Tell us how we’re doing!

If you are a client of ours, you may have already received one of our bespoke feedback surveys. You may have even thought to yourself “I wonder if anyone actually reads these?” well… the answer is yes!

The feedback forms which we receive are read out to the whole team at our weekly team meeting to ensure their hard work is noticed and also to be aware of any improvements suggested. Better yet, you are also entered onto our system where names will automatically be placed in Torr Waterfield’s annual prize draw to win a luxury Christmas hamper – So it is safe to say that we do act on the feedback received from our clients! You are THE most important part of the business.

This is why Torr Waterfield aspires to continually deliver in accordance to your expectations and never give you any cause for complaints. We always value receiving feedback about our services – So it doesn’t matter whether you have received a feedback form to fill out or not!

We would be grateful for a few short minutes of your time to create a testimonial about our services or any other thoughts you would like to share. This could be related to a positive experience you had with us or describing how you have benefitted from our services. Likewise, we also welcome any suggestions or criticisms.

Permission to put your testimonial in our collection book of comments about our services would be significantly appreciated. This will be placed in the waiting area on reception for our clients to read. They may even make it to the testimonial section on our website which you can view here.

Your feedback can be emailed to info@torrwaterfield.co.uk or you can post it to our business address. Previous testimonials have been handwritten, had pictures on or had humour to them – so feel free to be as creative as you want!

We look forward to hearing from you soon!

Amy Fisher, Administration & Reception_DSC1514

Childcare and employer provided childcare vouchers.

Are you a working parent with a child entered into child care?

You could benefit from a cash saving scheme that wochildcare-blocks-1-thumb-2.pngrks with childcare providers………………

Childcare vouchers are a government approved benefit for all eligible working parents.

These are a tax efficient way of paying for childcare that won’t cost you anything to join.

Most childcare providers will accept childcare vouchers towards payment for your childcare costs.

Childcare vouchers can be claimed by either or both parents for children up to the age of 16.

You can exchange up to £55.00 per week, or £243.00 per month, of your gross salary depending on when you have joined the scheme and how much you earn. 

As an employer here at Torr Waterfield we run a childcare voucher scheme that assists all our working parents with children in childcare.

Not only does this help our employees with the costs but also saves the company in National Insurance costs.

Speak to your employer now and see if you are eligible….

How we can help

If your business is located in the Leicester area and you would like to discuss setting up an employer supported childcare scheme in further detail, please do not hesitate to contact us.

We also have lots more info on our website please click here  

Sarah Knight, Bookkeeping 

Torr Waterfield’s Lake Windermere Charity Walk

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Our chosen Charity of the year is ‘LAMP’ – Leicestershire Action for Mental health Project which helps those in mental distress. To raise some money for this amazing cause the Torr Waterfield team are taking on Lake Windermere, the largest lake in England.  Whilst this sounds a bit of a stroll, (the length of the Lake is only 10 1/2 miles), due to the fact that you cannot actually walk along the shore of the lake the total distance to walk around the lake is 45 miles which we are hoping to complete in two days – 24th and 25th September. Leading the group on this 2 day challenge is Mark Torr, Mike Waterfield, Tom Simpson and Stuart Caney.

The challenging walk circumambulates Windermere and includes just about all the accessible lakeshore paths together with ascents of the high points around the lake. It thus offers an ever changing vista of the lake and visits both popular and out of the way places. Although this is a similar distance to last year’s challenge, the terrain of the Lake District is very different to that of the North Norfolk coast!

It would be incredible if you could show some support for the team and make a donation small or large, it’s all for a great cause.
Please Click Here for our donation page.

If you would like to see more of what LAMP do please click here and visit their website or read our blog here.

Why do Management Accounts?

After seeing the shock on clients’ faces when they are told of their company and personal tax liability from their year end accounts, or issues with internal costing resulting in low profits, monthly, or at least quarterly, management accounts are vital to ensure that business owners are fully aware of the current position of the investment of their time, money and effort.

What are Management Accounts?

Management accounts are prepared in a similar way to year end accounts but are for part of the year.

Provisions can be made by performing tax calculations and pro-rating tax  liabilities; cash flow can be reviewed to ensure all  liabilities can be paid.

Company profitability can be reviewed and decisions made if sectors of the business are under performing.

Who can use Management Accounts?

Management accounts can be used by the owners and managers of the business for decision making.

Providers of finance also review management accounts to consider current or future lending.

Customers or suppliers may also request management accounts, this may help win a new client or secure more favorable credit terms.

How often should Management Accounts be prepared?

Management accounts can be prepared for any period of time.

It is good practice to at least prepare management accounts quarterly in line with the business accounting year.

Can any business prepare Management Accounts?

All type of business – Sole Traders, Partnerships, LLP’s, Limited Companies and PLCs should all prepare management accounts so they are up to date with the financial position of their business.

If you need assistance in preparing management accounts, or just don’t know where to start, call Alistair Ferris FCCA.

alistair.ferris@torrwaterfield.co.uk

Direct Tel: 0116 242 3420

Mobile: 07515 330 332Alistair

Goodbye Annual Return Hello Confirmation Statement

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From 30 June 2016 the Confirmation Statement replaced the Annual Return.

The Confirmation Statement is intended to serve roughly the same purpose as the Annual Return but rather than providing a snapshot of your company data at a specific date, you now need to confirm that the information held at Companies House is accurate and up to date. 

As with the Annual Return reminders to file the Confirmation Statement are posted out from Companies House to the Registered Office advising that the Confirmation Statement is due.

Changes that can be submitted with the Confirmation Statement using the additional part of the form are:-

Principal business activities or standard industrial classification (SIC).

Statement of capital.

Trading status of shares.

Shareholder information.

Information about people with significant control (PSC)

Other changes (for example, registered office address or officer appointments) need to be completed separately, either before the Confirmation Statement or at the same time.

TorrWaterfield includes preparing the Confirmation Statement for clients to check, sign and return before then submitting it to Companies House, as part of our Registered Office service. This additional service can also be completed for any client upon request.  

Please contact us on 0116 242 3400 if you would like any further information regarding the new Confirmation Statement.

Heather Waterfield

Administration 

Torrwaterfield 2016 Challenge !

As you are aware each year Torr Waterfield choose a charity to support and then for that year we raise money by holding different events. Our chosen charity this year is  LAMP (Leicestershire Action for Mental Health Projects). LAMP works to support those in mental distress in our community. Mental health is often stigmatised within society and as a consequence under-funding for mental health charities is a constant issue. Their advocates support and protect the rights of vulnerable people in mental distress who are often unable to voice their needs and concerns, explain their rights and protect these rights. Please visit the website

www.lampdirect.org.uk for more details

We have already held a Karting event on 10th May and raised a staggering £1,200. To follow this in September about 30  of us, staff, family and friends are off to the Lake District to walk around Lake Windermere, the largest lake in England.  Whilst this sounds a bit of a stroll, the length of the Lake is only 10 1/2 miles, due to the fact that you cannot actually walk around the Lake shore the actual distance is actually 45 miles which we are hoping to complete in two days – 24 and 25 September.  This walk circumambulates Windermere and includes just about all the accessible lake shore paths together with ascents of the high points around the lake. It thus offers an ever changing vista of the lake and visits both popular and out of the way places. Although this is a similar distance to last year’s challenge, the terrain of the Lake District is very different to that of the North Norfolk coast! 

We shall be staying in Bowness on the east side of the lake.  Bowness has its origins in the 11th century, when the area was colonised by the invading Vikings, the name is said to derive from the Old Norse ‘bogi nes’ meaning ‘promontory shaped like a bow’.   Each morning we will take the ferry over to the other side of the lake.  The plan is to walk the top part of the lake on the first day ending back in Bowness and then on the second day the bottom half of the lake again ending back in Bowness.  We are obviously hoping for lovely weather, but that is never a given in the Lake District, and provided we can get a mobile signal we shall be updating you with pictures during the weekend. 

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It would be incredible if you could show some support for the team and make a donation small or large, Its all for a great cause. Please Click Here.

Julia Harrison, Tax Manager

We’re Sponsoring The Women in Business Awards 2016

Here at Torr Waterfield we are delighted to sponsor the Leicestershire Women in Business Awards for a second year in 2016. This year we are sponsoring the Entrepreneur of the year award. 

The Awards, which are run by the Leicester Mercury in partnership with the University of Leicester, highlight the contribution made by female professionals and entrepreneurs working in our local business community, women who will hopefully inspire the next generation. The inaugural Awards ceremony last year was a great success.

Over 50% of our team is female; we have business women at different stages of accountancy qualification, from trainees to those with many years of qualified experience, and there are many females in our vital and valued administrative support team.

So for us, it is quite appropriate to support and encourage women in business, and to endorse the principle of the recently proposed implementation of regulations in relation to gender pay gaps.

Given our own background of continuous growth since our formation, it is so important to us locally to have women (and men) with endeavour and ingenuity, who are willing to take the extra step, and occasionally to take a calculated risk, to create and build a business of outstanding quality.

 We at Torr Waterfield look forward to reviewing the attributes of the nominated candidates in our nominated category, and to meeting the winner at the Women in Business Awards ceremony later in the year.

To make a nomination, visit:

www.leicestermercury.co.uk/womeninbusiness

The 2016 award categories and sponsors are as follows:

Apprentice Award – Leicester College.

Business Woman of the Year – Costco.

Community Champions Award – Smallman & Son.

Entrepreneur of the Year Award – Torr Waterfield.

Inspirational Woman of the Year – Spearing Waite.

Innovation Award – Pole Arnold.

Lifetime Achievement Award – BHIB Insurance.

New Business of the Year – ER Recruitment.

Rising Star Award – Search Consultancy.

Small Business of the Year – FSB.

Sole Trader Award – Bobby Dhanjal Wealth Management.

Women in the Public Sector Award – Weightmans

Last day to nominate is 23rd August 2016 – To Nominate Click Here 

Peter Morris

Director_DSC4779

Extending your PAYE payment deadline the easy way

We all know it is very important to pay your taxes to HMRC by their deadlines to avoid any late payment interest and penalties.

The statutory deadline for paying Employers PAYE liability is the 22nd of the month – or the 19th if paying by cheque through the post.

Different ways to pay your PAYE include:

  • By Debit or credit card online
  • BACS
  • At your bank or building society (cash or cheque)
  • At the post office (debit card, cash or cheque)
  • Direct Debit
  • By Cheque through the post

HMRC’s preferred option is that you make your payments online as this saves them money and hence saves you, as the tax-payer, money as well.

For employers, the advantage of paying with online banking is that the deadline extends by 3 days to the 22nd. If your bank offers faster payments this means you can pay on a Saturday/Sunday if the 22nd falls on the weekend.

Whereas, if you pay by BACS you would have to put the payment through 3 working days before the deadline for it to clear and paying by direct debit would mean having to pay it 5 working days before the deadline.

If you pay by posted cheque, the recommended time of posting is around the 12th of the month – 10 working days before the payment is due!

You can see the different payment deadlines in the diagram below: 

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PAYE Timeline 

To increase your payment deadline, paying by faster payments, CHAPS or personal banking will be the best option. Paying by cheque gives you the shortest deadline as you have to give it time to arrive with HMRC and for the payment to clear.

If you have a debit or credit card you can give us a call and we can pay your liability over the phone for you.

Alternatively, if we provide you with our payroll services, we can set up the direct debit PAYE payment for you when the payroll is processed so you have no worries about paying it yourself or making sure it is paid on time. For more information on any of the above or to pay your liabilities by card or direct debit please contact us on 0116 2423400.

Zahra Bates, Payroll Assistant 

Charity Of The Year

Each year at Torr Waterfield we choose a charity, local or national, to represent and raise money for.  Previous charities we have supported are The Epilepsy Society, Bamboozle Theatre Company, Keep The Beat and many more.

This year we have chosen L.A.M.P. (Leicestershire Action for Mental Health Projects). LAMP works to support those in mental distress in our community. Mental health is often stigmatised within society and as a consequence under-funding for mental health charities is a constant issue. Their advocates support and protect the rights of vulnerable people in mental distress who are often unable to voice their needs and concerns, explain their rights and protect these rights.

Over the course of the next year we will raise money through a variety of activities such as dress down days, staff cake sales and planned events.

On the 10th May we held our annual Torr Waterfield Karting Cup where 12 teams competed in a two hour endurance race. The evening was packed with some memorable moments resulting in £1200 being raised for L.A.M.P

September is when we have our ‘Walking challenge’ where staff, friends and family take part in an organised walk. This year will see us spend two days walking 45 miles of mixed terrain around Lake Windermere.

If you would like to learn more about L.A.M.P.’s services please visit their website http://www.lampdirect.org.uk/ 

Hollie Crown, Office Manager 

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Keep up to date and download our free Tax App

Here at Torrwaterfield we are constantly updating our systems and software to keep up to date with ever changing technology. Part of this included creating a Taxapp. The Torrwaterfield Taxapp is free to download and available on both IOS devices app-phone(App store) and Android devices (Google play).  

The app includes the following features:

Key Tax Dates – A reminder of important tax dates that can be updated to your calendar with a tap of the screen.

Tax Tips – A section that provides detailed tips and explanations which cover VAT, the family, businesses, selling assets and tax efficient savings.

News – An up to date newsfeed to keep you regularly informed on topics that matter to you or your business.

Tax Tables – Key tax rate tables with explanatory notes so we can now keep you up to date on the current tax position, such as the latest advisory fuel rates which are reviewed quarterly.

Tax calculators – A range of tax calculators including gross pay to net, gross pay to net (self-employed), VAT due, corporation tax due, company car and fuel benefits, SDLT due, loan repayments and mortgage repayments.

My personal favourite feature is the tax calculators. They allow you to easily work out tricky sums. For example, you can work out your company car and fuel benefits by entering the value of the car, its CO2 emissions, if it’s diesel or petrol and whether or not the company pays for fuel. You will then be instantly shown your car and fuel benefits for the previous and current tax year.

If you think any of the above will be useful for you or your business then please feel free to download the app by searching for ‘torr waterfield’ on either the App Store or Google play.

Calum Ainge, Accounts & Tax
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