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.

 

Autumn Budget – 29 October 2018

So, we already knew about some of the announcements before the chancellor, the Rt. Hon. Philip Hammond MP, spoke yesterday, so much so he even made a joke about toilets and leaks. As ever there was good news and bad news for taxpayers, a full summary is on our website but here are some good news/bad news highlights:

If you are a business…

Good news

  • Capital allowances – Annual Investment Allowance (AIA) increasing from £200,000 pa to £1million pa for 2 years from 1 January 2019
  • Capital allowances – a new Structures and Buildings Allowance (SBA) for non-residential buildings on eligible construction costs on or after 29 October 2018, this will enable business to claim 2% pa on cost
  • The corporation tax rate, as previously announced, will drop to 17% from 2020

Bad news

  • Capital allowances – the writing down allowance (WDA) on special rate pools, for things such as cars with CO2 emissions of over 130g/km, reducing from 8% to 6% pa
  • Capital allowances – discontinued 100% allowances for energy & water efficient equipment, although you will still be able to claim AIA’s
  • National Living Wage (previously National Minimum Wage) for over 25’s increasing from £7.83 per hour to £8.21 (which also has an effect on the auto-enrolment pension contribution cost)

And more bad news for larger companies

  • Digital Services Tax – for large digital companies (e.g. Amazon) – 2% on revenues linked to UK
  • Corporate capital loss restriction for large companies (from April 2020) – there is already a £5m cap on income losses, this is now extended to capital losses as well
  • Employment allowance restricted to businesses below £100,000 employers NIC
  • R&D tax credit (cashing in instead of reducing tax bill) capped at 3 times the PAYE & NIC liability
  • Off payroll working (IR35) currently in force for public companies will be introduced on private medium and large companies (although not until 2020) – PAYE and NIC will be deducted from the deemed employee and Employers National Insurance will be payable by the company.

If you are an Employee…

Good news

  • Personal allowance increasing from £11,850 to £12,500
  • Higher rate threshold increasing from £46,350 to £50,000 (these two increases will mean a basic rate tax payer will save £130 pa, a higher rate tax payer £860 pa and an additional rate taxpayer £600 pa)
  • National Living Wage for over 25’s increasing from £7.83 per hour to £8.21

Bad news

Other taxes…

Good news

  • Stamp Duty – First time buyers of a qualifying shared ownership in a property of £500,000 or less will get an exemption from SDLT and this is backdated to 22 November 2017 (i.e. you can claim a refund)
  • Stamp duty refunds – the time to make a claim for a refund on the 3% supplement on buying your new home before selling your old home, has been extended from 3 months to 12 months from the sale of your old home (although the filing deadline for SDLT returns is reduced to 14 days after the effective rate of transaction)
  • Capital Gains – annual exemption increased from £11,700 to £12,000 pa

Bad news

  • Rent a room relief – you will actually need to have shared the premises during part of the time you are claiming the relief, effectively excluding income from places like Airbnb
  • Entrepreneurs relief – to qualify, the minimum period is extended from 12 months to 24 months
  • Capital Gains – private residence relief final period exemption reduced from 18 months to 9 months
  • Capital Gains – lettings relief will only apply when the property is in shared ownership with a tenant, in reality this means very few people will qualify and therefore only get private residence relief on sale of their home, however this is subject to consultation and may well change

The above is only a brief summary of the proposed changes. For a more detailed breakdown please visit our website here.

If you have any questions about the budget, or how it will impact you or your business, please contact us on 0116 242 3400 and we will be happy to help.

Denise Burley

Training has now started for the Rutland Plod

As you may well know we are planning to walk 40 miles around Rutland water and surrounding villages, starting at 10pm on Saturday 27th October and finishing hopefully at 3pm Sunday afternoon. Please read our previous blog for more info here. 

Last weekend I plotted a 15 mile practice walk around Charnwood ,including Bradgate Park, Beacon Hill and Bardon Hill.  According to Heather’s app, the actual distance was 17 and a quarter miles.

It was a lovely sunny day for walking, so of course we stopped half way in a beer garden to refuel.

The 17 (and a quarter) miles took 7 hours (including the pub stop).  So by my calculations, the 40 mile challenge will take about 16 hours… great!

I have to say, when we got back to the Bradgate Park carpark, the thought of going round again (and a bit further) sounded like a stupid idea.

But hopefully with a bit more training over the next 3 weeks, we will all get round and raise lots of money for Coping with Cancer, our charity of the year.

Please help us reach our target and sponsor us. No matter how small or large you can do so by donating on our total giving page https://www.totalgiving.co.uk/mypage/torrwaterrutland18

Stuart Caney, Challenge Leader

The Rutland Plod – TW Challenge 2018

Last year the team, friends and family took part in a 2 day challenge, walking 23 miles per day along The Llyn Peninsula. This year we are challenging ourselves even further by trekking 40 miles around Rutland overnight. This means no time to rest as the team begins the challenge at 10pm on Saturday 27 October and will continue non-stop (except for a few pub breaks!) through into the late afternoon of Sunday 28 October, taking a total of 16 to 18 hours to complete.

After parking our cars Mike Waterfield and Stu Caney will lead the team along the south end of Rutland Water before walking up the west side. This will be a good starting point as it will prevent the group from getting lost in the dark as Rutland Water will be on our right hand side for a couple of hours (around 6 miles).

Shortly after midnight and a short break to recharge, we will cross over the River Gwash, pass through Braunston in Rutland and then make our way south whilst the sun rises. The clocks will have gone back by this point which means we have an early finish! Matt Smith and other members of Torr Waterfield will be meeting us once we reach Morcott at around 9am, when we will then follow the River Welland from Barrowden after breakfast for 6 miles. This will lead us to the built up village of Ketton where we can stop for a bite to eat at around 1pm before eventually getting back to the starting point for 3pm.

We will also be meeting a few others in Ketton who were not able to join us for the whole 40 miles. They will be walking the last 5 miles with us and celebrating the success of completing the challenge!

For any long distance walking challenge there is only one form of training that will ensure you perform well – walking! So in the lead up to the challenge we will be doing a number of training walks to ensure we can endure the whole 40 miles! Our first training walk was last Saturday starting from Bradgate Park and walking 15 miles which took around 6 hours.

map-the-one.png

Over the coming weeks we will be posting other blogs to keep you updated on how our training is going and once we complete the challenge we will let you know how tough it was and how much money we raised in total.

The money we raise will be donated to our charity of the year, Coping with Cancer. To find out more about them you can look at our previous blog https://torrwaterfield.wordpress.com/2018/02/28/our-charity-of-the-year-coping-with-cancer/ or visit their website https://www.c-w-c.org.uk/ 

If you would like to show support and sponsor us no matter how small or large you can do so by donating on our just giving page www.totalgiving.co.uk/mypage/torrwaterrutland18    

Amy Fisher, Fundraising Lead – 0116 2423400

Our Charity of the year – Coping with Cancer

Each year at Torr Waterfield we choose a charity, local or national, to represent and raise money for. 

This year we have chosen to support Coping with Cancer.  The charity provided much needed emotional and physical support for a very close friend of Denise Burley who is a senior member of our team; hence the link to Coping with Cancer.  The friend has a young family and was determined to make such a difficult time as normal as possible.  She cannot praise the counselling team highly enough for their therapy sessions nor for the complementary therapies which made her feel like a person again instead of a cancer patient.  It is often the smaller charities that get overlooked but they provide practical help on your doorstep and even the smallest of donations can make a big difference.  Denise explained this to the team at Torr Waterfield and they were eager to do as much as they can to help.

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.  In May we will run our annual Torr Waterfield Karting Cup where 12 teams of 4 compete in a two hour endurance race.  September is when we have our ‘Walking challenge’ where our team, friends and family take part in an organised walk.  These aren’t just walks in the park!  We have previously walked 48 miles in two days around the Lyn peninsula in Wales & on another occasion completed the National Three Peaks in just 48 hours.

We look forward to working with Coping with Cancer over the next year and raising as much money as we can for this fantastic charity. To find out more what Coping with Cancer do and upcoming events please visit their website https://www.c-w-c.org.uk/ 

Mike Waterfield, Director 

0116 2423400 info@torrwaterfield.co.uk 

14 Days left to submit your 2016/17 self assessment return

The following Tax Events are due on 31st January 2018:

Personal Tax Events

Deadline for submitting your 2016/17 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2016/17 liability together with the first payment on account for 2017/18 are also due.

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge liabilities. 

There is a penalty of £100 if your return is not submitted on time, even if there is no tax due or your return shows that you are due a tax refund.

The balance of any outstanding income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2017 is due for payment by 31st January 2018.  Where the payment is made late interest will be charged.

The first payment on account for 2017/18 in respect of income tax and any Class 4 NI or High Income Child Benefit Charge is also due for payment by 31st January 2018.

If we have already dealt with your self assessment return on your behalf you need take no action.

If you haven’t completed your self assessment return yet please contact us, we can help. 0116 2423400 or send us an email info@torrwaterfield.co.uk

VAT: Overseas sales

VAT: Overseas sales

Below are some very basic rules of how to deal with VAT on overseas sales. If you ever come across these, please contact us as there are a lot more details which should be reviewed before anything is submitted to HMRC.

The following are basic questions that need to be answered before being able to decide whether VAT should be charged or not:

Are you supplying goods or services?

Are you supplying to a business or a consumer?

Where are they located?

Are they VAT registered?

Goods

EU:

VAT Registered Business-

If the VAT number has been provided by the Business and there is a VAT number on the invoice as well as documentary proof of export, VAT can be charged at 0%.

Non-VAT Registered Business or Consumer-

If the customer is not VAT registered you will have to charge VAT at 20%. However this is only true until the distance selling threshold is exceeded, which depends on the country concerned.

 Outside the EU:

If the Customer resides outside the EU, VAT can be charged at 0%.

 Services

EU:

All VAT and Non-VAT Registered Businesses-

VAT can be charged at 0%, if the service is for business purposes.

Consumer-

VAT must be charged at 20%.

However, if it is an ‘e-service’ you would have to charge VAT at that country’s own rate.

Outside the EU:

All VAT and Non-VAT Registered Businesses-

VAT can be charged at 0%.

Consumer-

VAT can be charged at 0% for the following services:

Electronically supplied services

Advertising

Legal

Accountancy

Consultancy

Supply of staff

Hire of goods

Telecoms and broadcasting

 

VAT must be charged at 20% on all other services.

If you have any queries, or require any further information on this, please do not hesitate to contact us 0116 2423400

Jess Cooper, Accounts & Tax 

The Apprenticeship Levy

The Apprenticeship Levy is charged on employers’ “paybills” at a rate of 0.5%. The levy is payable through Pay as You Earn (PAYE) and is payable alongside income tax and National Insurance. To keep the process as simple as possible “paybill” will be based on total employee earnings subject to Class 1 secondary NICs.

Each employer receives one annual allowance of £15,000 to offset against their levy payment. There is a connected persons rule, similar to the Employment Allowance connected persons rule, so employers who operate multiple payrolls are only be able to claim one allowance.

1.) If you’re an employer with a pay bill over £3 million each year, you must pay the apprenticeship levy from 6 April 2017. You can find out how to do this here.

You will report and pay your levy to HMRC through the PAYE process.

The levy will not affect the way you fund training for apprentices who started an apprenticeship programme before 1 May 2017. You’ll need to carry on funding training for these apprentices under the terms and conditions that were in place at the time the apprenticeship started.

Detail on how to setup and use your online account can be found here.

2.) If you do not have to pay the levy then you can still receive support to pay your apprentices.

From May 2017, you will pay 10% towards to the cost of apprenticeship training and government will pay the rest (90%), up to the funding band maximum.

If you do not pay the levy, you won’t be able to use the apprenticeship service to pay for apprenticeship training and assessment until at least 2018.

Instead, you’ll need to agree a payment schedule with the provider and pay them directly for the training. The provider must prove that you have paid your contributions as a condition of government paying its contribution.

There are 2 different types of apprenticeships to choose from:

  • apprenticeship standards– each standard covers a specific occupation and sets out the core skills, knowledge and behaviours an apprentice will need; they are developed by employer groups known as ‘trailblazers’
  • apprenticeship frameworks– a series of work-related vocational and professional qualifications, with workplace- and classroom-based training

To choose training:

If you would like to discuss any of this further then please contact us on 0116 2423400

Becky Edwards, Payroll Manager 

Hot Topic Making Tax Digital for Business

The government have issued information on how Making Tax Digital for Business (MTDfB) is expected to work for VAT once the rules are introduced in April 2019.

Under the proposed rules, which have been issued subject to consultation, VAT registered businesses with turnover over the VAT registration threshold will be required to submit their VAT return digitally using software. Businesses with a turnover above the VAT threshold (currently £85,000) will have to:

  • keep their records digitally (for VAT purposes only) and
  • provide their VAT return information to HMRC through Making Tax Digital (MTD) functional compatible software.

It has also been confirmed that MTD will be available on a voluntary basis to other businesses, for both VAT and income tax.

Exemptions will be available where HMRC are satisfied the business is run by a practising member of a religious society or order whose beliefs are incompatible with the use of electronic communications, some insolvent businesses; or where HMRC are satisfied that it is not reasonably practicable to make a return using an electronic return system for reasons of disability, age, remoteness of location or any other reason.

The proposed rules include provisions that where a business is in scope for MTD the business must use functional compatible software to meet the new requirements. This software will either be a software program or set of compatible software programs which can connect to HMRC systems via an Application Programming Interface (API). The functions of the compatible software include:

  • keeping records in a specified digital form
  • preserving digital records in a specified digital form
  • creating a VAT return from the digital records and providing HMRC with this information digitally
  • providing HMRC with VAT data on a voluntary basis and
  • receiving information from HMRC via the API platform that the business has complied.

Businesses will need to preserve digital records in the software for up to six years. The digital records include:

  • ‘designatory data’ including the business name, principal place of business and VAT registration number together with information about which VAT accounting schemes they use
  • the VAT account that each VAT registered business must keep, by law, and
  • information about supplies made and received.

Further information on the required information can be found in Annex 1.

The government will make the final detailed requirements available to the software providers by April 2018 to allow time for the software to be developed and tested prior to the rules coming into effect from April 2019.

VAT returns

Businesses within the scope of MTD for VAT will be required to submit their VAT returns using their functional compatible software.

The information contained with the VAT return will be generated by pulling information from the digital records. This information will contain as a minimum the 9 boxes required for the completion of the VAT return but can also contain a specific data set of supplementary information, all of which will be pulled from the digital records.

Businesses submitting monthly or non-standard period returns will be able to continue to do so. The VAT annual accounting scheme will also be retained with the current conditions. Businesses making these types of returns will also be required to keep digital records and submit their VAT returns through software.

Under the new rules some businesses may choose to voluntarily provide further information:

Periodic updates
Businesses will be able to submit VAT information more frequently than their VAT return obligations require on a voluntary basis as a ‘voluntary update’.
Supplementary data
HMRC believes that businesses and HMRC could benefit from the submission of supplementary data detailing how the figures in the return are arrived at. HMRC believe this additional data will help them target non compliance. The software will allow for the voluntary submission of supplementary VAT data as part of a VAT return or a voluntary update. This will allow HMRC to test with businesses the extent to which they and HMRC can benefit from such supplementary data.

Timescale

VAT is the first tax to be reportable under MTD and businesses within the scope of MTD will need to keep their records digitally, using approved MTD functional compatible software, from 1 April 2019. The software will create the return from the digital records and this will need to be submitted under MTD for return periods starting on or after 1 April 2019.

We will keep you informed of developments in this area and ensure we are ready to deal with the new requirements. Please contact us for more information 0116 2423400

Have you got a moment?

pexels-photo-280264 

Have you got a moment?

Do you dread hearing that in your office or, in fact, anywhere?

It invariably means that your plans have just been scuppered and that you will know have to spend a chunk of time looking at something completely different.

Exactly how long is a moment?

I guess I’ve always thought of it as being about 30 seconds but, if you’re looking for a proper definition, my dictionary simply gives it as “a brief period of time”.

It goes on to expand a little and ends with “momentous – of great importance” which implies anything but brief!

It seems from my quick research that in the Middle Ages they had a different concept of time measurement and that a moment would be equal to 90 seconds nowadays.

How should you respond to the initial question?

Clearly it depends who is asking!

My favoured response, used with care, would be something like “Yes – I’ll be with you dreckly!”

OK, so what does that mean?

“Dreckly” is a slang word in common usage in Cornwall.  It would appear to derive from “directly”, which would of course imply an immediate response.  However, in practice it has a meaning accepted to be “at some indeterminate point in the future”.

Now it crosses my mind that everyone has a different view on how many is a few … perhaps I’ll look into that another day.

Neil Ford, Technical Manager