ISSUE 20 | SPRING/SUMMER 2020 RANDALL-PAYNE.CO.UK
We make your success our priority TM
Remote working
The issue we did at home
NEWS FOCUS BUDGET SUMMARY & COVID-19 SUPPORT PACKAGE
ADVISORY & TAX BUSINESS PLAN REVIEW & R&D FOR CASH BOOST
CORPORATE FINANCE CASE STUDY: DARCH FAMILY BUSINESS SALE SUCCESS
GUEST ARTICLE INSIGHT INTO PROTRACK’S AWARD WIN
WELCOME
MEET OUR PARTNERS
TimWatkins Managing Partner
Will Abbott Partner Specialism: Business Advisory Russ Byrd Partner Specialism: Audit
Welcome to issue 20 of In Focus. We are living in unprecedented times. The world is in lockdown but we are inadvertently presented with an opportunity to reflect on probably the most important matters faced for a generation.
Vicky Link Partner Specialism: Accountancy
Three months ago, following the general election and then Brexit, after three years of uncertainty we found ourselves in a place where it felt that we could all move forward with our lives. The stock market was performing well, negotiations for the next part of Brexit planned and the first budget for 18 months was due to be delivered. Little did we know the huge impact that Coronavirus was going to have on the world! Since then a number of businesses have temporarily closed as we entered lockdown and the Government has announced unprecedented economic support for businesses and individuals. Our tax team has pulled together a roundup of the measures announced in the Budget and more recently on pages 4-6. This period of time will enable us all to reflect, to consider how the changes forced upon us may help us to make improvement in the future, perhaps this will result in increased homeworking, a stronger business plan or more resilient finances. With that in mind Gina highlights the benefits of Research and Development
Rob Case Partner Specialism: Tax
Tax credits and the cash that can be generated as a result of innovation, which is showcased by our guest article from Protrack Solutions and Will sets out some questions to help formulate a great plan, both articles an important read at this time. As usual we are always pleased to celebrate our fabulous staff with their news and announcements especially at a time that we are all socially distanced. I am concerned about the future, as we all are, but it is heartening to see communities pulling together in providing support to one another and I know we will all emerge stronger and more resilient as a result. This period of time will enable us all to reflect, to consider how the changes forced upon us may help us tomake improvement in the future
Ollie Newbold Partner Specialism: Corporate Finance
For further information about any of the topics covered in thismagazine, please contact: FionaHughes, Marketing
Manager or Jo Kline, Marketing & Events Co-ordinator .
T: 01242 776000 E: marketing@randall-payne.co.uk randall-payne.co.uk @RandallPayne Randall & Payne LLP Chargrove House, Shurdington Road, CheltenhamGL51 4GA
Printed on Carbon Captured paper. Supporting the
2
– Spring/Summer 2020
CONTENTS
IN THIS ISSUE
NEWS FOCUS | 4 – 6 Summary of the Budget and the Government support package for businesses and self-employed TIM’S VIEW | 7 Testing times for business BUSINESS ADVISORY | 8 – 9 Business Plan Review to help focus on the key issues TAX | 10 – 11 How claiming R&D Tax Relief has helped our clients CORPORATE FINANCE | 12 – 13 Helping a family business to achieve sale success ACCOUNTS | 14 The truth behind the typical accountant myths BUSINESS AWARDS | 15 Gloucestershire Business Awards plan to celebrate business resilience in these unprecedented times
P8 Cut through the noise
P10 How clients reinvested R&D cash
IN THE COMMUNITY | 16 #Do1Thing for climate change RANDALL & PAYNE NEWS | 17
Introducing Rosie’s baby girl, our mental health champions and exciting news from the Audit team GUEST ARTICLE | 18 Protrack share the success behind innovation award win EVENTS | 19 Fundraising update and plans for the year ahead
P12 Family business sale success
randall-payne .co.uk 3
BUDGET 2020
A Budget of several parts?
In an unprecedented month, March saw not only a full Budget but a series of financial measures to help the economy through the COVID-19 crisis. James Geary gives an overview.
Budget 2020 For businesses
qualify for the higher (18%) rate of tax allowance will fall from 110 g/km to just 50 g/km. � VAT on e-books and digital newspapers will now be zero rated. � The new Structures and Buildings Allowance has been increased from 2% to 3% per annum. � The tax free allowance for use of home has been increased from £4 to £6 per week – it remains possible to claimmore but only where the figure can be substantiated. For individuals: � The headline change, which was not a surprise, was a significant restriction to Entrepreneurs’ Relief, which enables business owners to enjoy a beneficial 10% Capital Gains Tax rate on the disposal of a trading business or trading company shares. The lifetime limit for gains to be eligible has fallen from £10 million to £1 million. � The earnings threshold for primary Class 1 National Insurance contributions
James Geary Head of Corporate Tax
� An increase in the large company R&D Expenditure Credit rate from 12% to 13% from 1 April 2020. � The new cap on R&D tax credits for small and medium sized companies will not now be introduced until 1 April 2021. Further consultation is taking place on the detail, but it seems that HMRC have settled on a £20,000 de minimis, which is good news for start- up companies that do not yet have payrolled employees. � The Employer Allowance has been increased from £3,000 to £4,000, meaning the first £4,000 of employer NIC does not need to be paid. This will now also be restricted to smaller employers with an employer NIC bill of less than £100,000 per annum. � Benefit-in-kind tax for new fully electric cars has fallen to 0% of list price for the new tax year. � However, from next year Capital Allowances on cars may decrease as the emissions threshold for cars to
March saw the first Budget in 18 months, and the content was already significantly influenced by the Coronavirus outbreak. However, on the day we could not foresee the scale of the further changes that would follow as the virus took hold of the world. The Chancellor’s aimwas to provide security for today and prosperity for tomorrow, suggesting that the measures introduced are timely and targeted. However as the month marched on, the focus has shifted substantially to just getting the economy through the current crisis with minimal loss of businesses and jobs. Here we cover the main headlines that will impact both businesses and individuals as a result of both the Budget and subsequent announcements.
(employed individuals) has been increased from £8,632 per annum
4
– Spring/Summer 2020
BUDGET 2020
Coronavirus Job Retention Scheme Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of the salaries for those employees that would otherwise have been laid off during this crisis. All UK businesses are eligible and it can be backdated to 1 March 2020. Businesses that have already made employees redundant since this date can access the support if they re-hire the affected individuals. In order to access this support, employers will need to: � designate affected employees as ‘furloughed workers’, and notify their employees of this change – changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation. � submit information to HMRC about
to £9,500, in a move that will save employees up to £104 per year. The self-employed Class 4 threshold has also increased to the same figure. � The level of income at which pension annual allowance begins to taper away has been increased from £110,000 to £200,000, in a move principally aimed at the medical profession. However for those with income over £300,000, the maximum amount they can contribute has been cut from £10,000 to just £4,000. Further financial measures The weeks since the Budget have seen the announcement of numerous changes aimed at helping individuals and businesses to come through the disruption caused by COVID-19. The threat to jobs and livelihoods was significant and immediate, and the government have moved quickly to try to help businesses avoid making significant redundancies and individuals to remain financially stable. These are the key measures introduced so far. All have a limited time span to begin with (typically around three months) but the government is keeping all these measures under review so it can react to how long the crisis continues, extending the schemes if necessary.
are not set up to facilitate payments to employers. The mechanism is hoped to be in place to make payments by the end of April 2020. Employers can make up some or all of the salary shortfall if they wish, but are not obliged to do so. Throughout a furlough period, it is important that the individual carries out no work for their employer, or eligibility will cease. The furlough period must last at least three weeks and can then be reviewed and extended if required. A company director can be furloughed under the government scheme and the following documentation will need to be in place: 1. The decision to furlough should be formally adopted by the board and therefore minuted accordingly and retained with the company records. 2. There should be a written letter to the Office holder, much as you would for any other employee. It is also important that the director carry out no work of a kind that would generate commercial revenue or provide services to or on behalf of their company. Support for the self-employed Under a similar scheme, those who are self-employed or members of a partnership or LLP are eligible for support of up to £2,500 per month. Key features
the employees that have been furloughed and their earnings through a new online portal.
HMRC will reimburse 80% of furloughed workers’ wage costs, including employer NIC and minimum auto- enrolment pension contributions, up to a maximum gross wages figure of £2,500 per month per employee. HMRC are working urgently to set up a system for reimbursement, as existing systems
randall-payne .co.uk 5
BUDGET 2020
have until the end of March 2021 to pay the deferred amounts. HMRC will continue to process and issue repayments of VAT. � Deferral of Income Tax secondpayment on account, due on 31 July 2020, for six months. Again this is automatic. � Additional support to cover sick pay for employees who are either ill or off work due to self-isolation. � A business rates holiday for the retail, leisure and hospitality sector for the 2020-21 tax year. � Cash grants for small businesses in the retail, leisure and hospitality sectors of either £10,000 or £25,000, depending on the rateable value of the property fromwhich they operate. � Cash grants of £10,000 for all businesses that normally qualify for Small Business Rates Relief. � Government backed loans of up to £5 million under the Business Interruption Loan Scheme. The government will guarantee 80% of the loan value and cover the first 12 months of interest. This is available to UK businesses with a turnover of up to £45 million. � More easily accessible Time To Pay arrangements for tax debts with HMRC and relaxations to late filing penalties. A dedicated phone line for Time To Pay has been set up, which is 0300 200 3835. Please note you must have filed the relevant tax
return before you can call to ask for a payment plan. � Mortgage payment holidays of up to three months initially. There is clearly a lot more detail to all of these measures so please contact us for further information. We will continue to update our clients and contacts through regular articles on our website and social media. Even before the COVID-19 crisis took hold, it appeared likely that further financial measures will be needed before the end of 2020. We therefore consider it highly likely that there will be a second Budget in the Autumn, before the government then reverts to a pattern of Autumn Budget and Spring Statement. Contact James Geary for more information by emailing james.geary@randall-payne.co.uk or call 01242 776000. Nobody likes change, so if you’re unsure about how the Budget may affect you, either from a business or personal perspective, why not book a one-to-one session with one of our specialists for an hour free-of-charge? Although our offices are closed, we can still run our advice clinics by telephone or video conference. For further information, contact 01242 776000 or email clinics@randall- payne.co.uk
and requirements of this relief are: � Profits for the 2018-19 year of less than £50,000, or an average of less than this over the three most recent tax years. � Individuals who have not yet filed their 2018-19 tax returns must do this by 23 April 2020 to qualify for the support. � The individual must remain self- employed throughout 2019-20 and intend to be for 2020-21 (i.e. not ceased). � More than half of taxable income must come from self-employment. HMRC will contact those eligible and invite them to apply. It is likely that the support will not be issued until June 2020 although they are hoping to have this ready earlier. While this support will help the vast majority of self-employed individuals, there are some obvious gaps, in particular those who only became self-employed since 5 April 2019. The professional bodies are making sure this gap is highlighted and therefore it is hoped that the scheme may be broadened in due course to also help those individuals. Other support available - highlights � Deferral of VAT payments due between 20 March and 30 June 2020. This is an automatic offer and does not require an application, businesses simply don’t pay the VAT bill that falls due in this date range. Initially they
6
– Spring/Summer 2020
TIM’S VIEW
A worldwide pandemic to test your disaster recovery plan
Firstly from all at Randall & Payne our very best wishes to all our clients and their families, to our suppliers and others we work with at this difficult time.
I hope this is the one and only of these that I write while we are all having to work from home! I think all the adjectives have been used to describe where we all are so no more fromme. Many of us, I am sure, look at our disaster recovery plans every year, imagine we may get a fire or a major water leak or some such problem. We can recover from an event like that quickly, move to another building temporarily, source new equipment and be on our way. I expect few of us anticipated needing a disaster recovery plan to deal with a pandemic and lock down. So here we all are. We all have plans, we have put them into effect. The military will tell you few plans survive first contact with the enemy. The first rule of any plan must then be to be adaptable and flexible. It’s no good following a plan rigidly that’s designed for a different scenario but if robust it can no doubt be changed. Work through it, make the
There is another plan we are all going to need and that’s the one for the end of all this. The world will be different, don’t necessarily expect the restrictions to be lifted and everything to go back to as before. Use this period to look at the changes you can make for that new world so you are prepared as you can be. We may have been caught out with the disaster recovery plan, let’s not get caught without a recovery plan.
Use this period to look at the changes you can make for that newworld so you are prepared as you can be
Stay well all of you.
changes needed and then revisit it regularly.
Contact TimWatkins for more information by emailing tim.watkins@randall-payne.co.uk or call 01242 776000.
Use your teams, they will have ideas on sources of income, cost savings, new ways of working and will be keen to get involved. We all know where we are, we know where we want to be in say 6 month’s time, let everyone have a say in how the journey looks. And don’t forget your team should include your advisers, talk to us, to them, we can help with scenario planning or just be a sounding board and anything in between.
randall-payne .co.uk 7
BUSINESS ADVISORY
Cutting through the noise to get to the key issues
It is natural to feel a little overwhelmed in the current challenging environment but how do you cut through the noise and make the right decisions for your business.
Review your business plan using these ten questions: 1. Who are your customers? 2. What are the problems which you are trying to solve for them? 3. What is your product/service solution to their problem? 4. What is your process to make and deliver your solution? 5. Which people and skills do you need to deliver that process? 6. How do you promote your product/ service to your customer? 7. What level of financial performance will you need to achieve? 8. What is your overriding purpose? 9. What are your personal goals and how will your business contribute to them? 10. Is this included in a written plan and have you shared it? Research suggests that if you have written it down in a plan, then share it with someone you trust and you regularly update them with progress, you are much more likely to deliver on that plan.
Take time out from the noise so that you canmake decisionswith a clear headand can confidently relate these to the plan. We are here if you need help with this. Once you have reviewed your business plan using the ten questions, and considered all the areas covered in the COVID-19 Business Review, you are ready to decide the actions and when to take them. Contact Will Abbott for more information by emailing will.abbott@randall-payne.co.uk or call 01242 776000. Take time out from the noise so that you can make decisions with a clear head and can confidently relate these to the plan. We are here if you need help with this
Particularly crucial in these unprecedented times, in which the impact of the Coronavirus will be felt by the entire business community, is cutting through all the noise. By doing this we can establish the key issues this change has for our business, we will be able to consider the best way to move forward; safeguarding our business, our staff, our customers and ourselves. Most importantly making decisions which, in this case, can be reversible. With so much happening so quickly, remember: � Acting sooner is better � Don’t over think things � Uncover the key issues � Cut through the noise � Make the decision To help with this I have devised a Business Plan Review (see page 9) to help you focus on where and how you need to make these decisions. It is important to continually review and fine-tune your business plan to make it robust.
8
– Spring/Summer 2020
BUSINESS ADVISORY
COVID-19 BUSINESS PLAN REVIEW
Consider the Scenario: Modest Some disruption but little overall impact
Suppliers Communication What messages are you communicating about your plans and needs for goods/services? Connection How robust is the supply chain and what can you do to support the suppliers at this time? Opportunities Where can you negotiate cost reductions or payment deferral? Financial Cash Reserves What level of reserves do you have and what level is needed in each scenario? Cash Flow What level of outgoing income can you expect in each scenario? Costs � Which costs are discretionary and avoidable?
Moderate 10-15% loss of incom e
Severe 33-50% loss of income
Then consider the investment in these areas in order to move forward.
Customer Communication What messages are you communicating about your services?
Connection How will you remain connected with your customers?
Opportunities What new issues are your customers facing that you can help with?
Risks Which are the key income streams/customers you need to protect?
� Which costs are negotiable?
� What costs are critical and unavoidable?
� What are your top 5 costs by value and how can they be reduced?
People Communication What messages are you communicating about your business and contingency plans?
� Which of the HMG support schemes can you access?
Connection How will you remain connected with your staff?
MUST DO ACTIONS – NOW
Opportunities What key projects can you assign staff outside of their usual work?
SHOULD DO ACTIONS – 7-10 days
Risks Who are the critical people whom you need to protect?
COULD DO ACTIONS – 10 days
Processes Risks What are the critical processes in your business that need to continue? Opportunities How can you embrace technology to improve efficiency in existing processes?
Our supplemental COVID-19 Business Support Checklist pulls together the key support options with links to further advice and other necessary actions into a single, functional document and can be found on our website: https://www.randall-payne.co.uk/news/covid-19- business-support-checklist/
randall-payne .co.uk 9
TAX
R&D – what a difference a claimmakes
Five clients show how claiming R&D Tax Relief has hugely benefitted their businesses; from enabling key additional resource which has facilitated growth, to employing crucial marketing campaigns for a start-up.
Just A Splash Ltd – Pia Varma (Food)
of major contracts , as well as re- investing in new product development to maintain their competitive edge . Ordinarily, without such a claim, the losses would be carried forward until the business is profitable which in any new company, may or may not be achievable without the investment in an established marketing campaign.
Gina Gardner Corporate Tax Accountant
As a young company developing blended culinary alcohol products (creating a new category in the food industry), the conversion of losses to cash in this case enabled them to begin investing in a strong marketing strategy to push their products to market , be successful in winning a number
The scheme, which encourages scientific or technological innovation, allows companies carrying out qualifying R&D activities to claim an additional Corporation Tax deduction for certain expenditure used to create or adapt innovative products or solutions. The monetary value of the benefit achieved is recorded, but the tangible outcome for our clients receiving such an advantage is rarely explored. Benefits have been received in the form of a cash repayment or from a reduced tax liability which has freed up funds to be invested back into keys areas of their company. We asked five of our clients what they have been able to achieve as a result of us completing successful R&D claims on their behalf.
10
– Spring/Summer 2020
TAX
Lovely Drinks – Rick Freeman (Drink)
101 Engineering Ltd – David Williams (Engineering) 101 Engineering are a company that specialises in high quality manufacturing of cable assemblies, preparation and terminals. Having acted for them and claiming R&D tax relief for a number of years, it has been a great benefit to their company. They have been able to invest the money from the reduced Corporation Tax into new machinery and equipment which has helped them maintain high quality products , one of their key strengths. Further investment in new test equipment has also helped to increase their testing capability and productivity . Vindex – Clive Talbot (Security) As a dynamic, market leading systems integrator delivering Intelligent Business Protection solutions to their customers, staying ahead of competition is absolutely critical for this company. A two-year claim for the company resulted in a significant saving which has enabled them to reinvest. The cash injection has enabled the company to take on two key Sales Team employees , which has assisted them in growing the business further. Naturally, the funding also helps them to continue their focus on pushing innovation forward both as a business and in their industry as a whole. Benefits have been received in the form of a cash repayment or from a reduced tax liability which has freed up funds to be invested back into keys areas of their company
develop new product ranges such as their Ice Lollies and Organic range. The R&D savings are instrumental in allowing such new development to take place.
Lovely Drinks are an award-winning producer of artisan sodas and juices, who seek out the very best ingredients and strive to produce products that steer well clear of preservatives and artificial sweeteners. Their new product and software development work has enabled them to utilise R&D tax relief, which in turn has enabled them to expand into new markets and Eurolink Connect Ltd – Claire Maddox (IT & Software) Since we introduced Eurolink to the R&D tax relief scheme, the business has seen high business growth in particular sectors where they have been able to focus resources in developing unique solutions . As a result, they have won new contracts and been able to employ additional staff to support these, plus they are now making new introductions as they further develop solutions for new customers.
You could be missing out on untapped potential, and there is nothing to lose from a free no-obligation chat. If you would like to understand if your company qualifies, please do not hesitate to get in touch. You could be benefiting from significant savings to help your business grow. Contact Gina.Gardner for more information by emailing gina.gardner@randall-payne.co.uk or call 01242 776000.
Bite-Sized Thinking
›› R&D has never been more important for cashflow ›› It could be the lifeline your business needs to survive ›› Now is the time to start your claim or explore your eligibility with us
These examples are evidence that making R&D claims not only benefits a company financially, but strongly facilitates organic growth, key additional resource, investments in critical areas and enabling new start-ups to employ crucial marketing campaigns.
To find out more about any of the topics discussed in this article, visit randall-payne.co.uk
randall-payne .co.uk 11
CORPORATE FINANCE
Sale Success for Ron Darch & Sons Co Ltd
Having advised on the sale of Hobbs Bros Ltd in 2017, we were approached by the Darch family to manage, on their behalf, the sale of the business from beginning to end.
to enable you to continue to do your job without extra worry or burden.
At Randall & Payne, we recognise that, particularly in the oil industry, it is difficult to dedicate enough time to your business sale, whilst also maintaining a hands-on operational role within your business. Our role is to manage the transaction on your behalf and in your best interests from beginning to end. Having read about our previous successes, the Darch family approached us to discuss the sale of the business due to their intention to retire. It was important to the family that the business was not commoditised and that the legacy of the business would continue under new ownership. Additionally, the family were concerned that the oil and coal elements of the business might be separated or that the coal element of the business may be too niche for distributors who trade only in liquid fuels. Acting on behalf of the shareholders of the company, we supported Andrew, Jamie, Nigel, Jeremy and Simon Darch throughout the transaction which, despite its complexities, fulfilled the
desired outcomes of the shareholders and allowed them exit the business safe in the knowledge that the business would be in the best of hands. Given that there were multiple shareholders of the company, Andrew and Jamie were appointed to work directly with us on behalf of them all. For several months, we met with Andrew and Jamie and worked with them both to gain a full understanding of how the business operates, including the employee and customer base as well as undertaking site visits. From this invested time, we were well positioned to produce a comprehensive Information Memorandum upon which multiple interested parties were able to make informed offers. Our role (and what we do best) is to manage the transaction from the initial sale preparation and identification of potential purchasers, to reviewing completion agreements, our objective is to keep the deal running smoothly, working collaboratively with all parties
At Randall & Payne, it is our objective to ensure that our clients’ success is at the heart of our business andwe are pleased that we have been able to assist the Darch family in achieving this result. Additionally, our knowledge and experience of the oil industry enables us to understand the sticky points and stumbling blocks inherent in these transactions. This enables us to address complex issues such as working capital requirements of a seasonal trade, the
12
– Spring/Summer 2020
CORPORATE FINANCE
due diligence process and warranty exposure in an efficient, fair and effective manner. Having received several offers for the company, the family were able to identify NWF as the buyer who fulfilled their desired outcomes and with whom they wished to move forward. NWF’s focus on building a sustainable business through strong customer service and fair pricing truly mirrored the culture and ethos of Ron Darch & Sons. Additionally, despite not having a coal division, NWF embraced the coal element of the business and felt that it represented an opportunity to complement their existing product base and ensuring that they could continue to offer both liquid and solid fuels to the company’s dedicated customer base. The shareholders of Ron Darch & Sons have exited the business safe in the knowledge that the brand and legacy of the company – testament to the hard work of the family – will long continue. Jamie Darch, Director, said of the process” The relationship we built with Randall & Payne was fantastic. They offered a very personal and professional service, with great communication and we had every confidence in their team. This resulted in a successful sale of the business”
HOW WE SUPPORT YOU
At Randall & Payne we pride ourselves with the support we give to our clients, as we understand that business owners are busy people and do not always have time for data gathering, etc. Allocating a person with the knowledge to answer questions and gather, collate and process the correct information will expedite a quicker, hassle-free process. Continued support throughout the process was given by Aimee Berry, Corporate Finance Assistant. Aimee has a wealth of knowledge in our corporate finance processes having been the contact for several other corporate finance projects. Aimee built up a rapport with the Darch family and the incumbent At Randall & Payne, it is our objective to ensure that our clients’ success is at the heart of our business and we are pleased that we have been able to assist the Darch family in achieving this result. How can Ollie help you? We pride ourselves on only servicing a manageable number of projects at any
accountants and became the central component that kept
everything progressing. Aimee was an effective addition to the process, and was key to ensuring the sale was a success and as hassle-free for the family as possible. Having a single point of contact was appreciated by the Darch family, Jamie Darch, Director said: “The relationship we built with Randall & Payne was fantastic. They offered a very personal and professional service, with great communication and we had every confidence in their team. This resulted in a successful sale of the business.” one time in order to provide the best possible service to our clients and to allow us to ‘get the job done’. If you are looking for corporate finance advice, or thinking about exiting your business within the next five years, please call Ollie Newbold, our Head of Corporate Finance on 01242 776000 or email corporatefinance@randall- payne.co.uk
randall-payne .co.uk 13
ACCOUNTANCY
Dispelling the myths with communication
There are often many misconceptions and stereotypes around accountants and the service they provide which can easily be dispelled with effective communication.
At Randall & Payne we hold advice clinics which allowme to meet with you and have an open and honest conversation about your business, and about the vision for where you want to be in the future, whether that is shorter or longer term. I will show you how we can work together to help you achieve this. Our advice clinics are free for you to start the communication about how we can make your success our priority. Contact Shaun Pegler for more information by emailing shaun.pegler@randall-payne.co.uk or call 01242 776000.
MYTH #2: Only contact with the client is at the annual compliance meeting
Shaun Pegler Client Relationship Manager
We offer meetings to suit the clients. Some people are happy to have the annual compliance meeting, whilst others prefer them quarterly to go through Management Information. We scope our delivery around you and this can always be reviewed as the business changes. MYTH #3: There’s no benefit to changing accountant as they all work the same way When I meet potential clients, their expectations of service can sometimes be low so they often don’t see a benefit to starting a conversation with someone new. Generally, their thinking is that it’s easier to continue with what they know, or that once they have met with us, they would be committed to working with us. After attending one of our no-obligation fact finding meetings, new contacts often leave feeling energized and positive about the future. MYTH #4: Wrong size business We work with all sizes of business – I was surprised by a new client who didn’t think they were the right size to work with us.
At Randall & Payne we ensure our contact with our clients is timely, manageable and transparent. Communication is the key so that they can have the confidence to continue with their business, safe in the knowledge that we have all things compliance covered. We do remain mindful of the myths as we know many people still apply them when they think of accountancy services: MYTH #1: Too time consuming We pride ourselves in doing as much of the legwork as possible for you, so that you can carry on running your business and doing what you do best. With the introduction of cloud based and accounting apps we can easily access the information we need to make sure the accounts we file for you are impeccable and submitted in a timely manner.
Bite-Sized Thinking
›› Start a real conversation about where you want your business to be. ›› Don’t be afraid of change, when all you are doing is finding out the facts. ›› Let us make your success our priority.
To find out more about any of the topics discussed in this article, visit randall-payne.co.uk
14
– Spring/Summer 2020
NEWS FOCUS
The 23rd Gloucestershire Business Awards
The launch of the awards is usually commemorated with a breakfast event, but that wasn’t possible due to the current health situation so here’s what you need to know.
The ceremony The Centaur, Cheltenham Racecourse, 8 October 2020. Senior editor, Rachael Sugden said: “The coming months are going to be challenging for us all. These are unprecedented times for our local, regional and national business community. No matter what the future holds, Gloucestershire is home to many incredible success stories and it’s now more than ever that we should all be shouting about the incredible work our businesses do that contribute to the economic success of the region. “While this year will be a trying time for everyone, it is also an opportunity to come together and support each other. I urge you all to share your can-do initiatives, your positive updates and your optimistic projects – we will get through this period together, supporting each other – and I for one cannot wait to celebrate with you all later this year.” To nominate a business simply visit glosbusinessawards.co.uk
So, we are thrilled to be able to showcase what we do to Gloucestershire’s finest and hopefully create some new working partnerships along the way.’’ The host Louise Minchin will be engaging with the audience as she hosts the awards. Louise is a highly respected broadcaster and journalist who presents a popular breakfast programme as well as featuring on Triathlon eventing coverage. The award categories 1. Business Of The Year 2. Small Business Of The Year 3. Family Business Of The Year 4. New Business Of The Year 5. Young Business Person Of The Year 6. Business Innovation 7. Marketing Campaign Of The Year 8. Best Place To Work Award 9. Growth Business Of The Year 10. Corporate Social Responsibility Award 11. Best Employee Award
Fiona Hughes Marketing Manager
We are excited to be involved with the Gloucestershire Business Awards for a ninth consecutive year and we are pleased to have a charity partner involved from the very beginning for the first time in the awards history. The charity partner The Hollie Gazzard Trust was created following the murder of 20-year-old Hollie Gazzard in 2014 by an ex-partner. The trust helps to reduce domestic violence and stalking through creating and delivering programmes to businesses and promoting healthy relationships to schools and colleges. The charity’s founder, Nick Gazzard, said: ‘‘With our roots firmly placed in the county we are proud to be associated with all the great businesses that make it a fantastic place to live and work. We work with many organisations around the UK to safeguard their employees from domestic abuse and stalking.
12. Lifetime Achievement Award 13. Charitable Contribution Award
randall-payne .co.uk 15
IN THE COMMUNITY
We can all #Do1Thing for climate change
Our latest annual Zero to Landfill certificate has revealed we have reduced our non-recyclable waste.
of Cheltenham for a cuppa as well as a third of our neighbours in Gloucester! That’s a whopping 161,000 cups of tea or coffee. Finding further ways to reduce waste is something we continue to strive to do. We also have a bin for crisp packets which are sent to a local recycling hub to raise money for charity, and our Randall & Payne branded pens are 90% recycled and 90% recyclable. We use refillable water bottles in our meeting rooms and use crockery in our café area. Other changes we have made include the use of an autofill hot water boiler rather than a kettle. Lights with sensors have been installed in our hall ways which turn off when not in use, our office equipment is turned off rather than being left on stand-by each evening, and we now use re-chargeable batteries. We use Office Landscapes to supply and maintain our plants around the office – not only do they improve the air quality and therefore productivity, there are studies to show they reduce stress too! For the last couple of years
we have ‘rented’ our Christmas tree from Cotswold Fir available from Primrose Vale just down the road. Most recently we have changed our milk supply from plastic to glass bottles from Cotteswold Dairy, and in partnership with Wheatley’s Printers, we are supporting the Woodlands Trust and Carbon Catcher scheme in which trees are planted in the UK to capture the carbon. We still have several ideas on our #Do1Thing list. We would encourage every business to think about the changes they can make. If we all make small changes they start to add up and we can make a significant difference to our environment, with the added benefit of boosting employee engagement along the way. Contact Fiona Hughes for more information by emailing marketing@randall-payne.co.uk or call 01242 776000.
Fiona Hughes Marketing Manager
This comes during the #Do1Thing campaign which was launched earlier this year by the Reach PLC network of websites and newspapers to encourage people to tackle climate change. The campaign urges people and businesses to do one thing to make a difference. Our non-recyclable waste has reduced to 3.2 tonnes from 3.57 tonnes, according to our recycling partner, Printwaste. In 2019 we took away individual desk bins and introduced different recycling bins for our cardboard, plastic and food- waste. Our corporate social responsibility policy has for many years stated that our paper is shredded and recycled. Our non-recycled waste is taken away by Printwaste and converted to energy. They crunch our recycling numbers and express the saving as the number of teas or coffees which can be made. For 2019 it was enough to invite the whole
16
– Spring/Summer 2020
RANDALL & PAYNE NEWS
Congratulations to Ben and Nathan who have both got engaged on holiday. Here’s how and where they did it... The Audit team are popping the question all over the place!
Introducing baby Harper
Congratulations to Rosie and her husband Mike, who welcomed their first child into the world on 26 Feb 2020. Elise Harper was born by a planned caesarean section at 37 weeks weighing 7lb 8oz at the Gloucestershire Royal Hospital. She went home on the Saturday and then had to go back into hospital a couple of days later as she had lost weight and was jaundice. Elise had phototherapy in an incubator which was provided by Scoo-B-Doo, our charity partner. Rosie tells us that Elise is settling in well and their rescue dog, Jan, doesn’t mind her either! Sadly with the social distancing in place currently, it will be some time until she’s able to come into the office to meet us.
Ben & Millie: In Cape Verde. After dinner on the beach at Perola D’Chaves restaurant, Ben strapped a GoPro camera to his chest and went for a wander down the beach. As he got down on one knee, he got hit about waist high by an oncoming wave. Luckily he didn’t drop the ring – and she said yes!
Mental health champions
Our HR team; Jo Byrd and Clare Long, along with Justin Whithorn, our Facilities Manager, have recently become Mental Health First Aid Champions having attended a one-day course with MHFA England, a social enterprise with a vision to improve the mental health of the nation. They believe in zero stigma around mental health and that it should be openly discussed and supported. The course has given them an understanding of common mental health issues and the skills to signpost people to support. Tim encourages our people to come and chat to him or their line manager, but Jo, Clare and Justin are now able to offer further support if required.
Nathan & Emily : In Barcelona. After a drink, at 7pm they walked to The Magic Fountain of Montjuïc to see the light show which was the intended back drop for Nathan’s proposal... except he had the timings wrong and it didn’t start until 8pm! After a longer than anticipated walk around the surroundings, he got down on one knee and popped the question – thankfully she said yes!
randall-payne .co.uk 17
GUEST ARTICLE
Bold ideas produce winning results
Recognised for breaking the barriers of innovation with many patents to their name that solve numerous issues for commercial businesses, Protrack’s latest award win recognises their bespoke software solution for the fleet industry.
Innovation is crucial for business growth. The successful exploitation of new ideas is crucial to a business being able to improve its processes, bring new and improved products and services to market, increase its efficiency and, most importantly, improve its profitability. As a company we are not afraid to tackle high risk, highly technical projects, however we are careful to calculate and ensure the success of the end product. We were thrilled to win the Business Innovation award at the Gloucestershire Business Awards in October, having impressed the judges by our latest project, the ProDrive Security System, which solves the issue of thefts of delivery vehicles as a result of drivers leaving the keys in the vehicles and often leaving the vehicles running. ProDrive Security will detect when a driver exits the vehicle then automatically, and safely, shuts down the engine. When the driver returns, it can only be restarted if the driver is authorised as a biometric user.
The system records a fingerprint which can be sent to any vehicle which has our solution professionally installed. Drivers can be added, removed and suspended by an administrator using a security protected app. The ProDrive Security system can be overridden remotely if the vehicle requires a service, has an accident or simply needs to be driven by an unauthorised user. Driver identification is recorded for each journey. Numerous courier companies are trialling the product and we are in discussion with insurance underwriters and brokers about attracting insurance discounts. The ProDrive Security system appears to be the answer to a worldwide problem with a pending patent. We are excited to be working with Will because we recognise that Randall & Payne too have an innovative approach to solving problems and quickly demonstrated that they deliver on promises, whether that be helping with
strategy, dealing with R&D Tax claims or reporting on our monthly financial performance. Will said – “Innovation is not just about developing new products for customers but also embracing opportunities to improve internal processes like cloud accounting to drive productivity. Kevin and the teamhave innovation running through themand it is great to help them continue tomake improvements in all aspects of their business.” Look out for our upcoming event called ALL THINGS FLEET which will be held at Gloucester Rugby Kingsholm later this year. The Protrack Group, GPS tracking specialists, are a family run business based in the heart of Gloucester which
Kevin Pope founded in 2010. www.protrack-group.com
18
– Spring/Summer 2020
EVENTS
Key Events
KEY DEADLINES
APR
This included events such as the Gloucestershire Business Awards, our walk to the hospital, Family Fun day and our annual Quiz Night. Plus, our in-house dress down and breakfast butty Friday’s. After 18 months of fundraising for Scoo-B-Doo, in January we were delighted to say the total raised at that stage was... £10,705!
Corporation Tax due period ended 30/01/19 2020/21 Tax Year begins
1
6
Due date for 2019/20 PAYE month 12 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/07/19 Corporation Tax return deadline to HMRC – periods to 30/04/19 Corporation Tax due – period ended 31/07/19 Due date for 2020/21 PAYE month 1 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/08/19 Corporation Tax return deadline to HMRC – periods to 31/05/19
19
22
30
MAY
1
19
22
Thank you to our generous staff and supporters for getting behind a fantastic cause. Our target is to raise £15,000 so that we can buy an incubator for the special care baby unit at Gloucestershire Royal Hospital. No-one could have missed that all events, charitable or otherwise, are cancelled due to the pandemic so sadly that has meant our planned events have been postponed. The Partners and staff at Randall & Payne have decided to continue to support Scoo-B-Doo until the end of 2020 so that they receive the full two years support we promised to give. Therefore we will revisit the events we had planned, so please keep an eye on our website and social media posts for details.
31
JUNE
Corporation Tax due – period ended 31/08/19 Due for 2020/21 PAYE month 2
1
19
PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 30/09/19 Corporation Tax return deadline to HMRC – periods to 31/06/19
22
31
JULY
Corporation Tax due – period ended 30/09/19
1
P11D for 2019/20 to HMRC deadline Share scheme returns 2019/20 to HMRC deadline
6
Due for 2020/21 PAYE month 3
19
PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/10/19 Corporation Tax return deadline to HMRC – periods to 30/07/19 Due date for SA return 2nd payment on account 2019/20
22
Advice Clinic Every Monday, 1:30-4:30pm
31
Got a tricky business question or need advice to move forward? Whether you want to raise finance, tackle your profit and growth issues or get some tips on saving tax or investing wealth, our expert team can provide the right professional guidance at our next Advice Clinic. Give us a call to book your free one-hour slot with the relevant expert on 01242 776000. N.B During the COVID-19 pandemic Advice clinics will be by phone or GoTo meeting
Please note that significant government financial support has been offered during the COVID-19 crisis, meaning that many of the due dates listed above may have deferral arrangements available – please speak to us for further information.
randall-payne .co.uk 19
HMRC tax investigations aren’t just something you hear about.
Our Tax Investigation Service provides you with support when you need it most.
Last year HMRC collected £34.1bn from tax investigations alone.
From the agricultural industry to the ownership of rental property, it doesn’t matter what sector you operate in.
HMRC do not discriminate between big and small and anyone who submits a tax return can be at risk of investigation.
Call us on 01242 776 000 or visit randall-payne.co.uk to take advantage of the benefits included with our Tax Investigation Service.
Tax Investigation Service
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20Made with FlippingBook Ebook Creator