We like to think we’re not your average accountants.

At Torr Waterfield we pride ourselves on steering away from the typical stereotype of ‘old boring accountants’.

Elbert Hubbard, the American writer, publisher, artist and philosopher is credited with this quote:

“The typical accountant is a man, past middle age, spare, wrinkled, intelligent, cold, passive, non-committal, with eyes like a cod-fish; polite in contact but at the same time unresponsive, calm and damnably composed as a concrete post or a plaster of Paris cast; a petrification with a heart of feldspar and without charm of the friendly germ, minus bowels, passion or sense of humour. Happily they never reproduce and all of them finally go to Hell” 

We think Elbert Hubbard is wrong!

For one, our team is certainly not dominated by middle aged men. We have an ever increasing team of 35+ people with male and female at an almost equal ratio. We have a mixed bag of ages including, yes, your middle aged man, but we have trainees and apprentices also. This summer we took on two apprentices in business administration and have had two new trainees join the accounts team recently.

We like to socialise at Torr Waterfield whether it be a cheeky pint in the pub on a Friday or one of our many team building activities. We aim to all go out together quarterly and have previously been to laser quest, virtual golf, held a bbq and most recently we went to Nottingham dog racing.  These activities really help our office work as a unit and allow staff to communicate with each other more than just on a day to day basis.

We love Leicester!

We’re also Leicester lovers, whether it is Leicester City Football Club or Leicester Tigers and even local bands like The Moderators. The team were thrilled that Leicester won the premier league and we celebrated by all attending the Parade and wearing blue in the office. When local band The Moderators perform it is always a date that goes in the diary for many of the team. Mark Cunnold is an avid follower and loves nothing more than having a good old mosh at their gigs.

Want to know even more about us?

On our website we have a meet the team section.  Click here and see which director used to get paid £10 a night to body bop and break-dance in a Blackpool nightclub in the summer?

Hollie Crown, Office Manager

Hollie Crown 2 April 2012 

‘The Windermere Way’ – Torrwaterfield’s Team Challenge for 2016


The Windermere Way is a 45 mile walk around England’s largest lake, including a total ascent of 7,300ft.

15 members of Team Torrwaterfield took part in the challenge this year, to raise money for http://www.lampadvocacy.co.uk , our charity of the year.

The challenge was every bit as tough as we expected; we had sore feet, aching muscles and lots of blisters all round.

Thanks to everyone that sponsored us – we smashed our £2,000 target and are currently just short of £2,500.  It is not too late to show your support using our sponsorship page https://www.givey.com/tw2016lwc

We are now looking for suggestions for the 2017 challenge!

Here are a few photos from the 2 days:

The Start: 

LW Group Photo.JPG

Great Views: 


Start of Day 2:


Go on Tom:


Top of Wansfell:


Overlooking Ambleside: 


The Lake:


The End: Completed ! 


Stuart Caney, Accounts & Tax 

Could you and your employees save money through salary sacrifice?

Salary sacrifice is an agreement between an employer and employee to reduce the employee’s cash salary entitlement, usually in exchange for a non-cash benefit – think of it as swapping salary for something else.  This happens as part of a change to the employee’s contract.

How does this save money?

Shifting remuneration from cash to non-cash benefits can remove the PAYE and National Insurance (NI) liability on the amount shifted.  The employee saves tax and NI, and the employer saves NI – there are savings for both parties, which can be substantial and are certainly not to be too eagerly dismissed.

What types of benefits can currently be effectively provided through salary sacrifice?

Common types are:

  • Employer supported childcare (see our recent blog on this specific subject here)
  • Pensions
  • Cycle to work scheme
  • Mobile phones
  • Car parking

Is this too good to be true?

My Dad always used to say to me “if it sounds too good to be true, it probably is” – in this case it’s “yes” and “no”.  The Government are aware that salary sacrifice schemes have been used in the past for all sorts of things that aren’t really the intended use.  They are currently consulting on removing the tax and NI advantage for certain salary sacrifice arrangements.  They want to encourage employers to provide certain benefits, therefore the proposed changes are not set to affect employer provided pensions, employer supported childcare, or cycles/cyclist safety equipment – these are set to stay for the foreseeable future.

Things to consider

  • A salary sacrifice arrangement can’t reduce an employee’s cash earnings to below the National Minimum Wage
  • Earnings related payments, such as overtime rates and payrises etc can be based on the notional salary or the new reduced cash salary – this must be made clear to the employee
  • Salary sacrifice reduces the amount of pay that is subject to NI and could affect an employee’s entitlement to contribution-based benefits such as Incapacity Benefit and State Pension, statutory pay such as Statutory Sick Pay and Statutory Maternity/Paternity/Adoption Pay and tax credits
  • Check with your pension provider or financial advisor that your workplace pension scheme allows salary sacrifice

For more information on salary sacrifice, just click here https://www.gov.uk/guidance/salary-sacrifice-and-the-effects-on-paye or contact us on 0116 242 3400.

Katie Kettle,  Technical Manager Katie Kettle Colour

How much will your business rates be in 2017? — Steve J Bicknell

Business rates are charged on most non-domestic properties, like: shops offices pubs warehouses factories holiday rental homes or guest houses If your property has a rateable value below £18,000 (£25,500 in Greater London) you’re considered a small business. Even if you don’t qualify for small business rate relief, your business rates will be calculated using […]

via How much will your business rates be in 2017? — Steve J Bicknell

Tax Reminder

The following Tax Events are due on 19th October 2016:

Business Tax Events

PAYE quarterly payments are due for small employers for the pay periods 6th July 2016 to 5th October 2016

This deadline is relevant to small employers only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.

Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21st October 2016 unless you are able to arrange a ‘Faster Payment’ to clear on or by Saturday 22nd October. In year interest will be charged if payment is made late. Penalties also apply.

PAYE, Student loan and CIS deductions are due for the month to 5th October 2016

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21st October 2016 unless you are able to arrange a ‘Faster Payment’ to clear on or by 22nd October 2016. In year interest will be charged if payment is made late. Penalties also apply.

Tax and NI due under a 2015/16 PAYE Settlement Agreement

This deadline is relevant for employers who have entered into a PAYE settlement agreement to pay tax and national insurance in respect of benefits in kind for their employees for the year ended 5th April 2016.

Where the payment is made electronically the deadline for cleared receipt of cleared payment is Friday 21st October 2016 unless you are able to arrange a ‘Faster Payment’ to clear on or by Saturday 22nd October 2016.

If you would like to discuss this in more detail then please get in touch here.  



An LLP exists as a legal entity separate from its members.

An LLP is fully liable for its own debts.

The liability of a member of an LLP is limited to the amount of capital they contributed.

A member of an LLP does not have a contract of employment.

The members of an LLP would normally have an agreement between themselves which sets out their respective rights, rewards and responsibilities.

An LLP is treated as a partnership for tax purposes with members taxed on their share of the taxable profit.

A member of an LLP is self-employed so there is no liability to Class 1 Employer’s national insurance.

An LLP is often used as a cost-effective means of rewarding a business’s key individuals.

If you consider we may be able to assist either with the operation of your LLP or in your decision as to whether an LLP would be appropriate for you please contact us. 

Richard JefRichard Jeffreys April 2012freys, Senior Audit Manager 

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


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.


Direct Tel: 0116 242 3420

Mobile: 07515 330 332Alistair