New Vehicle Tax Rates April 2017

We all know that there are a few things we need to consider before buying a new car.

These are some common questions which are asked by clients (hopefully before they go ahead and make that major purchase):

“Should I purchase a car through my business or should I use my own car for business use?”

“Should I lease or purchase a car?”

…and perhaps the most common question of all:

“How much tax will I have to pay?”

You may be interested in purchasing an electric car because you are concerned about the environment.  The government have certainly put in place tax incentives to encourage us to think ‘green’ and, with BMW recently deciding to build their future electric cars in the UK, it would seem that the motor industry is following suit.

Despite the many obvious things we all have to consider when purchasing a new car perhaps there is one thing that you may not be aware of and that is the new vehicle tax rates that were introduced from 1 April 2017.

The way vehicle tax is calculated has changed for cars and some motor homes that were first registered with DVLA from 1 April 2017.  The change doesn’t affect any vehicle registered before 1 April 2017.

The rates explained

Vehicle tax for the first year is based on CO2 emissions.  From 1 April 2017 this rate has increased and is now between £0 for electric cars and £2,000 for the highest polluting cars.  Vehicle tax rates can be checked by visiting https://www.gov.uk/vehicle-tax-rate-tables.

After the first year, the amount of tax that needs to be paid depends on the type of vehicle. The rates are:

  • £140 a year for petrol or diesel vehicles
  • £130 a year for alternative fuel vehicles (hybrids, bioethanol and LPG)
  • £0 a year for vehicles with zero CO2 emissions (electric vehicles)

New vehicles with a list price of more than £40,000

If a vehicle has a list price (the published price before any discounts) of more than £40,000, the rate of tax is based on CO2 emissions for the first year.

After the first year, the rate depends on the type of vehicle (petrol, diesel, alternative fuel or zero emissions) as above plus an additional £310 a year for each of the next 5 years.

After those 5 years, the vehicle will then be taxed at one of the standard rates (£140, £130, or £0) depending on vehicle type.

So for vehicles with a list price of more than £40,000, from the second time they are taxed and for the next 5 years, the amount of tax to pay will be as follows:

  • £450 a year for petrol or diesel vehicles
  • £440 a year for alternative fuel vehicles (hybrids, bioethanol and LPG)
  • £310 a year for vehicles with zero CO2 emissions (electric vehicles)

If you are considering the purchase of a new car and would like more information about the new vehicle tax rates then please click on the following Youtube video link: https://www.youtube.com/watch?v=hbV7Yfud1dE

There are certain accounting and tax issues associated with business vehicles so please get in touch if you have any questions about a vehicle you wish to use in your business.  Remember it is always a good idea to ask for advice before making a major purchase as it is important to know all the facts before making a decision.

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

Beth Judd, Accounts & Tax 

We did it ! 2017 Challenge – The Llyn Peninsula

This year’s challenge was a 46 mile, two day hike around the Llyn Peninsula in Wales.

Having walked similar distances in the past, we thought that we knew what we were letting ourselves in for …

However, we had not anticipated the many obstacles along the way, including:

Ankle deep boggy mud

Steep and slippery climbs and descents

No pubs on route

Wet feet from start to finish

High tide (meaning we had to wade waist deep into the sea)

Cows

Rain

This was probably our toughest challenge so far.  Our support team were unable to relax and had to come to our rescue twice on day one.

Eventually, most of us made it to the finish line (the pub) for a well-earned pint!

We would like to thank everybody that supported and sponsored us.  So far we have raised over £2,000 for our charity of the year, The Alzheimer’s Society.

If you would like to support us, please visit this link: https://www.justgiving.com/fundraising/torr-waterfield1

Some pictures from the walk:

Day 1 – Our team of 10 set off from Nefyn Golf Course:

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We made our way along the coastline, through the mud:

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We got a bit wet:

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Look out for the blue signs:

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Seaweed fight:

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Day 2 – There were a few casualties on day one, our team is down to 5:

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Still smiling in the rain:

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Nice views, but still a long way to go:

Views

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Feeding the wild horses: 

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The end:

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If you would like to view some more photos and videos please visit our Facebook page https://www.facebook.com/Torrwaterfield/ 

Stuart Caney, Accounts & Tax 

 

 

The benefits of becoming an apprentice

By deciding to do an apprenticeship the transition from school into the working world was made a lot easier. I still wanted to learn and get qualifications but I found this difficult to do in a classroom as the learning was not hands-on. By doing an apprenticeship I gained intimate knowledge of the work environment which I could not have done in a classroom.

With apprenticeships there are excellent progression opportunities with different levels you can do. With the support of a skills assessor you can easily work out the best course for you, which for me was a level 2 NVQ in Business & Administration. Because the work involved in completing the NVQ was based on my job role, it was easy to complete and I could take skills I learnt from my apprenticeship and use it in my job role. I’ve now progressed on to a level 3 NVQ which I am due to finish in the next couple of weeks.

I was also able to free up some of our existing staff’s time by helping with the work they may not have currently had time to do. As well as gaining extra experience by doing this, it is also extremely helpful for Torr Waterfield and my co-workers.

The benefits of hiring an apprentice

Hiring an apprentice can make the recruitment process easier and quicker for employers as training providers will help with pretty much the entire process such as filtering CV’s, finding and recruiting an apprentice, training and accessing funding.

The wage an apprentice earns is based on their age and the sector they work in which makes it far more cost effective than hiring older, skilled and qualified staff. The cost of training can also be fully government funded or contributed to, however this again depends on the age of the apprentice and the sector your business falls within.

For more information on becoming or hiring an apprentice you can visit https://www.gov.uk/topic/further-education-skills/apprenticeships or call us on 0116 2423400 

Amy Fisher

Administrator/Reception_DSC1514

Torr Waterfield’s 2017 charity of the year – Alzheimer’s Society

Every year we support a different charity and this year it is the Alzheimer’s Society.

I think most of us know friends or family that have been affected by dementia. Currently around 850,000 people in the UK have been diagnosed and of those, 42,000 are under 65. This total is predicted to rise to over 1,000,000 by 2021. Living with dementia has huge emotional, social, psychological and practical impacts on not only the sufferer but also on their family; one of the saddest things a person can do is watch their loved one become upset as they “disappear”.

The vast majority of causes at present cannot be cured, although there are some drug treatments available which may help slow down the symptoms. However with care and support someone who has been diagnosed with dementia can live well. The Alzheimer’s Society aims to raise £1 billion over the next 10 years in order to achieve their 3 main goals:-

Support and advice service– in whatever way is needed either face- to-face, telephone or online advice and by 2022 to reach out to everyone at time of diagnosis.

Increase public awareness – so that people with dementia are treated as equal members of society, ending the stigma associated with the condition.

Research – investing in the UK’s first dedicated Dementia Research Institute as well as in biomedical, prevention, assistive technology and care research.

So we want to help by raising as much money as we can and there will be lots of opportunities to help us support this national charity throughout the year – more details to follow later.

If you would like to know more please visit www.alzheimers.org.uk

Denise Burley, Accounts & Tax In_aid_of_Alzheimers_logo.jpg

Time for new change

As you may or may not be aware The Royal Mint has revealed that a new issue of the £1 coin is to take place and is set to be released on 28th March 2017.

So why change?

Approximately 1 in 30 £1 coins are counterfeit – this in itself is a fairly high amount.

However, when you put this ratio into the estimated amount of £1 coins in circulation it is staggering.

As of March 2014, The Royal Mint estimated that there were 1,553,000,000 £1 coins in circulation of which 3.04% were counterfeit – meaning that there is around £47,211,200 of counterfeit £1 coins in circulation. The new coin should be considerably more difficult to attempt to fake due to a number of new features.

What are the features?

12-sides – New distinctive shape – making it instantly recognisable.

Bimetallic – it is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy).

Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles.

Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side, for example 2016 or 2017.

Milled edges – it has grooves on alternate sides.

Hidden high security feature – a high security feature has been in built into the coin to protect it from counterfeiting in the future.

When will this happen?

The new coins will be introduced on 28th March 2017 leading to a co-circulation period where both old and new coins will be accepted. On 16th October 2017 a demonetisation period will begin where the old £1 coins are under no obligation to be accepted and should not be redistributed – they can however be deposited into most high street banks.

How can it affect my Business?

If you have a cash handling business then you need to ensure all machines that accept pound coins are compatible with the new design and if not, then your machinery supplier needs to be contacted as a matter of urgency. Once October 2017 comes around you have the right to refuse the old style one pound coins as this is the beginning of the demonetisation period. As mentioned above, once this time comes, do not worry, as the old style pound coins can be deposited into most high street banks for a significant period of time.

The pound won’t be round for much longer…

If you would like to discuss this more please contact us 0116 2423400

Brook Lucas, Accounts & Tax 

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We like to think we’re not your average accountants.

At Torr Waterfield we pride ourselves on steering away from the typical stereotype of ‘old boring accountants’.

Elbert Hubbard, the American writer, publisher, artist and philosopher is credited with this quote:

“The typical accountant is a man, past middle age, spare, wrinkled, intelligent, cold, passive, non-committal, with eyes like a cod-fish; polite in contact but at the same time unresponsive, calm and damnably composed as a concrete post or a plaster of Paris cast; a petrification with a heart of feldspar and without charm of the friendly germ, minus bowels, passion or sense of humour. Happily they never reproduce and all of them finally go to Hell” 

We think Elbert Hubbard is wrong!

For one, our team is certainly not dominated by middle aged men. We have an ever increasing team of 35+ people with male and female at an almost equal ratio. We have a mixed bag of ages including, yes, your middle aged man, but we have trainees and apprentices also. This summer we took on two apprentices in business administration and have had two new trainees join the accounts team recently.

We like to socialise at Torr Waterfield whether it be a cheeky pint in the pub on a Friday or one of our many team building activities. We aim to all go out together quarterly and have previously been to laser quest, virtual golf, held a bbq and most recently we went to Nottingham dog racing.  These activities really help our office work as a unit and allow staff to communicate with each other more than just on a day to day basis.

We love Leicester!

We’re also Leicester lovers, whether it is Leicester City Football Club or Leicester Tigers and even local bands like The Moderators. The team were thrilled that Leicester won the premier league and we celebrated by all attending the Parade and wearing blue in the office. When local band The Moderators perform it is always a date that goes in the diary for many of the team. Mark Cunnold is an avid follower and loves nothing more than having a good old mosh at their gigs.

Want to know even more about us?

On our website we have a meet the team section.  Click here and see which director used to get paid £10 a night to body bop and break-dance in a Blackpool nightclub in the summer?

Hollie Crown, Office Manager

Hollie Crown 2 April 2012 

‘The Windermere Way’ – Torrwaterfield’s Team Challenge for 2016

The Windermere Way is a 45 mile walk around England’s largest lake, including a total ascent of 7,300ft.

15 members of Team Torrwaterfield took part in the challenge this year, to raise money for http://www.lampadvocacy.co.uk , our charity of the year.

The challenge was every bit as tough as we expected; we had sore feet, aching muscles and lots of blisters all round.

Thanks to everyone that sponsored us – we smashed our £2,000 target and are currently just short of £2,500.  It is not too late to show your support using our sponsorship page https://www.givey.com/tw2016lwc

We are now looking for suggestions for the 2017 challenge!

Here are a few photos from the 2 days:

The Start: 

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Great Views: 

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Start of Day 2:

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Go on Tom:

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Top of Wansfell:

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Overlooking Ambleside: 

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The Lake:

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The End: Completed ! 

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Stuart Caney, Accounts & Tax 

Torr Waterfield’s Lake Windermere Charity Walk

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Our chosen Charity of the year is ‘LAMP’ – Leicestershire Action for Mental health Project which helps those in mental distress. To raise some money for this amazing cause the Torr Waterfield team are taking on 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 along the shore of the lake the total distance to walk around the lake is 45 miles which we are hoping to complete in two days – 24th and 25th September. Leading the group on this 2 day challenge is Mark Torr, Mike Waterfield, Tom Simpson and Stuart Caney.

The challenging walk circumambulates Windermere and includes just about all the accessible lakeshore 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!

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 Click Here for our donation page.

If you would like to see more of what LAMP do please click here and visit their website or read our blog here.

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

Director_DSC4779

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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