COMMUNITY INTEREST COMPANIES (CIC) – DID YOU KNOW?

A CIC is the usual legal entity for operators of a social enterprise that is non-charitable. A CIC can be set up as a normal company ie as a company limited by shares or a company limited by guarantee. A CIC enjoys the benefit of limited liability. A CIC must undertake an activity that fulfils… Continue reading COMMUNITY INTEREST COMPANIES (CIC) – DID YOU KNOW?

National Living/Minimum Wage Changes from 1 April 2017

From 1 April 2017 the National Living/Minimum Wage rates will increase as follows: £7.50 an hour for workers aged 25 and over - previously £7.20 £7.05 an hour for workers aged 21 to 24  – previously £6.95 £5.60 an hour for workers aged 18 to 20 – previously £5.55 £4.05 an hour for workers aged 16 to… Continue reading National Living/Minimum Wage Changes from 1 April 2017

THE BENEFITS OF USING APPS

In today’s fast moving world we are all looking for ways to save time.  The majority of us carry some kind of hand held device, whether it is a tablet or simply a mobile phone on which we can organise our day to day lives.  We even provide our children with these devices to occupy… Continue reading THE BENEFITS OF USING APPS

Autumn Statement 2016

On Wednesday 23 November 2016 our new Chancellor of the Exchequer, Philip Hammond, delivered his first (and last) Autumn Statement.  “No other major economy makes hundreds of tax changes twice a year, and neither should we” – this is perhaps the most welcome measure announced in the Autumn Statement.  In recent years the Autumn Statement… Continue reading Autumn Statement 2016

Goodbye Annual Return Hello Confirmation Statement

  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… Continue reading Goodbye Annual Return Hello Confirmation Statement

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 store) and Android devices (Google play).   The app includes the following features: Key Tax… Continue reading Keep up to date and download our free Tax App

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… Continue reading People with significant control (PSC) – The New PSC Register

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

THE IMPORTANCE OF SUBMITTING FORMS ON TIME TO COMPANIES HOUSE

Most people don’t realise how important it is to keep submitted documentation up to date at Companies House.  There have been recent subtle changes too which makes it easier for Companies House to strike a company or LLP from the register. What happens if the company record is not kept up to date? If the… Continue reading THE IMPORTANCE OF SUBMITTING FORMS ON TIME TO COMPANIES HOUSE

Management Accounts

What are they and why are they useful? As an accountant I love preparing accounts, as clients you might see them as a necessary evil, documents to be filed at Companies House or the basis for your tax bill.  They are so much more than that, however their disadvantage is that they are historical, are… Continue reading Management Accounts