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 

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.

 

Thinking of buying commercial property?

Before any purchase takes place you should always take advice as tax sacommercial-buildings-5-1508697.jpgvings are there to be made. In many cases the contract drawn up by solicitors will need to be worded carefully to ensure tax savings can be considered.

The Capital Allowances Act 2001 entitles a purchaser to claim tax relief in respect of the proportion of the expenditure that relates to eligible assets – known collectively as fixed “plant and machinery”.

Here are a few key points:

  • Capital allowances are available on second-hand property.
  • Optimising capital allowances improves cash flow.
  • Failure to comply with the rules can mean that qualifying expenditure is nil.

Capital allowances give tax relief for property owners. There are several types of allowances, applicable to different asset categories. The principal forms, found in all commercial properties are plant and machinery and integral features.

All too often, capital allowances are left unclaimed for several years. The reason for this may be a lack of awareness (by both clients and their advisers). This is not the case at Torr Waterfield, so whenever you are thinking about buying commercial property contact your account manager   before any purchase takes place so we can ensure you don’t miss out on potential tax savings.

If you would like to discuss this further please contact us. 

Mark Cunnold, Accountant & Client Manager Mark Cunnold 2 April 2012

Tell us how we’re doing!

If you are a client of ours, you may have already received one of our bespoke feedback surveys. You may have even thought to yourself “I wonder if anyone actually reads these?” well… the answer is yes!

The feedback forms which we receive are read out to the whole team at our weekly team meeting to ensure their hard work is noticed and also to be aware of any improvements suggested. Better yet, you are also entered onto our system where names will automatically be placed in Torr Waterfield’s annual prize draw to win a luxury Christmas hamper – So it is safe to say that we do act on the feedback received from our clients! You are THE most important part of the business.

This is why Torr Waterfield aspires to continually deliver in accordance to your expectations and never give you any cause for complaints. We always value receiving feedback about our services – So it doesn’t matter whether you have received a feedback form to fill out or not!

We would be grateful for a few short minutes of your time to create a testimonial about our services or any other thoughts you would like to share. This could be related to a positive experience you had with us or describing how you have benefitted from our services. Likewise, we also welcome any suggestions or criticisms.

Permission to put your testimonial in our collection book of comments about our services would be significantly appreciated. This will be placed in the waiting area on reception for our clients to read. They may even make it to the testimonial section on our website which you can view here.

Your feedback can be emailed to info@torrwaterfield.co.uk or you can post it to our business address. Previous testimonials have been handwritten, had pictures on or had humour to them – so feel free to be as creative as you want!

We look forward to hearing from you soon!

Amy Fisher, Administration & Reception_DSC1514

Childcare and employer provided childcare vouchers.

Are you a working parent with a child entered into child care?

You could benefit from a cash saving scheme that wochildcare-blocks-1-thumb-2.pngrks with childcare providers………………

Childcare vouchers are a government approved benefit for all eligible working parents.

These are a tax efficient way of paying for childcare that won’t cost you anything to join.

Most childcare providers will accept childcare vouchers towards payment for your childcare costs.

Childcare vouchers can be claimed by either or both parents for children up to the age of 16.

You can exchange up to £55.00 per week, or £243.00 per month, of your gross salary depending on when you have joined the scheme and how much you earn. 

As an employer here at Torr Waterfield we run a childcare voucher scheme that assists all our working parents with children in childcare.

Not only does this help our employees with the costs but also saves the company in National Insurance costs.

Speak to your employer now and see if you are eligible….

How we can help

If your business is located in the Leicester area and you would like to discuss setting up an employer supported childcare scheme in further detail, please do not hesitate to contact us.

We also have lots more info on our website please click here  

Sarah Knight, Bookkeeping 

Torr Waterfield’s Lake Windermere Charity Walk

email-version

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.

Why do Management Accounts?

After seeing the shock on clients’ faces when they are told of their company and personal tax liability from their year end accounts, or issues with internal costing resulting in low profits, monthly, or at least quarterly, management accounts are vital to ensure that business owners are fully aware of the current position of the investment of their time, money and effort.

What are Management Accounts?

Management accounts are prepared in a similar way to year end accounts but are for part of the year.

Provisions can be made by performing tax calculations and pro-rating tax  liabilities; cash flow can be reviewed to ensure all  liabilities can be paid.

Company profitability can be reviewed and decisions made if sectors of the business are under performing.

Who can use Management Accounts?

Management accounts can be used by the owners and managers of the business for decision making.

Providers of finance also review management accounts to consider current or future lending.

Customers or suppliers may also request management accounts, this may help win a new client or secure more favorable credit terms.

How often should Management Accounts be prepared?

Management accounts can be prepared for any period of time.

It is good practice to at least prepare management accounts quarterly in line with the business accounting year.

Can any business prepare Management Accounts?

All type of business – Sole Traders, Partnerships, LLP’s, Limited Companies and PLCs should all prepare management accounts so they are up to date with the financial position of their business.

If you need assistance in preparing management accounts, or just don’t know where to start, call Alistair Ferris FCCA.

alistair.ferris@torrwaterfield.co.uk

Direct Tel: 0116 242 3420

Mobile: 07515 330 332Alistair

Goodbye Annual Return Hello Confirmation Statement

PSC-register-and-Confirmation-Statement-1

 

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 and up to date. 

As with the Annual Return reminders to file the Confirmation Statement are posted out from Companies House to the Registered Office advising that the Confirmation Statement is due.

Changes that can be submitted with the Confirmation Statement using the additional part of the form are:-

Principal business activities or standard industrial classification (SIC).

Statement of capital.

Trading status of shares.

Shareholder information.

Information about people with significant control (PSC)

Other changes (for example, registered office address or officer appointments) need to be completed separately, either before the Confirmation Statement or at the same time.

TorrWaterfield includes preparing the Confirmation Statement for clients to check, sign and return before then submitting it to Companies House, as part of our Registered Office service. This additional service can also be completed for any client upon request.  

Please contact us on 0116 242 3400 if you would like any further information regarding the new Confirmation Statement.

Heather Waterfield

Administration 

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

Extending your PAYE payment deadline the easy way

We all know it is very important to pay your taxes to HMRC by their deadlines to avoid any late payment interest and penalties.

The statutory deadline for paying Employers PAYE liability is the 22nd of the month – or the 19th if paying by cheque through the post.

Different ways to pay your PAYE include:

  • By Debit or credit card online
  • BACS
  • At your bank or building society (cash or cheque)
  • At the post office (debit card, cash or cheque)
  • Direct Debit
  • By Cheque through the post

HMRC’s preferred option is that you make your payments online as this saves them money and hence saves you, as the tax-payer, money as well.

For employers, the advantage of paying with online banking is that the deadline extends by 3 days to the 22nd. If your bank offers faster payments this means you can pay on a Saturday/Sunday if the 22nd falls on the weekend.

Whereas, if you pay by BACS you would have to put the payment through 3 working days before the deadline for it to clear and paying by direct debit would mean having to pay it 5 working days before the deadline.

If you pay by posted cheque, the recommended time of posting is around the 12th of the month – 10 working days before the payment is due!

You can see the different payment deadlines in the diagram below: 

ZB Blog Image PM

PAYE Timeline 

To increase your payment deadline, paying by faster payments, CHAPS or personal banking will be the best option. Paying by cheque gives you the shortest deadline as you have to give it time to arrive with HMRC and for the payment to clear.

If you have a debit or credit card you can give us a call and we can pay your liability over the phone for you.

Alternatively, if we provide you with our payroll services, we can set up the direct debit PAYE payment for you when the payroll is processed so you have no worries about paying it yourself or making sure it is paid on time. For more information on any of the above or to pay your liabilities by card or direct debit please contact us on 0116 2423400.

Zahra Bates, Payroll Assistant