How can UK businesses tackle the energy crisis?

Image of Electricity cooling towers - national energy crisis

In breaking news on the morning of 21 July 2022, Moscow restarted their gas supply to Europe via the Nord Stream 1 pipeline at a reduced capacity, having been shut for works since 11 July, at which point many industry experts feared a partial return would be inevitable. Added to the fact that UK inflation […]

Review of the Chancellor’s spring statement

Rishi Sunak, Chancellor

There was huge emphasis on the global economic impact following the “unprovoked, premeditated attack Vladimir Putin launched on Ukraine” in The Chancellor’s Spring Statement delivered on 23 March. The main areas affected are energy prices and the cost of goods resulting in a high cost of living across the UK. Below we have summarised the […]

The new HMRC penalty structure is coming into effect

LWA Tax Penalty image

Making Tax Digital (MTD) will become compulsory for all VAT registered businesses from 1st April 2022. With this in mind, HMRC is reforming the sanctions for late submissions and late payments to make them more consistent across taxes. At LWA, we have detailed the penalty changes below, which will initially apply to VAT customers for […]

Everything you need to know about the Super-deduction tax relief

As part of the Spring Budget, the Chancellor, Rishi Sunak, announced a new ‘Super-deduction’ tax relief among other capital allowances, as a mechanism to kick start the economy and promote a speeding up of business investment following the impact of the coronavirus pandemic. Les Leavitt, Managing Director at LWA has detailed how the Super-deduction works […]

What the Spring Budget 2021 means for your business

Starting his Budget announcement on 3 March 2021, the Chancellor, Rishi Sunak, confirmed that the economy has shrunk by 10% but that more than £280 billion in support has been offered so far. At LWA, we have summarised the key points from the Budget relevant to businesses to ensure you make the most of what’s […]

Furlough fraud – avoiding investigation for genuine claims

The first fines have been issued to businesses that have inappropriately claimed from the Coronavirus Job Retention Scheme (CJRS), including one person who claimed £495,000. The government set out a number of rules and guidelines which need to be followed for claims, and employers that have struggled to understand the rules of the scheme, or […]

Making Tax Digital (MTD) – time is running out!

Making Tax Digital (MTD) is the government requirement for businesses with an annual turnover above the VAT threshold (£85k) to submit their accounting information digitally every quarter, and from 1 April 2019 this means all VAT returns, and the digital records of the VAT return, should be submitted via MTD. If you have a VAT […]

Are you prepared for new construction industry VAT rules?

HMRC is implementing new VAT rules for the construction industry to combat fraud – are you prepared? Due to a number of cases of fraud in the construction industry which has been significantly impacting upon the amount of tax payments received from the sector, HMRC feel they have been forced to take action. This has […]

Are you prepared for new construction industry VAT rules?

HMRC is implementing new VAT rules for the construction industry to combat fraud – are you prepared? Due to a number of cases of fraud in the construction industry which has been significantly impacting upon the amount of tax payments received from the sector, HMRC feel they have been forced to take action. This has […]