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

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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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People with significant control (PSC) – The New PSC Register

From 6 April 2016, Limited Companies, LLPs (Limited Liability Partnerships) and SEs (Societas Europea) are required to hold a register of people with significant control (‘PSC register’).  This is part of the government’s commitment to increase transparency in ownership and control of companies.

A PSC is anyone in a company, LLP or SE who meets one or more of the conditions listed in the legislation. 

This is someone who:

  • owns more than 25% of the company’s shares
  • holds more than 25% of the company’s voting rights
  • holds the right to appoint or remove the majority of directors
  • has the right to, or actually exercises, significant influence or control
  • holds the right to exercise, or actually exercises, significant control over a trust or company that meets one of the first 4 conditions.

The PSC register cannot be empty – details of the current status of the company’s investigations into the identity of its PSCs must be recorded and updated in the PSC Register.  If there are no PSCs then this must be recorded in the register.

From 30 June 2016, the information in the Register will need to be filed at Companies House – either as part of the new annual confirmation process (which replaces the annual return in June 2016) or on a new incorporation.

What do existing companies need to do?

  • Establish a PSC Register – even if it only contains a statement that the company has not yet completed taking reasonable steps to find out who are the PSCs.
  • Take reasonable steps to identity PSCs.
  • Record the required particulars.
  • File the information at Companies House from 30 June onwards.
  • Make the Register available to the public on request, apart from residential address, which should remain confidential.

Failure to provide accurate information on the PSC register is a criminal office and could result in a fine or up to two years in prison.

As part of our services, we can help clients through the process of establishing their PSCs and help with filing the information at Companies House. Please get in t_DSC1574.JPGouch if you would like help with this or anything else. 

Paula McIntosh, Administration 

Automatic Enrolment – What should I do if I’m not an employer?

Following on from Becky’s blog back In November: ‘Help – I’ve received a letter from the Pension Regulator’ I’m sure there are some of you wondering what you should do if you do not employ anybody, and consequently don’t have anybody on your payroll, or are a director only company.

Automatic enrolment duties do not apply when a company or individual is not considered an employer.  For example:

  • You may no longer employ any staff
  • You have ceased trading
  • You’re the director of a company with no other employees.

If you reach your staging date, and consider yourself not to be an employer as above, a ‘No duties’ declaration form needs to be submitted to The Pensions Regulator (TPR) to inform them of this.

Submitting this form tells TPR that you or your company have no automatic enrolment duties at that time.

You can begin your no duties declaration here.

Once you have completed this, there is nothing else you need to do unless any of the above circumstances change (e.g. you employ any staff).

If this does happen you will need to contact The Pensions Regulator to reactivate your scheme. They will then give you a new staging date and you can begin planning for this as necessary.

If you require any more information or advice on any aspects of the above please contact us. 

Zahra Bates, Payroll Assistant Pension Monster

When do I need to register for VAT?

You must register for VAT when your VAT taxable turnover exceeds the ‘VAT registration threshold’ of £83,000.

This is calculated on a rolling 12-month basis and is not solely based on your year-end accounts turnover … so please be aware of this!

What happens if I don’t register in time?

If you forget to register for VAT when you should, and register late, you must trace back and pay the VAT you owe from the date you should have registered.

If you sell to the general public, and not to other VAT registered businesses, this could cost you a lot of money, as you will not be able to go back and charge your customers the VAT!

You may also be liable for a late registration penalty.

How much time do I get to register, once I need to?

You must register within 30 days of your business turnover exceeding the threshold. You can do this online on HMRC’s website.

By doing this you will create a VAT online account – you need this to submit your VAT returns online to HMRC.

You should receive a VAT registration certificate within 14 working days.

If you know you are close to the threshold, and think you might have to register for VAT soon, then contact us and we will be happy to help you calculate if and when you need to register.

But what if it was a one off?

If you only exceeded the VAT registration threshold temporarily then you can apply for a registration ‘exception’.

You must write to HMRC with evidence showing why you believe your VAT taxable turnover will not go over the de-registration threshold of £81,000 in the next 12 months.

HMRC will consider your exception and write confirming if they will allow it. If not, they will register you for VAT.

If you would like to discuss any of this further then please get in touch.

Tom Luckett, Accounts & Tax Tom Luckett.JPG

The importance of keeping your company statutory books up to date.

What are company statutory books?

Statutory books are records about your limited company which are legally required to be kept and safely stored. The relevant documents are usually kept in a bound book or a ring binder.

Alternatively, they can also be held in electronic format providing that you are readily able to obtain hard copies of some documents if required to do so.

Some companies may find this more practical but to avoid any problems, Torr Waterfield keeps the original, physical copy and also a scanned copy of the documents if we are your Registered Office.

Every UK Company is required by law to have a set of statutory books and to maintain/adjust them accordingly. 

What should be stored in them?

These are just a few of the documents which are usually kept in the company statutory books, there are other relevant documents which should be stored, but the list would be too long if I was to write them all! – So here is a basic list of both compulsory and recommended documents to store:

  • The certificate of incorporation
  • The memorandum and articles of association
  • Any share certificates and stock transfer forms
  • Any minutes of meetings
  • Register of members (compulsory)
  • Register of directors (compulsory)
  • Register of secretaries (compulsory)
  • Directors and secretaries residential addresses (compulsory)
  • Company address or company name changes

Because you are required by law to have statutory books, it is extremely important that the records are kept up to date and adjusted where necessary.

How long should you keep them for?

The statutory books should be kept from the date of incorporation until the cessation of the company – This means even dormant companies should continue to maintain them.

The minutes of meetings and resolutions must be kept for at least 10 years from the date of the meeting to which they relate.

Where are they stored?

The statutory books are usually stored at the Registered Office address. However, they are also commonly stored at the companies SAIL address (Single Alternative Inspection Location).

Who can view them?

Any member of the public has a right to request an observation of the company’s statutory books (with a notice period of 2 to 10 working days, depending on the circumstances) if they provide a reasonable explanation for doing so. This will involve stating the following before allowing access:

  • Name and address of person, company or organisation making the request
  • Purpose of inspection
  • Who the information will be given to
  • How the information will be used

Of course, the statutory books should also be available for inspection by HMRC and Companies House. This can be any time between 9:00am and 3:00pm every working day.

In reality, it is rare that requests are made to view the statutory books of a company. Information that would be kept relating to any given company is available from Companies House either electronically or through the post for a small fee.

So why is maintaining the company statutory books so important?

HMRC guidance states that “If you do not keep adequate records or you do not keep your records for the required period of time, you may have to pay a penalty.”

If during HMRC’s visit they find that the records are not kept to an adequate standard they will give you the chance to update them before they come for a second visit.

If the records are still deemed as inadequate, it means that you could ultimately receive a fine of up to £3,000 – Even for small companies!

What if my company statutory books are missing?

It is not unusual for clients to admit to not being aware of the company statutory books whereabouts – it is however possible for them to be reconstructed.

One of our services for clients is to act as the Registered Office for their company, if requested to do so – which also involves storing and updating the company statutory books and filing the Annual Return. For more information on this, please contact us so we can help!

Amy Fisher, Administration _DSC1514.JPG