Do you wear a uniform or protective clothing for work? If so you could get some tax back from HMRC

What is a uniform?

  • Specialised clothing that is recognisable as a uniform or identifies you as having a particular occupation, it could be a branded T-shirt or a full on police/nurse uniform
  • You are required to wear it at work and clean and repair it yourself  – however if your employer provides this facility you cannot make a claim (even though you might not use the facility)
  • It can’t be just clothes in corporate colours
  • You cannot claim for the initial purchase

What is protective clothing?

  • Hard hats
  • Protective boots
  • Overalls

How much could I get?

  • First of all you must have paid the tax in order to get the relief
  • You can choose to claim the actual costs, in which case keep the receipts
  • Or you can claim a flat rate based on the nature of your occupation, it is mostly a standard £60 per year allowance but some industries, such as construction, can claim relief an allowance of £120 and airline pilots can claim relief on £1,022
  • If you are a basic rate tax payer then you will get 20% of the claim back and higher rate tax payers will get 40%
  • The good news is that you can make a claim for the previous 4 years plus the current tax year (although there are some restrictions)

How do I make a claim?

  • As part of your Tax Return, or
  • There is a simple form P87 which can be filled in online
  • But if you are not sure then please contact us  as we can help with confirming your eligibility and give guidance on the amount of the flat rate

If you would like to discuss any of this further please get in touch 0116 2423400 or info@torrwaterfield.co.uk 

Denise Burley, Accounts & Tax 

Would your business benefit from monthly or quarterly management accounts?

Having quality management accounts can be beneficial to your business as they can help you to grow by making it more efficient and hopefully more profitable.

Management accounts are a set of detailed accounts prepared to illustrate the company’s   performance. The goals of the accounts are to provide key financial information which will help with short term financial decisions and in planning for long term development. 

The main advantage of having management accounts is being able to control the business. If you want to make projections, cash flows or be able to be accepted for finance, management accounts are an essential starting point. They will provide you with the up to date information throughout the year to give you accurate feedback of performance. If you find that your business is growing rapidly and want to be able to plan for the future, we recommend that you put in the controls and ways of reporting now to help guide the growth.

Typically, the accounts are prepared on a quarterly basis; it is not uncommon however to have monthly reports supplied to the business.

If you feel that additional guidance is needed as your business starts to grow, then please get in contact with us so we can help you make the right the decisions. Please visit our website for a complete list of our support services Click Here. 

Or contact us on 0116 2423400 or info@torrwaterfield.co.uk 

Eoghan Macilwraith, Accounts & Tax 

 

Managing self-development

Self-development allows individuals not just to achieve their career and personal goals, but also helps to support the achievement of business objectives since skilled, fulfilled employees will make more effective contributions to the activities of businesses. It is also beneficial as you may well receive more positive feedback from stakeholders and greater client retention.

Personal and professional development ensures your current knowledge and skills are always up to date, which will enable you to provide clients with the best possible service. You can track your development using CPD and PDP logs which will allow you to reflect on your progress and identify any improvements that can be made. Some employers ask to see potential employee’s CPD and PDP logs as it shows that they would be valuable to the business and progress within it.

 Personal and professional development also means that you can keep up with trends and developments within your profession. If relevant rules and regulations change, all members of staff would be expected to be up to date which will then form part of their continuing professional development.

An example of a recent change is the GDPR legislation which has affected a lot of companies. It is important that you are developing and gaining knowledge in this area otherwise there may be legal consequences for the company (https://torrwaterfield.wordpress.com/2017/12/11/are-you-ready-for-gdpr-25-may-2018/).

In order to identify trends within your profession, you could look at ways in which your business has changed, how these changes have affected functions and roles and how the changes can be managed to your best advantage.  Examples of changes include the growing use of social media and the internet, customer feedback and expansion or globalisation.

To find out more about how you can create a personal development plan you can visit: http://www.mindofwinner.com/create-personal-development-plan/ or email amy.fisher@torrwaterfield.co.uk 

Amy Fisher, 0116 2423400

We Did It – 2018 Charity Challenge, The Plod

This year’s challenge was a 40 mile walk around Rutland. We started at around 10pm on Saturday and continued through the night, finishing at 3pm on Sunday afternoon.  This works out as 18 hours allowing for the clocks going back which was fortunate as we had another hour to walk!

The walk really was a challenge and, of the 17 who started, 11 finished the entire 40 miles.

We were walking for the majority of the time besides the two well deserved pub stops, a breakfast stop and a few 5 minute breaks.

It was an experience to say the least and I did enjoy the walk besides the dark, cold, wind, rain and taking very unnecessary detours over muddy fields!

An amazing breakfast was provided by John and Ingrid Ferry which the team at Torr Waterfield are very grateful for.

This was definitely our toughest challenge to date.

We would like to thank everybody that has supported and sponsored us. The walk has raised jut over £7,500 so far for the charity Coping With Cancer.

There is still time to donate. 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 please visit our total giving page www.totalgiving.co.uk/mypage/torrwaterrutland18

Thanks from all the Team.

There are lots of photos from the walk on our Facebook page but here are a few of our favourites.