickenham have received several queries about whether this and similar business networking site’s subscription fees are a tax allowable expense for their company. We at Harnett Accountants Twickenham were more than happy to […]
A client came to our Harnett Accountants in Kingston in kingston who specialise in HR and Legal at with this query. “I have recently prepared all our companies accounts and submitted them to the Companies House and Tax Office. However, the Taxman sent back my company’s accounts and tax return saying they were in the […]
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