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Financial support for businesses

In these unexpected times which are so clearly affecting businesses in a multitude of ways, at LWA we wanted to let you know of the numerous types of business support that have been made available by the Government, and to advise you of processes you can implement, as a result of the Covid-19 virus outbreak. The information from the Chancellor’s office has been updated on a regular basis, and there are certainly more details and additions to come over the next few weeks.

What are considered deductible and non-deductible expenses?

Can you claim lunch with a client as a business expense? How do you manage employees’ expense claims? What if you’re self-employed and work from home? There are so many questions around what can and can’t be claimed as expenses by a business, and there have been several requests directed through GMBC magazine for this topic to be covered. In this issue, Les Leavitt, Managing Partner at local accountancy firm LWA, has written a practical article that aims to answer these questions at a top level around business expenses.

Brexit is, well maybe, probably, almost definitely happening

Here’s what your business needs to do to prepare

After over two years of uncertainty concerning the UK’s departure from the European Union, Brexit is finally due to happen on 31 October. We are still no clearer on whether the UK government will be able to negotiate a deal, or we leave with a no-deal Brexit. Either way one thing is for sure – if you’re a UK business trading within the EU and/or the rest of the world,

Changes to Private Residence Relief affecting Income from Property

Selling a property is considered to be one of the most stressful times in a person’s life. So, when help comes along in the form of tax exemption, like principal private residence relief (PRR), it can make the experience a little easier to bear. However, following the 2018 autumn budget announcement, the proposal was made to change the current tax relief criteria relating to principal private residence relief and lettings relief. These changes could leave individuals who are struggling to find a buyer for their home,