In Focus issue 23 Spring/Summer 2022 | Randall & Payne Accountants & Business Advisors

ISSUE 23 | SPRING/SUMMER 2022 RANDALL-PAYNE.CO.UK

We make your success our priority

TM

Our sustainability journey Positive changes for your business and our planet SPRING STATEMENT 2022 BUSINESS ADVISORY

CORPORATE FINANCE

Improve your business performance and increase profits and cash with our business bootcamp

Planning for a successful exit with a focus on continuous improvement, investment and growth

What’s included in the Tax Plan?

- TAX PAGES 4-5

ACCOUNTS

AUDIT

OUR NEWS

GUEST ARTICLE

TRUSTEE OBLIGATIONS & DOCTORS TIERED RATE CHANGES

AUDIT MANAGERS WITH DIFFERENT EXPERIENCES

FUNDRAISING FOR MAGGIES CHELTENHAM

ASSURANCE WITH ISO CERTIFICATION

WELCOME

MEET OUR SENIOR TEAM Tim Watkins Tim Watkins | Managing Partner

Managing Partner

Will Abbott Partner Specialism: Business Advisory

Rob Case Partner Specialism: Tax & VAT

Ollie Newbold

Welcome to issue 23 of In Focus.

In this issue we look at sustainability, which applies not only to the future of our planet but also for business, whatever stage of the journey you are at we should be on it together.

‘My view’ on pages 6-7 addresses the journey we are on to reduce our carbon footprint and protect our eco-system. We encourage our staff to make suggestions for changes we can implement in the office, some of which can be replicated at home.

Our Guest article on page 18, by ISO Quality Services, talks about the service they offer to SME’s, providing support through achieving many different ISO certifications, in addition to the Environmental Management System we are completing.

Will’s Business Bootcamp article on page 8-9 offers advice on business advisory packages designed to help make your business sustainable and be there to provide a secure future for you, your family, customers and employees.

Whatever your understanding of sustainability, this issue covers many elements of it including a case study about a start-up, JAYA Beauty, for whom an R&D refund was crucial for cash flow.

With so much uncertainty still in play, we provide a round-up of the announcements from the Chancellor’s Spring statement on pages 4-5. With the 2

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cost of living increase impacting almost every aspect of personal and business life, learning how to be sustainable and survive under such pressures has never been more crucial.

If you are looking to exit your business at some point in the future, Ollie shares our proven strategies to help businesses Improve, Invest, Grow and Exit in his article on pages 10-11.

We also offer advice for Trustees about their obligations, doctors about pension contributions, and illustrate how a blend of experience has benefited our audit team.

Last, but not least, we feature the launch of the GloucestershireLive Business Awards 2022, which we are pleased to be sponsoring for the 10th time. Every year these awards get bigger and better and, following the launch, we are confident that this year will showcase even more success stories for the Gloucestershire business community.

Our coffee machine is back on and we look forward to seeing you in the office soon. In the meantime we hope you enjoy reading this issue of in focus.

Partner Specialism: Corporate Finance

Simon Dudfield Director Specialism: Medical Services

Nikki Cairns Client Director Specialism: Accounts

James Geary Client Director Specialism: Corporate Tax

Nicholas Gratton Client Director Specialism: Accounts

Ryan Moore Client Director Specialism: Audit

Shaun Pegler Client Director Specialism: Accounts

Subscribe at www.randall-payne.co.uk/ news/subscribe-to-in-focus T: 01242 776000 E: marketing@randall-payne.co.uk randall-payne.co.uk @RandallPayne

Randall & Payne LLP

Chargrove House, Shurdington Road, Cheltenham GL51 4GA Printed on Carbon Captured paper.

Supporting the

CONTENTS

IN THIS ISSUE NEWS FOCUS | 4 – 5 What you need to know following the Spring Statement 2022

TIM’S VIEW | 6 – 7

P6-7 Sustainability

brings positive changes

Sustainability brings positive changes in more ways than you would expect

BUSINESS ADVISORY | 8 – 9 Is business advisory the bootcamp for your business?

CORPORATE FINANCE | 10 – 11 Get ready for Exit in 4 steps: Improve, Invest, Grow, Exit

TAX | 12 – 13 The new obligations Trustees should be aware of and the tiered rate changes which will affect doctors’ superannuation contributions

ACCOUNTANCY | 14 Accounts case study: the best advice is crucial to ensure a strong start for JAYA Beauty

AUDIT | 15

P8-9 Bootcamp for

your business

Managers with 10 years of audit experience take different paths to the same destination

IN THE COMMUNITY | 16 – 17 Recognising the resilience of our county’s business community – the awards are back for 2022

GUEST ARTICLE | 18 Providing assurance with ISO Certification

EVENTS | 19 Key dates for your diary

P10-11 Get ready for exit

in 4 key stages

randall-payne.co.uk 3

SPRING STATEMENT 2022

The Spring Statement 2022: introducing the tax plan Rob Case | Partner

Given this was a Spring Statement and not a full Budget there were more announcements than expected which was clearly driven by recent developments across the globe and the rate of inflation at home.

There were stark warnings that we should be prepared for things to get worse and that the cost of borrowing is still going to rise, but that said there were some clear announcements and targeted tweaks to taxes that will provide a small amount of help to many.

The Chancellor published his threestep “Tax Plan” for the remainder of the current Parliament: � Step 1 covers the increase to National

Insurance thresholds and immediate VAT and fuel duty cuts � Step 2 covers proposals from April

2023 to reform R&D incentives and boost investment through Capital Allowances reforms � Step 3 covers the proposed drop in

basic rate Income Tax from 20% to 19% from April 2024, subject to fiscal rules being met at that time

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Step 1 National Insurance There was a huge call on the Chancellor to scrap the planned 1.25% National Insurance rise ahead of the Spring Statement, which he did not do.

However, he has looked to sort a long standing anomaly in the thresholds at which National Insurance starts to be paid, by aligning it with Income Tax. The personal allowance for income tax is £12,570. Increasing the National Insurance Threshold to this level is an increase of £2,690 and will mean most people will not have any income tax or NIC’s deducted from their pay at all.

This is due to be applied from 6 July 2022 to allow time to implement the change.

Overall, from July 6 2022, despite an increase in the NIC rate by 1.25%, the new threshold means that unless you earn more than £38,500 in salary, the NICs you pay will be lower – for example, a fulltime employee on living wage will see a reduction of almost £250 per annum.

The Chancellor also provided similar support for the self-employed, with no Class 2 or Class 4 NICs due until profits reach the same threshold of £12,570.

Accordingly, self-employed individuals could also see their National Insurance bill reduce by up to £429.

One point to note is that Class 2 National Insurance remains relevant to contributions for qualifying years for State Pension, and whilst not compulsory to pay it, they may wish to consider checking their entitlement to certain state benefits and potentially paying it voluntarily.

Employment Allowance The increase in the Employment Allowance from £4,000 to £5,000 from April 2022 enables eligible businesses to reduce their employer NIC bills by an additional £1,000 in a tax year.

This may take up to 3% of businesses out of the requirement to pay employer NICs altogether.

NEWS FOCUS Whilst the increase in the allowance looks good on the surface, it is only available to those with employers NIC liabilities of less than £100,000 (and so will not benefit larger employers). With the increase in the rate of employer contributions from 13.8% to 15.05%, and no mention of an increase to the Employer NIC thresholds announced, small and mid-size companies may find themselves without the allowance at all.

5p per litre reduction to Fuel Duty One of the big early announcements was the temporary 12-month cut to duty on petrol and diesel of 5p per litre.

The average price of a litre of petrol has risen more than 40p a litre since last year’s Spring Statement. This means the government is getting an extra 7p per litre in VAT alone so giving a 5p reduction looks to be an affordable mechanism hence the announcement.

This measure will affect individuals and businesses alike and HM Treasury suggest it will apparently save the average UK car driver around £100, van driver around £200 and haulier around £1,500.

Some will argue that this will not encourage the switch to green technology in line with climate change pledges, but as a short term measure it will undoubtedly have its desired effect.

Reduction to VAT on the Installation of Energy Saving Materials Leaving the European Union has given the UK more freedom in relation to VAT rates. With effect from 1 April 2022 (and staying in place until 31 March 2027) households installing energy saving materials such as thermal insulation, solar panels and wind and water turbines pay 0% VAT, helping to improve energy efficiency and keep heating bills down.

HM Treasury predict a typical family having rooftop solar panels installed will save more than £1,000 in total on installation and then save on ongoing bills.

The big question will come with the availability of materials and suppliers to carry out the work, with a larger demand and increasing material costs this may push prices up and counteract

the measure, however it will surely encourage some to commit to installing such systems.

�

Reintroducing First Year Allowances e.g. 40% and 13% for costs not falling within AIA

Step 2

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An “additional FYA” of possibly 20% (making 120% equivalent tax relief)

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Full expensing of costs in year 1 (effectively a permanent AIA with no upper limit)

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Improving relief on buildings and structures, or bringing back allowances on green technology

R&D Tax Relief The R&D reforms have been coming for over a year now, with the publication of a major discussion document at Budget 2021, with subsequent feedback and discussions. The full detail of changes to be implemented from April 2023 will be published at the Autumn Budget later this year, but we have a clear direction of travel on many aspects of the reform: �

Restricting qualifying costs for overseas personnel, with certain exceptions

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Inclusion of cloud computing and pure mathematics costs

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Potential increase in rates of relief

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Continuing work on combatting abuse of the schemes

Capital Allowances The other major aspect of step 2 was not expected, and that is a longer term review of tax relief on business capital expenditure. Currently the highlights of the Capital Allowances system are: �

Annual Investment Allowance (AIA) of £1 million

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Super Deduction of 130% for qualifying machinery costs by a limited company with no upper limit

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Annual writing down allowances (WDAs) of 18% or 6% on expenditure remaining unrelieved after the above

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Annual allowance of 3% on buildings or structures

The Government has recognised that once the super deduction is abolished, the UK tax system will be uncompetitive against other major economies, and is therefore considering options to continue to boost investment from April 2023. They state that this could take the form of one or more of the following: �

Increasing the permanent level of AIA, “for example” to £500,000

�

Increasing WDAs to 20% and 8% respectively

They are considering these options ahead of the Autumn Budget, and consultation with business and professional bodies is expected between now and then.

On a separate note, Enterprise Management Incentive (EMI) share option schemes have been confirmed to continue without change. However they are now looking to review other tax advantaged share schemes to ensure they are supporting businesses.

Step 3

Pledge to cut Income Tax He ended his speech by announcing a commitment to a 1% cut in the basic rate of Income (currently 20%) in two years’ time which seems to be a bold move in current times as there are still a number of unknowns.

There was no mention of any change to the tax rate for higher or additional rate taxpayers or the bands at which they would apply, which are frozen until April 2024 and so despite the announcement, it still provides leeway to adjust tax bands and thresholds to maintain tax receipts should it be required.

One small point is that as Gift Aid payments to Charities are based on the basic rate of tax and a reduction could directly impact their funding, the Treasury have confirmed a three year transition period, maintaining the tax relief at 20% until April 2027. This provides certainty for the Third Sector, but may also allow for tax planning opportunities for individuals.

To discuss your situation in more detail contact your advisor on 01242 776000, or email tax@randallpayne.co.uk and we would be happy to chat this through with you. randall-payne.co.uk 5

TIM’S VIEW

Tim Watkins | Managing Partner

Sustainability brings positive changes in more ways than you would expect Sustainability for us as a firm is an holistic approach from protecting our ecosystem for future generations, providing employment assurance and reliable customer service.

Over the years we have been taking steps to reduce our carbon footprint and our impact on the environment, from recycling our waste and using glass milk bottles, to fitting motion sensor indoor lights and ensuring equipment is turned off at the end of the day.

We have used Printwaste for many years to shred our confidential paper and in the last five years for recycling.

We receive a Zero to Landfill Certificate annually and have seen our waste reduce over this time. We envisage this reduction to continue as we’ve moved to accounting software for paperless files and hybrid working.

Randall & Payne In recognition of achieving and maintaining zero waste to landfill status, at their Shurdington site, throughout 2021

86.86%

306.25 kWh

3 of 6

3,240

14/03/22

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With the increased focus on sustainability following COP26, we want to continue to make positive steps and have signed up to do an ISO certification, ISO 14001 Environmental Management System, supported by ISO QSL Ltd. We want to help further reduce our environmental impact and to show we are doing our bit.

Being a responsible firm is becoming more important to attract and retain staff as well as clients, and also impacts the supply chain, as Perry from ISO QSL explains in her Guest article on page 18 with her example that insurers are taking green credentials into account.

We are proud to work with clients who are also on their sustainability journey but one in particular stands out to me more than most. The Beeswax Wrap Co, founded by Fran Beer in 2017, became a client in 2020 after a valuation and an MBO and we now look after her accounts and tax too.

We receive a Zero to Landfill Certificate annually and have seen our waste reduce over this time. We envisage this reduction to continue as we’ve moved to accounting software for paperless files and hybrid working.

The business started with a sustainable product; homemade beeswax wraps to replace the need for cling film, so it was important for the business to be as sustainable as possible too. Recognition for her efforts are showcased by their multiple award wins which include

TIM’S VIEW

the GloucestershireLive Corporate Social Responsibility Award in 2021.

Fran’s sustainability journey is different to ours although the beginning was similar, making positive changes based on her gut instinct to start with.

The Beeswax Wrap Co became B Corp certified in 2019, which was the first official step and have since achieved B Corp’s Best for the World 2021 which means they are in the worldwide top 5% of B Corps! This first step clearly laid out

the gaps and how to improve, which led to Fran looking at their carbon footprint with Planet Mark and looking at her packaging with the World Land Trust.

And so one stage led to the next as I am sure it will do for us too.

Fran’s sustainability journey led to many positive outcomes along the way, and has been a positive move for the business overall and not just for the environment.

I am looking forward to our ISO 14001 audit report to improve further on our sustainability journey.

Sustainability is something the whole organisation can get involved with and feel a part of. We have individuals within our team who have been recycling ‘non-recyclable’ waste, such as crisp packets, using a local group who collect and send packages to Terracycle to raise money for charity.

There are so many things we can all be doing but as Fran has said herself, when starting out it is easy to feel overwhelmed and not know where best to begin. From my experience it helps to talk to other businesses about what they are doing to find out what is right for you and best suits your product or service.

Remember to talk about your accomplishments and your green credentials as they can help you to stand out from the crowd and help to make connections with like-minded businesses.

Contact Tim Watkins for more information by emailing tim.watkins@randall-payne.co.uk or call 01242 776000.

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BUSINESS ADVISORY

Will Abbott | Partner

Is business advisory the bootcamp for your business?

How can our Business Bootcamp support packages help you realise the hidden potential in and add value to your business?

We take five steps to improve performance and increase profits and cash in your business.

It is important that business owners and managers define what success looks like for them and the significant people in their lives. Releasing the hidden performance and profitability improvements in the business is often the key to achieving those personal goals.

3

Gaps. The gaps will show which numbers generate the greatest impact and suggest the areas of initial focus for action.

YES – What next?

Move on to the next actions and periodically loop round to Step 1 Now to reset and revise the plan.

4

Action. Nothing changes unless something changes. Identifying the actions that will be needed to close the gaps and prioritising them is the heart of the improvement process.

Using our combined experience, together we can develop actions to tackle challenges in all areas of the business from planning, through process, people, products and customers.

NO – What Happened?

Understanding what has stopped actions being implemented, learning from and addressing those challenges may well be the most important part of the process.

Focussing on business performance, as measured by financial outputs, the five steps are: 1

Now. We use 7 numbers to gain an initial understanding of where you are now and share insights into current performance.

2

Where. We hone in on the 5 key numbers together to explore what the impact of agreed improvements in those numbers would mean for each measure and in total. Invariably a significant potential improvement in performance and profit will be identified. Whilst we will challenge you at this step, you remain in control of the targets being set.

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Monitor. A monthly accountability meeting will keep these actions on track as we assess whether the tasks already taken are achieving the results expected.

The results from this meeting’s discussion will determine what happens next:

We have developed a complete range of business advisory support packages to help a wide range of businesses.

A combination of action planning with periodic in depth reviews, monthly accountability calls, quarterly peer workshops and online learning, the Randall & Payne Business Bootcamps combine the best and necessary elements of successful business advisory support.

BUSINESS ADVISORY

RANDALL & PAYNE BUSINESS BOOTCAMP PEER-TO-PEER WORKSHOPS

Our peer-to-peer workshops are designed for owner managed businesses and aim to challenge thinking, help develop new perspectives and deliver results.

As the marketplace brings new challenges and opportunities, it is critical that busy business leaders invest time to continually build and refine their skills and focus on the few key actions that will have the greatest impact on their business and their success. We know from working with many businesses over many years that whilst there will be differences many of the problems the owners/managers face are the same. By bringing leaders together, our peer workshops create the opportunity to benefit from interacting with each other and sharing ideas and experiences.

At every Bootcamp workshop there will be learning, insights and

the chance to hear from and work with your business peers, to further contribute to actionable plans to take away for your business and for you as a leader.

The first workshop “Leveraged Leadership – Resetting your Strategies for 2022” was held in March.

FUTURE WORKSHOPS: 14 June Strategy / Focus / Vision - strategy shifts 6 September Growth / Profit the evolved customer 22 November 2023 Trends / innovations

Contact Will Abbott for more information by emailing will.abbott@randall-payne.co.uk or call 01242 776000.

As the marketplace brings new challenges and opportunities, it is critical that busy business leaders invest time to continually build and refine their skills and focus on the few key actions that will have the greatest impact on their business and their success.

Bite-Sized Thinking

›› Exploring what is possible opens up thinking and drives success ›› Being accountable to a trusted advisor significantly improves outcomes ›› Owner managers underestimate the additional profit that will be generated by a few key actions To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 9

CORPORATE FINANCE

Ollie Newbold | Partner

Improve, Invest, Growth, Exit A successful exit typically represents the culmination of moving through a business lifecycle that is focused on continuous improvement, investment and growth.

We have been advising businesses since 1879 and continue to work hand in hand with our clients to ensure they are receiving the best possible service and advice. This experience has enabled us to produce proven, effective strategies that are ‘match fit’ for the modern business lifecycle.

The last two years have been challenging for businesses and as we emerge from the pandemic we salute how well companies continue to adapt to ever-changing times.

Despite these trials, many clients have continued to press forward with ambition and purpose and we have seen an increase in clients looking for assistance with investment, acquisition strategy and exit strategy preparation.

We perceive that there are four key steps in the business lifecycle, broken down as follows:

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IMPROVE Improvement comes from within the business and must be continually monitored and addressed in order for progress to be demonstrated.

We recommend that clients focus on the key issues to drive profit and growth. The more we speak with our clients and work alongside them within their business, the simpler it is to provide solutions and opportunities for continued improvement. The key to this stage is understanding what needs to be measured within the business that has the greatest overall impact on performance.

Waste management can be a key factor in the improvement stages. Waste is not just seen within manufacturing, it is seen across all sectors and can be related to a number of areas such as time management, overproduction, ineffective processing and unnecessary motions. By monitoring and managing these aspects of a business, clients can

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effect changes to increase business output and in turn profit.

Furthermore, from a structural perspective there are opportunities at this stage to review business structures, strategic planning and business operations in order that the business structure is future proof.

The last two years have been challenging for businesses and as we emerge from the pandemic we salute how well companies continue to adapt to ever-changing times.

CORPORATE FINANCE

INVEST Once areas of improvement have been ascertained, we work closely with our clients to establish a clear investment strategy which will incorporate the newly improved measures. Investment can be undertaken by incorporating both human and capital investment.

We directly appreciate the challenges companies are currently seeing in recruitment. Many businesses are looking within their existing team to help expand the business, through leveraging off existing external connections. Through our accredited business coaching we have assisted the development of existing employees for new roles with their workplace. Over the last two years, we have also seen noteworthy opportunities to obtain significant levels of funding and we continue to work closely alongside our clients to capitalise on this opportunity.

GROWTH Naturally, improvement and investment will become the driving force behind organic growth, however, acquisitive growth offers great opportunities to benefit from synergies, along with the possibility of strategically acquiring to obtain additional skillsets and resources..

Our expertise has allowed our clients to identify, structure, finance and implement their acquisitions to meet strategic goals whilst mitigating risks.

Making the right, targeted acquisition should deliver strategic success as well as increased financial performance.

EXIT An exit from a business is a complex and detailed process that most business owners will only do once in their lifetime. Therefore, the key to success is to obtain advisors that you feel comfortable with and who have experience of transactions of this nature.

A lot of clients have numerous questions about the exit process when they start considering selling the business that they have worked so hard to build up and

maintain. Our view is always to provide as much guidance as possible in these early stages and to allow clients the time they need to consider to whether an exit is right for them at that point.

Our significant experience in business sales has allowed us to provide guidance before, during and after the sales process to deliver our clients’ version of success.

Regardless of where you are in your business life-cycle, we have the experience and expertise to assist you in reviewing your options and goals.

Contact Ollie Newbold for more information by emailing corporatefinance@randall-payne. co.uk or call 01242 776000. randall-payne.co.uk 11

TAX

Calling all Trustees

the new obligations that you should be aware of Trusts with UK tax liabilities, namely Capital Gains Tax, Income Tax, Inheritance Tax, Stamp Duty Land Tax, and Stamp Duty Reserve Tax, were required to register with the Trust Registration Service (TRS), commit to keeping the details up to date and annually make a declaration.

New trusts Kate Thorburn Private Client Tax Manager The Trust Registration Service (TRS) is an online website created by HMRC which requires trustees to provide details of the trusts settlor, trustees and beneficiaries along with the tax residence of the trust and the assets it holds.

The deadline for registering a taxable trust in existence before 6 April 2021 is by 5 October in the tax year after the one in which the trust starts to receive any income or has capital gains, and becomes liable for Income Tax or Capital Gains Tax. For example, if your trust received bank interest for the first time in May 2019 (being the 2019/20 tax year) and became liable to Income Tax on it, the trustees would have needed to register by 5 October 2020.

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The TRS has evolved and is being rolled out to include the majority of non-tax paying trusts. The only trusts that are specifically excluded from the requirement to register include, but are not limited to, : � Trusts imposed by legislation or court

order. � Estates (apart from registrable

complex estates) and trusts created on death that are only in existence for a period of two years from the date of death. � Charitable trusts. � Trusts where a disabled person is the beneficiary.

For non-taxable trusts in existence on 6 October 2020, the deadline by which the trust needs to be registered is 1 September 2022. Trusts created after this date are required to register by 90 days from creation.

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Maintaining and updating the trust records on the TRS Even if the trust details remain the same, the trustees will still be required to submit an annual declaration to confirm the details held on HMRC’s record are accurate. Updates are necessary each time there are changes to the beneficial ownership information, such as trustees or beneficiaries. Trustees will have 90 days to update any relevant information.

Where a trust is not registered prior to the deadline, HMRC has indicated they will send a letter to the trustees to remind them of the duty to register. If they do not comply, a financial penalty will be issued.

We can help Trustees to understand their likely obligations. Get in touch to discuss how we assist you with the registration process and ensure you are compliant going forward.

Contact Kate Thorburn for more information by emailing tax@randall-payne.co.uk or call 01242 776000.

TAX

Tiered rate changes will affect doctors superannuation contributions

Set up 14 years ago, the tiered rates of employee NHS superannuation contributions have remained mostly the same for 7 years, however the new two tiered system brings with it notable changes. � If you underpay - tax relief is only

Terry Bentley-Darby Senior Tax Manager

It is advisable that you ensure that the correct tiered rate is being used and that type 1 and type 2 pension certificates are submitted each year where necessary

A new tier system is to be phased in over two years and many will therefore see their rates change. Some primarily higher earners will see their contribution rates fall by up to 2% over the two years but some in lower tiers could see their contributions increase by up to 1.5%.

To further complicate matters, the initial change, which was due to take place on 1 April 2002 has been deferred until 1 October 2022 so there is to be a midyear change of rates.

Salaried doctors should check their employer is applying the new rates and not simply carrying on using the same rate as in previous years.

For GP partners, the practices should have submitted the estimates for 2022/23. If not, they should be submitted as a matter of priority as, by not submitting, the PCSE can apply the highest rate irrespective of income.

After the end of the year, the type 1 and type 2 certificates (usually due 28 February following the year-end) should identify any over or underpayments. If the wrong rate has been used you should be aware that:

For sessional GPs, care should be taken when completing forms A & B, particularly in October and April, to ensure the most appropriate rate is being applied.

� If you overpay - even though the PCSE

obtained on contributions paid in the tax year and therefore tax relief will not be given until the year in which the balance is paid.

It is advisable that you ensure that the correct tiered rate is being used and that type 1 and type 2 pension certificates are submitted each year where necessary.

The pension certificates not only identify the correct tier, and any balance, but also establish the pensionable pay.

If the forms are not submitted there can be a considerable delay when the time comes to draw pension benefits.

If you need help with the tiered rates or with the end of year certificates do not hesitate to contact us.

Contact Terry Bentley-Darby for more information by emailing terry. bentley-darby@randall-payne.co.uk or call 01242 776000.

seem to be improving, it will still take months or even years to obtain a refund; randall-payne.co.uk 13

CASE STUDY

The best advice is crucial to ensure a strong start No two start-ups will be the same and this was affirmed when Vicky Charlesworth came to us for advice regarding her beauty business.

Shaun Pegler Client Director Getting to know each new client is important to us to make sure we can work effectively together and understand the longer term goals.

Our initial meeting involved questions about Vicky’s business and what she was looking to achieve so that we could explore how we could potentially help. Vicky needed to make every penny count seeing as the pandemic hit just as she was setting up her new business, but thankfully she had a good background knowledge in accountancy so she only needed us to double check what she had prepared and used us as a sense check for next steps.

Assisting from start to finish, the accounts were prepared in accordance to be compliant with B-Corp requirements. We gave Vicky reassurance that Xero was set up correctly and made sure it agreed with the final financial statements submitted to Companies House. Undertaking a VAT review and helping to account for the import VAT from the EU, gave her peace of mind and helped to drive the business forward as she was then able

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to focus on the development of her brand and plan the launch.

We have also supported JAYA with R&D Tax relief claims. As part of the engagement, we recognised that as a start-up, particularly one heavily investing in research and development, any cash injection would need to be maximised to help push the final products to market. In light of this, the firm on this occasion agreed to operate on a review only basis. This enabled JAYA to minimise costs, whilst benefiting from our expertise in the specialist area and ensuring the submission still included the relevant evidence required

by HMRC. We worked with Vicky to build in the technical data, as well as to pull together the qualifying costs, spotting opportunities to maximise the claim which may have otherwise been missed. The claims were successful and came at a time where the business encountered significant delays in development and operations due to Covid-19. The R&D refund had a major positive impact on cash flow and helped the continued investment in the product.

JAYA Beauty is a prebiotic skincare range that has been scientifically developed to help support the good

We recognised that as a start-up, particularly one heavily investing in research and development, any cash injection would need to be maximised to help push the final products to market. bacteria (microbiome) on the skin.

Using the latest green technologies and packed with ingredients that are plant based, ocean friendly and efficacious, the products work to balance skin that is affected by life’s daily hormone fluctuations (particularly in young people). The product range which launched in November 2021 is off to a great start and we look forward to supporting the company with its innovation going forward.

Contact Shaun Pegler for more information by emailing shaun.pegler@randall-payne.co.uk or call 01242 776000.

AUDIT

Audit Management Team:

different paths to the same destination Our team of audit managers have a great blend of experience which provides opportunity and growth for all of our audit team members and our clients.

Ryan Moore Client Director

Within our audit team two of our managers took completely different career paths to the same destination, providing a broad-spectrum of knowledge and experience.

They share their career paths below.

be involved in the process of client relationship management and winning new work for the firm. Then as an Audit Senior Ben assumed line management responsibilities which later led to his promotion to Audit Manager and saw him looking after a larger portfolio with a focus on developing the team.

Ten years on, Ben is Audit Senior Manager and is involved in the audit strategy and direction of the team.

Ben Burch Audit Senior Manager

Tom Bayliss Audit Manager

Ben joined as a trainee after A’ levels and during his first few years gained exposure to accounts and tax, as well as audit. Ben felt supported through his paid studies, initially AAT and later ACA, with his colleagues on hand to help as needed and with consideration given to his workload giving him the best chance of succeeding.

Taking a different path, Tom, spent the early part of his career in Australia working within the Advisory division of a top 6 global accountancy firm. Making the transfer into audit, Tom qualified as a Chartered Accountant and soon made the move to the UK. He continued to progress within a larger global firm for a number of years before moving to Randall & Payne as an Audit Manager.

Specialising internally in audit brought with it many opportunities, and Ben progressed from Audit Assistant through to Audit Senior and with his own portfolio of clients began to

leadership team on areas such as the audit marketing strategy as well as audit processes and quality.

Tom and his young family have made Cheltenham their home and he was impressed by our strong focus and commitment to Gloucestershire. The work/life balance improvement has also been a main personal benefit from joining the team at Randall & Payne.

Contact Ryan Moore for more information by emailing ryan.moore@randall-payne.co.uk or call 01242 776000.

Working now within a smaller firm, Tom is involved in wider strategy of the audit division, with a key part of his role being to work alongside the senior randall-payne.co.uk 15

IN THE COMMUNITY

Recognising the resilience

of our county’s business community For the tenth time we are proud to return as headline sponsor of the GloucestershireLive Business Awards which are back for 2022, recognising the resilience and achievements of the business community.

Fiona Hughes Marketing Manager

For nearly quarter of a century the annual awards, in association with Reach Plc and BusinessLive, have been recognising the county’s best businesses, ranging from large corporates to young start-ups.

Despite difficult trading conditions, many firms have been quick to adapt and innovate, and as a result are thriving.

It’s these efforts we want to celebrate.

There are a range of categories for 2022, including two new ones - the Sustainability Award and the Charity of the Year.

Our Managing Partner Tim Watkins said: “I’m delighted Randall & Payne are again sponsoring the GloucestershireLive Business Awards which are now in their 24th year.

“Talking to past winners it is clear these awards open doors to connections and winners are rightly proud of their 16

achievement. Every year it is a challenge for the judging panel as we are always impressed by the quality of the entrants and the variety of business activities taking place in our county. There are always new stories to be heard and there are still many untold which I hope to hear this year.”

The GloucestershireLive Business Awards will include: � Free networking events including a

finalists champagne reception and winners celebration dinner � A black-tie ceremony on October 13 at

Cheltenham Racecourse � Winners case studies featured online

and in social media Our charity partner for 2022 is the Hollie Gazzard Trust which was set up following the murder of 20-year-old Hollie Gazzard in 2014 by an ex-partner.

The awards are free to enter and opened for entries on Thursday, 10 March and close on Friday, July 8, 2022.

– Spring/Summer 2022

For more information, or to enter, visit www.glosbusinessawards.co.uk.

Contact Fiona Hughes for more information by emailing marketing@randall-payne.co.uk or call 01242 776000.

The Categories 1. GloucestershireLive Business of the Year 2. GloucestershireLive Small Business of

the Year 3. GloucestershireLive Family Business of

the Year 4. GloucestershireLive Start-Up Business of

the Year 5. GloucestershireLive Business Innovation

Award 6. GloucestershireLive Best Place to Work 7. GloucestershireLive Corporate Social

Responsibility Award 8. GloucestershireLive Best Employee Award 9. GloucestershireLive Lifetime Achievement

Award 10. GloucestershireLive Local Business Hero 11. GloucestershireLive Young Business

Person of the Year 12. GloucestershireLive Charity of the Year

Award 13. GloucestershireLive Sustainability Award

iN THE COMMUNITY

Making a magnificent start for Maggie’s

We kick started our fundraising for our new corporate charity partnership with a running challenge that saw an impressive achievement in both fundraising and miles travelled.

Jo Kline Client Experience Officer

Maggie’s Cheltenham won the staff vote to become the focus of Randall & Payne’s fundraising activities for the next two years. We decided to beat the January blues and opted for orange instead with the first fundraiser being the Maggie’s 50 mile Challenge. Ten of our team; Tim, Rob, Ryan, Andy, Karen, Natalie, Shelley, Mel, Pen and Fiona, pledged to run 50 miles over the month, running 500 miles between them, which is a virtual run to Maggie’s Inverness and back.

Mostly they completed their miles individually, getting a run in whenever they could, whatever the weather, but on the last weekend several met in Cheltenham to do a park run. In order to try to do something a little different Shelley opted to run her 50 miles in 24 hours, whilst Natalie chose to map out the word Maggie on her tracking app, Andy used his Saturday football game to add to his total, whilst Rob took part in a competitive cross country race at

Cotswold Farm Park. Meanwhile, Mel speed walked 50 miles in just a few days and kept setting herself new targets and completed an unbelievable 450 miles on her own!

I am delighted to say they well and truly smashed the target and completed a total of 1072 miles combined! Between the team’s Just Giving page and the individual fundraising pages, they have raised an impressive £1,353 from this first fundraiser.

And as we are accountants, that’s £1.25 per mile!

Maggie’s Cheltenham was one of 3 deserving charities shortlisted and then subsequently voted for as our corporate charity Jan 2022 – December 2023. This worldwide charity provides free support and information to patients and their families in a specially designed centre that becomes a haven for people to take back control when cancer turns their lives upside down. We are fortunate to have our own Maggie’s located at Cheltenham General hospital. They offer a free drop in service where you can sit, relax in a non-clinical environment, talk to the professionals and share your fears or concerns either one-toone or in one of the many group activities.

Our second fundraiser was in support of Maggie’s Kitchen Table Day, which we put our own take on and held the Randall & Payne Bake-off.

12 of us baked cakes and our submissions were judged by 3 independent judges, awarding points for criteria such as creativity, taste, and texture. The lucky winner enjoyed 2 Tickets to ‘Bake-off the Musical’ at the Everyman Theatre, kindly donated by Maggie’s Trustee Chun Kong.

As well as giving us all a guilt-free reason to eat cake, we raised £316 for the charity.

We have several other events planned in 2022, including a race night, quiz night, fire walk and much more. We hope you will join us and help us raise more money for such a deserving charity.

www.maggies.org

Contact Jo Kline for more information by emailing marketing@randall-payne.co.uk or call 01242 776000. randall-payne.co.uk 17

GUEST ARTICLE

Stacey Humm, Business Development Specialist | ISO QSL

Providing Assurance with ISO Certification We’re delighted to be supporting Randall & Payne as they become industry leaders in the implementation of the ISO 14001 Environmental Management System, helping them to reduce their environmental impact.

ISO Certification is becoming more relevant to the professional services sector than ever before as the demand for assurance rises from both customers and insurers.

ISO Certification provides proof that your business complies with one of the internationally recognised Management Standards which provide a framework for best practice. Despite their popularity worldwide, the professional service sectors often underestimate the range of benefits that Certification can bring.

For the few that have embraced it, ISO 9001 Quality and ISO 27001 Information Security are the popular choices, but Randall and Payne are leading the way with ISO 14001.

Interest in the environment is growing and this has been fuelled by COP26. As more customers question their suppliers’ green credentials, Randall & Payne will certainly stand out from the crowd with their ISO 14001 certification. But this is just one of customers’ many considerations.

18

ISO Certification is becoming more relevant to the professional services sector than ever before as the demand for assurance rises from both customers and insurers.

They also want confidence in the service they’ll receive and how their data is handled, something ISO 9001 and ISO 27001 can provide.

And it’s not just customers who are asking for assurance, insurers are too. The insurance market has become increasingly challenging with many businesses, particularly in the professional services sector, facing rate increases or struggling to get insurance at all. As ISO Certification

– Spring/Summer 2022

helps you assess and manage your risks, it gives insurers more confidence in your business, helping to reduce your insurance premiums.

Each Standard will bring its own advantages to your business but common benefits across all Standards include improved efficiency, widened market potential including the ability to tender and customer reassurance.

If you’re interested in ISO Certification, ISO 9001 Quality Management is a great place to start to get the key foundations in place.

ISO QSL specialise in helping SMEs grow through the implementation and management of ISO Standards, including consultancy and training services. www.isoqsltd.com

Key Events KEY DEADLINES APR 22

1 19 22 30

MAY 22 orporation Tax due C period ended 30/06/21 Due date for 2021/22 PAYE month 12 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/07/21 Corporation Tax return deadline to HMRC – periods to 30/04/21

JUL 22

1 6 19 22 31

1 19 22 31

orporation Tax due period C ended 31/07/21 Due date for 2022/23 PAYE month 1 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/08/21 Corporation Tax return deadline to HMRC – periods to 31/05/21

AUG 22 orporation Tax due C period ended 30/09/21 Due date for 2021/22 P11Ds and Share Scheme Returns Due date for 2022/23 PAYE month 3 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/10/21 Corporation Tax return deadline to HMRC – periods to 31/07/21 Due date for second Income Tax payment on account 2021/22

1 19 22 31

orporation Tax due period C ended 31/10/21 Due date for 2022/23 PAYE month 4 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 30/11/21 Corporation Tax return deadline to HMRC – periods to 31/08/21

JUN 22

1 19 22 30

orporation Tax due period C ended 31/08/21 Due date for 2022/23 PAYE month 2 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 30/09/21 Corporation Tax return deadline to HMRC – periods to 30/06/21

SEP 22

1 19 22 30

orporation Tax due – C period ended 30/11/21 Due for 2022/23 PAYE month 5 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/12/21 Corporation Tax return deadline to HMRC – periods to 30/09/21

Advice Clinic

Business Bootcamp Workshops

Any week day in office hours depending on availability of the relevant expert

Learning from peers, Sharing best practice, Challenging strategies, Debating trends, Helping peers with opportunities

Got a tricky business question or need advice to move forward?

14 June Strategy / Focus / Vision - strategy shifts Has your competitive advantage changed? Emerging strategy trends, tools.

Implementation. Engaging your team.

We can help with a wide range of issues, whether you feel your business has stalled or ready to change we will match you with the right expert to provide you with professional advice. Our hourly clinics are private and confidential with no obligation, and open to anyone with a personal tax or business issue, regardless if they are a client of ours or not, and offer you the confidence to tackle things head on. Either on the phone, by video or face-to-face give us a call to book your free one-hour slot on 01242 776000.

6 September Growth / Profit - the evolved customer Understanding the evolved customer (what do they want), growth / marketing strategies that work, scaling, profit opportunities.

22 November 2023 Trends / innovations Contrarian thinking on emerging trends, innovations leaders should embrace, prioritization, problem solving emerging challenges. randall-payne.co.uk 19

HMRC can target you at any time

HMRC conducted 337,000 tax enquiries last year, showing just how many UK taxpayers it suspects of underpaying tax.

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