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