Prepare sheet pan by lining with Sil-pat baking mat, or greasing thoroughly. Set aside.
In medium pot over medium-low heat, melt together butter, sugar, corn syrup and water.
Once sugar is thoroughly melted and no granules are left, raise heat to medium high. Cook to hard crack stage, 295-309F (146-154C). Toffee will become a dark brown, and might be about to smoke.
Working quickly, immediately pull pot off heat. Stir in 1 cup nuts (reserve a 1/4 cup for topping), then spread toffee mixture out onto prepared sheet pan. Spread to desired thickness - I recommend about a 1/2".
Allow to cool thoroughly, then top with melted chocolate. Spread the chocolate quite thin, then top with reserved 1/4 cup chopped nuts & flake salt, if using. Chill in fridge, then break into pieces when ready to eat.