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Welcome to the latest news section of our website, providing company updates as well as developments from the accounting sector.

Latest News

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Recent blog posts
01
Jun

Charity Walk 2017

Posted on in LBW News
This year we have decided, as a team, to put our energy into supporting the charity that LBW have been closely involved in since we opened, the Muscular Dystrophy campaign. There will be a charity walk departing at 10.30am along the 8 mile route from Hooton train station to Parkgate and returning v... Continue reading
Last modified on
Hits: 629
01
Jun

Tax payment reminders and updates

Posted on in Tax
PAYE & National Insurance Employers PAYE & NI payments (including construction industry payments) for each tax month ending on the 5th are due for payment by 19th (by cleared cheque) or 22nd for electronic payments. Care should be taken when either of these two dates fall at a weekend in wh... Continue reading
Last modified on
Hits: 166
12
May

Late penalty could hamper Newport County's season. Don't get caught out!

Posted on in Payroll
Once again it has been shown that Auto-enrolment/Workplace pensions are not to be taken lightly even those employers in the public eye are subject to the rules and failure to comply will result in penalties (and not those within the 18 yard area!). Newport may have managed to score late to save thei... Continue reading
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Hits: 145
11
May

John Lewis profits suffer £36m dent from minimum wage error

Posted on in Economy
John Lewis profits have been dented by £36m after a payroll error that breached minimum wage rules. The retailer, which owns Waitrose supermarkets as well as its namesake chain of department stores, said it was working with HMRC to examine its practice of pay averaging, which aims to smooth out mon... Continue reading
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Hits: 86
01
May

Tax payment reminders and updates

Posted on in Tax
  PAYE & National Insurance Employers PAYE & NI payments (including construction industry payments) for each tax month ending on the 5th are due for payment by 19th (by cleared cheque) or 22nd for electronic payments. Care should be taken when either of these two dates fall at a weeke... Continue reading
Last modified on
Hits: 121
21
Apr

The “Grandparents National Insurance Credit”

Posted on in Tax
Many working-age grandparents, who are not already making National Insurance payments or are obtaining National Insurance credits, could qualify for Class 3 National Insurance credits for looking after children aged under 12 which can be used to top up their income in retirement. In 2016 it is thou... Continue reading
Last modified on
Hits: 290
13
Apr

Marriage Allowance

Posted on in Tax
The marriage allowance lets you transfer 10% of your personal allowance to your husband, wife or civil partner if they earn more than you. This can reduce their tax bill by up to £230 per year. One of the couple must be a non-tax payer (earning less than £11,500 in 2017/18) and the other must be a ... Continue reading
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Hits: 129
06
Apr

Tax-Free Childcare scheme

Posted on in Tax
The new Tax-Free Childcare scheme is a Government-backed scheme which provides help to parents towards the cost of childcare. The government will add 20p for every 80p put in by the parents which effectively gives you basic-rate tax back on what you pay.  In total you'll be able to use the sch... Continue reading
Last modified on
Hits: 192
09
Mar

LBW - Spring Budget 2017

Posted on in The Budget
Philip Hammond today delivered his first (and last) Spring Budget as Chancellor of The Exchequer.  We are as usual detailing below some of the more salient taxation features which we believe will be of interest to you. Personal Taxes, National Insurance and Pay There are no planned changes ... Continue reading
Last modified on
Hits: 977
02
Mar

Changes to HMRC's VAT Flat Rate Scheme

Posted on in VAT
As a result of the Autumn Statement on 23 November 2016, the Chancellor of the Exchequer announced the introduction of a new 16.5% VAT flat rate for businesses with limited costs. HMRC have now released legislation detailing the changes that come into effect from 1 April 2017. Businesses using the F... Continue reading
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Hits: 415
01
Mar

Our client brokers a deal with UK Space Agency to help tackle illegal logging in Guatemala

Posted on in Client News
Our client Earth Observation Limited have recently brokered an exciting £5.3M deal with the UK Space Agency and will be tasked with providing a lot of the technical requirements in an initial 3 year program to help tackle illegal logging in Guatemala. The funding is part of the UK Space Agency’s In... Continue reading
Last modified on
Hits: 324
01
Feb

Property Tax Update

Posted on in Tax
We would like to take this opportunity, as we delve further into 2017, to recap on some important tax changes for rental property upcoming this year in respect of residential properties. Summary of some of the main changes being introduced by HMRC: Restrictions on mortgage interest relief for re... Continue reading
Last modified on
Hits: 543
23
Jan

An insight to auto-enrolment throughout 2017

Posted on in Payroll
LBW's look into the year ahead which is planned to be a key year for auto-enrolment. Throughout 2017, up to 700,000 employers are due to stage. Since auto-enrolment began back in October 2012, this will be the largest number of stagers. As business advisers across the North West and North Wales we ... Continue reading
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Hits: 450
12
Jan

Don't get caught out by minimum wage trap!

Posted on in Payroll
April 2017 sees the second compulsary increase in the minimum wage in the last 6 months. The government has had at it's disposal, the power to impose penalties on businesses who do not comply with the legislation. These fines can be up to 200% of the wages owed, up to a maximum of £20,000 per worke... Continue reading
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Hits: 409
09
Dec

Class 2 National Insurance

Posted on in Tax
It has been previously announced that Class 2 National Insurance is to be abolished. This charge, which applies to self employed individuals, is currently paid at the rate of £2.80 per week and is the only qualifying contribution made by self employed people which will provide entitlement to state b... Continue reading
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Hits: 482
06
Dec

Capital Gains Tax Changes

Posted on in Tax
There have been a number of changes recently to the rates of capital gains tax such that matters can become a little confused as the rate that can be used for any particular transaction. Therefore we believe it would be appropriate to summarise the rates of tax applicable and to indicate the various... Continue reading
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Hits: 359
01
Dec

Enhanced Capital Allowances

Posted on in Tax
What are Enhanced Capital Allowances? Within any commercial building there may be embedded capital allowances not having been previously claimed. Any such unclaimed items can be identified by industry experts and is addressed as an additional claim made on the face of your tax return (It is not exp... Continue reading
Last modified on
Hits: 271
23
Nov

Autumn Statement 2016

Posted on in The Budget
  Philip Hammond today delivered his first (and last) Autumn Statement and Spending Review as Chancellor of The Exchequer. In future, The Autumn Statement is to be replaced by an Autumn Budget and the Spring Budget will be replaced by a Spring Statement. Changes to taxation will be announced i... Continue reading
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Hits: 462
16
Nov

VAT Bad Debt Relief

Posted on in VAT
Just a reminder to VAT registered clients that bad debt relief can be claimed on any debts to your business which prove to be bad debts. Naturally the relief only applies to those who use invoice accounting for VAT as those who are on cash accounting will get automatic bad debt relief as VAT is only... Continue reading
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Hits: 1563
14
Nov

VAT: HMRC make a U-turn

Posted on in VAT
Good news for newly VAT registered businesses. HMRC earlier this year had outlined a prior use adjustment charge for any input VAT claim on assets/services pre VAT registration to account for 'wear and tear' of the asset. This has now seen a U-turn from HMRC meaning old rules still apply. A newly V... Continue reading
Last modified on
Hits: 545

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News Categories

Tax (30)
PAYE (2)
Economy (9)
Accounting (18)
Payroll (10)
VAT (8)
LBW News (5)
Industry (3)
Savings (2)
Pensions (2)
Landlords (1)
Marketing (1)

News Archive