In Focus issue 29 Spring/Summer 2025 | Randall & Payne Accountants & Business Advisors

Issue 29 | SPRING/SUMMER 2025 randall-payne.co.uk

We make your success our priority

TM

Business Mentor helps Tanya focus on growth

Spring Statement

Maximise value when you sell your business

Summary & insights community Making an impact: Environment & Charity

business advisory Business Bootcamps bring monthly results

- corporate finance PAGES 14 & 15

PAYROLL

AUDIT

tax

GUEST ARTICLE

KEEP ON TOP OF PAYROLL CHANGES

CHANGES TO FRS102 ARE COMING

Getting ready for MTD for Income tax

MORTGAGE TIPS FOR THE SELF-EMPLOYED

WELCOME

MEET OUR SENIOR TEAM Tim Watkins Managing Partner

Will Abbott James Geary | Partner

Partner Specialism: Business Advisory

Rob Case Partner Specialism: Tax & VAT

Ollie Newbold

Welcome to issue 29 of In Focus.

This time it falls to me to provide the welcome and introduction, which as Corporate Tax Partner is fitting as this issue coincides with the Government’s Spring Statement.

Tax is at the forefront of business owners’ minds even more so than ever at the current time, with Labour coming to power on the back of the highest tax burden in decades, and immediately increasing taxes even further.

The biggest increases announced in October came into force this April. It is no surprise, therefore, that I have been having more conversations than ever with both new and prospective company clients about how they can save tax, for example by restructuring their businesses or harnessing tax reliefs such as Patent Box. The latter has become more popular than ever and you will find a brief article about this relief within this issue.

Maryann provides some more details around the National Insurance changes which should help businesses ensure they are implementing everything they need to. She also explores the mandatory payrolling of benefits in kind which comes into play in April 2026, and what this means for employers.

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– Spring/Summer 2025

You will also find another excellent article from Ollie which explores some of the considerations when looking to sell a business. It’s very easy to focus on the numbers and legalities of a sale, but it is important not to overlook that it is a very personal thing to sell a business that you have given many years to build.

Our cover story features Shaun and his incredible client Paradise Tattoos, highlighting the ways we have been able to help this thriving and inspiring client to maximise their potential and work towards their ambitious growth goals.

We are in a period of significant change in the economy and that shows no signs of slowing down. Tim offers his view on how business’ can navigate the ever-changing business landscape and we are well placed to help you embrace these changes and continue to meet your growth goals.

Our contact details can be found throughout the issue and we’ll be happy to catch up over coffee anytime.

Partner Specialism: Corporate Finance

Ryan Moore Partner Specialism: Audit

Nikki Cairns Partner Specialism: Accounts

Shaun Pegler Partner Specialism: Accounts

James Geary Partner Specialism: Corporate Tax

Ben Burch Client Director Specialism: Audit

Nicholas Gratton 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 Spring Statement summary and insights

MAKING TAX DIGITAL | 6 – 7

P4 Spring Statement summary

Getting ready for MTD for Income Tax

CORPORATE TAX | 8 Patent Box relief for protecting your IP

Tim’s view | 9 Navigating the ever-changing business landscape

audit | 10 Changes to FRS102 coming into effect in 2026

PAYROLL | 11 Get ready for payroll changes in 2025 and 2026

ACCOUNTING SERVICES | 12 Shaun supports Paradise Tattoo Studio to grow

ACCOUNTING SERVICES | 13 Nikki explains the business benefits of using Xero

P6 Making Tax Digital for Income Tax

CORPORATE FINANCE | 14 – 15 When it comes to selling your business, the right guidance can truly maximise value

BUSINESS ADVISORY | 16 Invest time in your business at Will’s bootcamp workshops

In the Community | 17 Continuing our commitment to the environment & our charity

Guest Article | 18 Mortgage Tips for the Self-Employed from HHH Mortgages

EVENTS | 19 Key dates for your diary

P14 Selling your business

randall-payne.co.uk 3

SPRING STATEMENT

Business leaders and professional advisors

joined us to watch and discuss the Spring Statement Rob Case | Partner

We hosted an event at Chargrove House, along with wealth management experts Rathbones, which was attended by a good selection of business leaders and professional advisors from the local area.

It was definitely felt that there was a disconnect between the people in the room and the announcements and measures in today’s Spring Statement.

There was a lingering question as to whether we trust the Government to deliver the required efficiency gains to generate the surplus or improve the deficit, given the scale and nature of the challenges faced by the country as a whole in this uncertain world.

That said there was positivity in the room that there remain opportunities to influence our businesses and individual affairs that we should embrace.

There was precious little tax news today, which was as expected, and much of the welfare reform and savings had been tabled in advance.

Today was more about the headline numbers for the economy.

Perhaps there was the vain hope that we would get certainty on Income Tax allowances and any proposed changes 4

– Spring/Summer 2025

there might be. Greater numbers of people are being drawn into tax earlier, as well as into higher marginal rates, as a result of freezing of allowances which makes it conceptually challenging to understand how the Government can be so specific about how much better off households will be.

Below is our synopsis of important announcements from today.

James Geary Partner

R&D Advance Assurances – consultation As expected, a consultation was launched for a period of two months, exploring an improved advance clearance process to help businesses gain certainty on their R&D claim eligibility, as well as to help deter “bad agent” activity.

There is already an advance assurance scheme which has been available for some time, however this is purely voluntary and is restricted to first time claimants, where the company has less than £2 million in turnover and less than 50 employees.

As we have mentioned in previous content, R&D compliance activity within HMRC is at an all-time high – there are now over 500 R&D compliance staff (compared to around 100 in 2020-21).

The consultation is exploring options around voluntary or mandatory assurance, although HMRC are very clear that they do not have the resource to make an advance approval process mandatory for all claims. They are therefore considering making it mandatory only in certain areas, such as higher risk business sectors. The difficulty here is that the only data HMRC can quickly see on a company is their SIC (Standard Industrial Classification) code, and this is not always in line with the R&D – for

SPRING STATEMENT

example, a manufacturing business can make a big investment into software R&D, even though it is not their core business.

Many other countries do a full mandatory pre-approval, for example Australia, China, India and Japan.

There are also questions around when an advance approval should happen – before R&D starts, during R&D activity, or immediately before a claim is filed.

Finally, the consultation reintroduces the idea of a minimum expenditure threshold, such as the one which was removed over a decade ago.

We will be responding to this consultation and it will be interesting to find out how they ultimately choose to proceed – probably at the Autumn Budget.

Reform of behavioural penalties A consultation has been launched into potential reforms to behavioural penalties for individuals, businesses and other organisations – this relates to penalties HMRC can charge for underpaid tax, or failure to make required notifications. The current system is quite complex and is different for these two areas, so they are looking at means of combining and simplifying the systems.

Tax avoidance Two consultations have been launched in this area, both in the areas of agents facilitating non-compliance, and promoters of tax avoidance. These are both areas where HMRC has been constantly enhancing its arsenal, and despite the more recent changes there is still an abundance of large scale tax avoidance around, as can be seen in many high profile cases in the media recently.

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.

Looking forward Ahead of the Autumn Budget, we have the Tax Administration and Maintenance (TAM) day in April and a full spending review in June. The TAM day is usually where consultations and policy papers are published, along with draft legislation.

Overall There was definitely some positivity in the room. Local businesses and people are making the changes necessary to continue to be successful, and the hope is that the Government can do the same albeit on a larger scale.

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

TAX

Making Tax Digital for Income Tax Important Self Assessment Changes HMRC will roll out the first phase of Making Tax Digital for Income Tax (MTD for IT) next year, the latest step in the government’s plan to modernise the UK tax system.

Rachel Roberts Private Client Tax Assistant Manager Those impacted will need to comply with new regulations, including keeping digital records and submitting quarterly updates to HMRC using MTD-compatible software.

Who is affected?

These rules will affect sole traders and individuals with rental income, whose ‘qualifying income’ is above the MTD for IT threshold.

Qualifying income is annual turnover (before expenses) from both selfemployment and annual gross rental receipts. It does not include other sources of income.

It is important to note that the new rules are mandatory and penalties will be applied for non-compliance, therefore, whilst the regulations don’t come into effect until April 2026, it’s important to prepare early.

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– Spring/Summer 2025

What submissions are required?

What about payment of tax?

Each quarter you will need to send HMRC a digital summary of the transactions in your software, known as a ‘Quarterly Submission’. A separate submission is required for each type of qualifying income.

The quarterly submissions are for reporting requirements only and no tax is currently due following submission.

Then, at the end of each tax year, a ‘End of Year Submission’ is required.

This is effectively the Self Assessment Tax Return.

It is important to note that the new rules are mandatory and penalties will be applied for noncompliance, therefore, whilst the regulations don’t come into effect until April 2026, it’s important to

prepare early.

Any tax due will be calculated upon preparation of your End of Year Submission, and the payment deadlines remain unchanged from Self Assessment deadlines. As such, any liability will be due for payment by 31 January following the end of the tax year (and 31 July if you are required to make payments on account).

What should I do now?

One of the first steps to take should be to determine your start date. Then, ahead of this, ensure that you’re set up with MTD-compatible software and have registered with HMRC for MTD for IT. You should be aware that you will not be signed up automatically, and that this is separate to any other registrations you may already have.

TAX

What is my start date?

Choosing software

The date you will be required to comply with MTD for IT will depend on your level of qualifying income.

You will need to ensure that any software you choose is MTD compliant and meets your own specific requirements.

The thresholds and mandatory start dates are as follows:

We recommend using a cloud accounting software package. As well as keeping you compliant, cloud accounting software can also have many benefits, such as real-time insights into your finances and features like online invoicing.

Qualifying Income is over

Start date will be April 2026, with

£50,000 in the

your first quarterly

2024/25

submission due

tax year

7 July 2026

Qualifying Income is over

Start date will be April 2027, with

£30,000 in the

your first quarterly

2025/26

submission due

tax year

7 July 2027

You should be aware that you will not be signed up automatically, and that this is separate to any other registrations you may already have.

� It’s not reasonably practical for you

to use digital technology due to age, disability, remoteness of location or any other reason. � You are subject to an insolvency

procedure. � You are a practising member of a

religious society (or order) whose beliefs are incompatible with using electronic communications or keeping electronic records It is worth noting that the exclusion is not guaranteed and HMRC can reject the application.

Automatic exemptions These are available for: � Foster carers � Individuals who do not have a

National Insurance Number � Trustees and personal representatives

Are there any exemptions?

Qualifying Income is over

Start date will be April 2028, with

£20,000 in the

your first quarterly

2026/27

submission due

tax year

7 July 2028

� Non-resident companies

Other than having income below the MTD for IT threshold there are two types of exclusions: digital exclusion and automatic exclusion.

Finally…

Digital exclusions

Contact Rachel Roberts for more information by emailing rachel.roberts@randall-payne.co.uk or call 01242 776000.

If you believe any of the below may apply to you, an application can be made to HMRC to obtain a digital exclusion:

Please do not hesitate to get in touch if you have any concerns or want to know more.

randall-payne.co.uk 7

CORPORATE TAX

James Geary | Partner

Patent Box Relief for protecting your IP With Corporation Tax now at 25%, this relief is now more popular than ever, but how does it work and does it make the costs of obtaining patents worthwhile?

Patent Box is a tax relief designed to encourage UK based companies that develop new technologies to remain in the UK to exploit and commercialise them.

The broad headline here is the ability to pay an effective rate of Corporation Tax of 10% on relevant profits derived from a qualifying patent. The calculations are a lot more complex than that, but this is a useful rule of thumb to work out roughly how much a company could save.

Until April 2023, Corporation Tax was at a rate of 19%, but with the increase now to 25% for all but the smallest companies, this has meant that the differential in rates under Patent Box has increased by more than 50%. We have had a significant increase in Patent Box enquiries and new work, and this increase in value of the relief is likely to be the reason.

Many small businesses in the past have decided against applying for patents to protect their innovations, usually on grounds of the costs and red tape. The simplest of patents costs at least £5,000 plus VAT for a patent attorney to complete the work – much higher where multiple jurisdictions are being applied for.

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Some key points of the relief to bear in mind are: � Any profits derived from the patent

can be included in the relief. This includes not just sales of a patented item itself, but if the patent forms a vital component of a much larger sale, the whole sale is potentially eligible. � To qualify for relief, the patents must include a UK or European patent. � Relief cannot be claimed until the year the patent is granted, but sales during a “patent pending” period are eligible – relief must be calculated for these years but is then given in the year of grant. � A company must elect into the Patent Box by two years from the end of an accounting period – even if the patent is not granted by that stage. � As well as sales of patented products or components, qualifying profits include those from licensing out the patented technology to other businesses, and profits on selling the patent itself.

Contact James for more information by emailing james.geary@randallpayne.co.uk or call 01242 776000.

– Spring/Summer 2025

Bite-Sized Thinking

›› Complexities in the rules mean it is important to elect in at the right time, so early discussion with an experienced tax professional is crucial to make sure you are adopting the most beneficial approach and don’t miss out on any qualifying years. ›› It’s also beneficial to make sure that your accounting systems are geared up to report effectively on qualifying and non-qualifying profit streams, as this makes the calculation process a lot easier and credible for HMRC when the time to claim comes around.

To find out more about Patent Box tax relief and to discuss your situation, book a no-obligation initial call or meeting with James.

TIM’S VIEW

Ever-changing business landscape, Tim Watkins | Managing Partner

if only we had a sat nav to help us with the navigation The business landscape continually changes, keeping even the most experienced of us on our toes. With so many internal and external factors, it can be difficult to prioritise With technological advancements, tax changes, utility rate increases and even implications with recycling regulatory changes, running a business is a full time job let alone finding the time to manage change. Throw in a wild card overseas and it becomes increasingly important to find the time to work on the business.

Having a robust but flexible business strategy in place is possibly the only way to navigate the influx of changes we seem to see more regularly these days.

The positive to having changes imposed upon us is the opportunity to reflect and focus on the core of our business as it is too easy to just keep on doing the doing but not checking that the strategy is still fit for purpose and being followed.

You’ll have seen earlier in this issue that we invited business leaders to join us at our offices to watch the Spring Statement and partake in an immediate reflection afterwards. You will probably agree there wasn’t much announced.

We had a good discussion afterwards

about the imminent regulatory changes which were announced in the Autumn Budget and how people felt about these.

Whether you are affected by the political landscape, compounded by economic challenges, or getting to grips with advances in AI, there seems on paper a lot to feel negative about. So, it was refreshing that some comments from the room were remarkably positive.

Those businesses who are bold, investing in their people, improving working environments, and embracing software were feeling more positive and felt prepared for the external risks.

Navigating change doesn’t mean you always have to act immediately.

Interacting with other business leaders and sharing experiences is so valuable.

Taking some time to find the solution that suits your business and changing what you need to, when you need to is more effective than change for change’s sake.

If you understand your business goals and can alter your direction of travel when you need to then you are more likely to reach your destination regardless of what the world throws your way.

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

Having a robust but flexible business strategy in place is possibly the only way to navigate the influx of changes we seem to see more regularly these days.

randall-payne.co.uk 9

AUDIT

Changes to FRS102

coming into effect next year Amendments to The Financial Reporting Standard applicable in the UK and

Republic of Ireland (FRS) become effective for periods beginning on or after the 1 January 2026.

Tom Bayliss Audit Manager

These are significant changes, and we are recommending that our clients take time to understand the potential impact to their financial accounting processes ahead of the implementation date.

These changes are being made in order to align the UK accounting standards with the International Financial Reporting Standards (IFRS), particularly in regard to:

Contracts that meet the definition of a lease will be recognised on the balance sheet via reporting of a right of use asset and a lease liability.

Consideration and early planning should be given to:

Depreciation and interest charges will be accounted for and have the potential to impact some reporting measures commonly used to assess business performance and compliance with covenants.

� Financing covenants tied to debt on a

Revenue A five-step model to revenue recognition will be applied.

How we help

� Revenue: A new five-step model

This model could give rise to changes on the timing of revenue recognised in your financial statements.

for revenue recognition is to be implemented; and � Leases: bringing operating leases onto the balance sheet for lessees (exemptions permitting)

More detailed considerations are required when goods & services are provided in bundles, involving variable consideration, warranties, options and financing components.

Summary of significant changes

Impact on your business/operations

Leases The concept of operating and finance leases are no longer applicable.

The above amendments could impact key performance measures in a company (including profit and EBITDA).

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– Spring/Summer 2025

� Any remuneration tied to financial

performance company’s balance sheet; and � impact on a company’s distributable

reserves and dividend planning activities.

At Randall & Payne we make success your priority, and in the coming months will be supporting clients through the transition process, via impact assessments and training resources. Keep an eye on our social media channels for more information on how we can support you with the changes coming.

For any queries or comments in the meantime, please reach out to our team.

Contact Tom Bayliss for more information by emailing thomas. bayliss@randall-payne.co.uk or call 01242 776000.

payroll

Payroll Update 2025/26 With some major changes in April 2025 and due in April 2026 respectively, we will help to get you ready to implement these changes correctly and in a timely manner.

Who cannot claim: Maryann Hunter Payroll Manager

� Single Director companies � Directors who have more than one

company – only one can claim � You employ someone for personal,

Changes to the Employers NI contributions and thresholds Secondary Threshold (the figure at which Employer Contributions start). The threshold has been reduced from £9,096 to £5,000, meaning employer National Insurance deductions will start being deducted when the employee earns over £416.67 in any month. In addition, the Employer National insurance rate has been increased to 15% on any earnings above £416.67 per month.

Employment Allowance The employment allowance has been increased from £5,000 to £10,500.00 p.a.

Historically employers who had a Ni liability that exceeded £100k p.a. could not apply for the Employment Allowance, but this has been abolished from April.

So does that make you eligible to claim?

Who can claim: � Companies with two or more Directors earning above the Secondary threshold � Companies with one or more employees’ earnings above the threshold

household or domestic work (e.g. nanny/gardener) unless they are a care or support worker. � You are a public body or business doing more than half your work in the public sector (e.g. local councils/NHS services) unless you’re a charity. � You’re a service company working under (old) IR35 and your only income is the earnings of the intermediary

Payrolling Benefits In Kind Employee benefits in kind are reported to HMRC through the employer’s payroll.

Historically ‘Benefits in kind’ (BIK) have been reported to HMRC by submitting the P11d form at the end of the tax year.

Employees’ Tax codes would be amended to account for BIK they had received.

This allows HMRC to collect the tax owed retrospectively.

From 6 April 2026, payrolling ‘benefits in kind’ will become mandatory for all employers, for all benefits, except for beneficial loans and living accommodation.

These will still need to be submitted using

the P11d form. However, they can be payrolled voluntarily from April 2025. It is hoped that this will bring simplification and clarity.

Common examples of employee ‘BIK’ are company cars and medical insurance.

Regardless of whether benefits are processed via payroll or submitted on a P11D, the employer must still include them in the summary form P11D(b) and pay Class 1A National Insurance Contributions on the total taxable benefit value across the workforce.

The deadline for filing the P11D(b) and paying the Class 1A NIC due is 6 July following the end of the tax year.

To payroll benefits, the employer must register with HMRC before the start of the tax year and you MUST payroll your employees BIK from then on.

With the ever-changing payroll world and related legislation it is important to keep in top of payroll changes.

Contact Maryann Hunter for more information by emailing payroll@ randall-payne.co.uk or call 01242 776000. randall-payne.co.uk 11

ACCOUNTANCY

Shaun Pegler | Partner

Paradise Tattoo Studio can focus on growth with a business mentor by their side Tanya’s innovative approach to her craft has resulted in her outgrowing her studio in just a few years. Working alongside a business mentor gives her confidence to commit to the next step.

Tanya Buxton owns Paradise Tattoo Studio in Cheltenham, providing cosmetic and medical tattoo services and it’s clear to see she gets immense joy seeing the positive impact these have on her clients and their wellbeing. Tanya was the first tattoo artist to be employed by the NHS for Areola tattoo services.

As a business coach for Tanya, I am always there when needed as a sounding board, which is particularly important when making financial decisions which may impact her longerterm goals.

It’s unusual to be given ‘homework’ by your accountant, but Tanya acknowledges how beneficial it has been for her business having me on hand to advise her and help to keep her on track when it comes to her aspiration to move to a bigger studio.

I first met Tanya when she attended the Gloucestershire Live Business Awards finalists reception evening which we hosted in September 2023.

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Tanya was delighted to be a finalist for Businessperson of the Year. We started talking about how we could help her businesses and as Tanya didn’t know what she needed at this point, she booked some time with me to find out.

Shortly after this introduction, in January 2024, Randall & Payne were engaged to do the accounts, tax and payroll for her two businesses: Tanya Buxton and Paradise Tattoo Studio.

As the businesses are undergoing a period of rapid growth, my team also helped move the businesses to Xero accounting software to enable Tanya to more quickly and easily understand the numbers. Her data can be accessed to take care of the bookkeeping which means Tanya can focus on other more exciting areas of her business with the knowledge that the numbers are in safe hands.

When considering longer-term goals, or in Randall & Payne ‘speak’ - “what does success look like”, Tanya’s desire to

– Spring/Summer 2025

help people and make a difference with her medical tattooing is possible, as she knows her business strategy is on track and in safe hands.

Tanya founded the Mastectomy Tattooing Alliance in 2021, a charity which is dedicated to supporting people in their healing journey after surgery and has helped provide over 100 Areola tattoos, which she now has time to ensure continues to grow. Tanya also co-writes a tattoo blog for Breast Cancer Now.

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

ACCOUNTANCY

With so many benefits Nikki Cairns | Partner

what is holding you and your business back?

As one of the leading cloud accounting software packages available to you, Xero is often the first choice for our clients for many reasons.

We are now a year away from the next phase of Making Tax Digital for which quarterly digital reporting will become mandatory from 6 April 2026 for sole traders and property landlords above certain thresholds. As many other businesses have discovered, moving to a cloud accounting software has so many other benefits even though compliance may have been the reason to prompt the move in the first place.

Here are my top eight reasons why moving to Xero will benefit you and your business: 1. The in-built links to banks and transaction recall, along with other data automation saves you admin time you can better utilise elsewhere in your business 2. Ensures you are compliant for HMRC’s Making Tax Digital regime. Even if you aren’t caught now HMRC are driving towards digital reporting for all entities in the future 3. Clients have reported more timely payment of invoices from customers 4. You can access your data securely anytime, anywhere

5. Your team and your accountant can access your data easily 6. Your data is protected with robust cloud-based security 7. Third party integrations help to streamline your operations 8. More accurate data means you make more informed, real-time decisions

Bank feeds can be connected via Open Banking, allowing banks to give secure data access to third parties. Direct bank feeds will allow you to produce a flow of transactional data such as; streamlining bank reconciliations, expense management, and cash flow visibility.

This reduces manual admin work and the risk of data entry errors.

If you’ve not made the move yet, what’s holding you back?

We have seen that clients using Xero have increased confidence in their numbers and therefore make better and more timely decisions as a result. Many of our clients have made the move and wish they had done it sooner – for some it has literally been life changing!

We are proud to be Xero partners which means we have trained advisors who help your business transition and take care of any training needs for your team.

We are always on hand to answer any questions you may have.

Cash is king and Xero can help to improve your cashflow with invoicing that can be generated anywhere and emailed straight away to your customer.

Payments are made as easy as possible with apps such as GoCardless, Stripe and iZettle to name a few. Xero works with several other third-party apps to assist in making the accounting function easier in your business.

Make sure you are compliant and that you are embracing the technological improvements which will benefit your business – talk to us about a demonstration or your requirements for the transition to cloud accounting.

Contact Nikki Cairns for more information by emailing nicola. cairns@randall-payne.co.uk or call 01242 776000. randall-payne.co.uk 13

CORPORATE FINANCE

Name your dealbreakers.

We’ll broker the deal.

Ollie Newbold | Partner

When it comes to selling your business – a milestone you’ve poured years of effort into – getting the right guidance can be the difference between simply closing a deal and truly maximising value.

By carefully assessing your company’s complexities, growth potential, and the level of expertise needed, you can determine the route that best safeguards your legacy and secures the future you’ve worked so hard to build.

If your business exit journey calls for a holistic, strategic approach, including a comprehensive valuation, tailored marketing, and advanced deal structuring, then this is precisely where our team excels.

A thorough consultation gives you the opportunity to clearly outline any key objectives or non-negotiables that are essential to fulfilling your sale requirements. Defining these early on helps guide the shortlisting process and ensures potential buyers align with your priorities. Considerations might include buyer culture, handover expectations, or offer structure. For instance, if you are a family-run business, you may prefer a buyer who can preserve that same sense of continuity and values.

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Even if your business is in good shape, are you emotionally prepared to sell it?

After years of navigating the highs and lows of business ownership, you need to make sure you are fully committed to the exit process and prepared for the life beyond.

By being as open and honest as possible, we can prepare to navigate any anticipated tricky issues that may arise during the sale process. If we identify any issues, we address these before the sale to avoid giving the buyer a potential price-chipping opportunity.

After years of navigating the highs and lows of business ownership you need to make sure you are fully committed to the exit process and prepared for the life beyond.

Before we begin the process, we’ll meet with you on a no-obligation basis to discuss your plans and get a feel for the transaction and advise you the best way forward.

Businesses who have worked with us have benefitted from achieving the sale result that they had set out in their ‘dealbreakers’. Here are examples of success stories we are proud to have been involved with:

Our comprehensive consultation will help you make the right decision. We know one size may not fit all and we will be honest with you if your needs are better served by using an alternative method.

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

– Spring/Summer 2025

CORPORATE FINANCE

Sale of bespoke Cleaning Services in just 5 months

Ron Darch & Sons Ltd acquired by NWF Group PLC

”Having reached the difficult decision to sell, we found the sale process with Randall & Payne structured from day one. The whole process took just five months, with only two months from the initial meeting with the buyer through to completion. Thank you to Randall & Payne for making this process truly painless.”

“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.”

Jamie Darch, Ron Darch & Sons Co Ltd

Jackie Woodall, Director, bespoke Cleaning Services

Sale success of MG Scaffolding (Oxford) Ltd

Sale of Ryeford Cleaning Services in just 4 months

“The Randall & Payne team were tenacious in their approach and had great attention to detail. In any meaningful transaction there are always challenges along the way, the trick is being able to navigate your way through them. Randall & Payne and Sherbornes worked really well together to deliver the right end result.”

“The sale process that Randall & Payne implemented was exemplary. We were provided with many more offers for our business than we had anticipated and we completed in record time. Doug Salmon and I put this down to the quality of the Randall & Payne team and their ability to work to deliver a common result.”

Carl Fallon, Owner, MG Scaffolding (Oxford) Ltd

John Clements, Managing Director, Ryeford Cleaning Services

Whether you need a detailed valuation for strategic planning or you are preparing to sell, we will guide you every step of the way – maximising value, minimising risk, and ensuring a seamless transition. Don’t leave your legacy to chance. Get in touch now and take the next decisive step toward your future success.

For more case studies visit www.randall-payne.co.uk/case-studies randall-payne.co.uk 15

BUSINESS ADVISORY

Will Abbott | Partner

Making time for you, will make time in your business Finding hidden performance and profitability improvements in the business are often key to achieving personal goals, but how do you achieve this whilst running a successful business?

With pressure from budget announcements, technological enhancements, increased competition, or even AI, businesses will often face the same challenges, frustration within teams, customer service and, most importantly, having insufficient time to do all the things that need doing.

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. However sometimes it can feel like you don’t have the time to help bring clarity, accountability and create actionable plans to improve your business.

We know one-to-one coaching works but sometimes hearing from others can help put your struggles into perspective.

Which is why we devised our series of Bootcamp workshops. The peer-topeer sessions challenge thinking, share experiences and delivers results. Each session is structured to provide an 16

external perspective to compliment the internal communications, to validate ideas and share best practice.

It’s often said by business owners that they are too busy to attend the Bootcamp. By committing to the Bootcamp monthly meeting, they will continually build and refine their skills, to make them more effective and use their time more productively. This will have a significant impact on their business success.

We know one-to-one coaching works but sometimes hearing from others can help put your struggles into perspective.

Bootcamps run monthly to give you the opportunity to step out of your business and spend time working on it. � Each workshop will have a different

theme, embracing the same three elements – Learn, Listen and Labour.

You will hear from your peers, learn new tools and techniques and have time to develop your plans.

If you are looking for fresh ideas, accountability and to find the time to turn your good business into a great one, book your place. Each session is held on the first Tuesday of every month, 9:0011:30am.

TRUST � Meeting regularly means you are held Contact Will Abbott for more

– Spring/Summer 2025

accountable for carrying out your actions and will receive feedback on success and challenges.

information by emailing will.abbott@ randall-payne.co.uk or call 01242 776000.

IN THE COMMUNITY

Showing a reduction in our key environmental metrics

As part of our continuing commitment to the environment and our ISO 14001 Environmental Management System certification, we track various monthly metrics.

A lot has changed in the last five years, before which our waste was over double the current volumes.

This huge reduction is due to hybrid working, using less paper resulting in less confidential shredding following the transition to cloud accounting software, such as Xero, and paperless files using MyWorkPapers.

Since first achieving the ISO 14001 certification in 2022, we have reduced our overall waste by 6%, which includes confidential shredding, recycling, general waste and food waste, and is handled by one local provider, Printwaste.

meetings is important and we car share where possible. More of the team now have electric vehicles which also plays a part.

We have also reduced printer usage by 5% each year and our spend on printing stationary has reduced by 25%, and 11% respectively over the last two years.

There is less we can do to reduce our utilities that we haven’t already done but we continue to embrace opportunities.

We are with green energy providers for electricity and gas, use an urn for making hot drinks and have water efficient toilet facilities already installed.

We have seen a reduction of 55% from 2022 to 2023 in mileage recorded for meetings and a further 25% in the last year. A mix of online and face to face

We have a group who meet regularly to review what more we can do - accountability and continual improvement is important.

Supporting a charity is more than just raising funds

Choosing a charity with our hearts starts with an emotional connection which will bring with it the challenge of letting go when working with a new charity after two years.

At the start of 2024 we embraced Teckels Animals Sanctuaries as our corporate charity for two years and to date we have raised £6,000, but the fundraising is only half the story.

We give equal priority to raising awareness as well as the fundraising, showcasing their work to those who don’t know about the charity is equally important to us.

We have been fortunate to work with Stroud Times this year, during which time they were active in helping us raise the profile of the charity, including visiting the Teckels Animal Sanctuary with us in Whitminster to covering the supporting a charity by championing opening of their Stroud based Charity their cause can be just as valuable. shop.

Whether you post about your charity events, support their activities and Taking on a corporate charity and encourage your contacts to, or just pledging to raise funds for them may remembering to interact with their not be something every organisation social media – it all helps. is comfortable doing, however

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

GUEST ARTICLE

Joe Stallard. Director and Advisor | HHH Mortgages

Top Mortgage Tips for the Self-Employed Securing a mortgage can be a complex process, especially for the self-employed. However, with the right preparation and help, things needn’t be so difficult.

Here are some top tips to guide selfemployed individuals to get mortgageready:

Get your documents in order Randall & Payne can help with this one!

Lenders will want to see proof of income, typically requiring at least two years of financial records. They’ll likely want to see your personal tax calculation and tax overview documents and then for limited companies, the full accounts too. It’s really important to work from accurate figures to get an accurate view as to what you can borrow and what it might cost.

Understanding what income can be used Most lenders will work from your salary and dividends, however, there are a handful that will work from your salary plus your share of the profits from your limited company. This way they’re not penalising those who haven’t withdrawn available funds but do have the ability to, and would, if they had a larger mortgage.

Informing your accountant of your plans in a timely manner can really help them give you the right advice.

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Consider reducing business expenses As mentioned, some lenders can assess affordability based on net profit, so a high expense that eats into those profits may help from a tax perspective, but they may also inadvertently reduce your borrowing potential. Balance your tax efficiency with the need to show a strong income. Again, plan far in advance with your Accountant and try to involve a mortgage advisor in those discussions where suitable.

Demonstrate Consistent Income Lenders prefer predictability. They generally want to see income at a consistent or increasing level, and will ask questions if things are going the other way. Highlighting any long-term contracts or retainers with clients can reassure lenders, or where profits seem low, as you’ve invested in some equipment, then make sure you flag the reason. Seasonal income can often be explained but be prepared to show a couple of years of bank statements!

Maintain a Strong Credit Score Just like salaried employees, self-employed individuals need a healthy credit score to secure favourable mortgage terms.

– Spring/Summer 2025

Regularly review your credit report and take steps to enhance your score where possible.

Larger deposit, better rate If possible, save for a more substantial deposit as a bigger deposit reduces the lender’s risk and can lead to more favourable mortgage rates.

Seek specialist mortgage advice I’m a mortgage broker so I’m biased here, but working with a mortgage broker experienced in advising self-employed clients can be invaluable. They can guide you through lender criteria, identify options best suited to your circumstances, and help streamline the application process. Ultimately, we’re here to save you time and effort, whilst finding you the right mortgage deal for you.

HHH Mortgages are a family run mortgage broker who help clients all over the UK. They offer a no-obligation conversation to anyone looking for mortgage help. www.hhhmortgages.com

Key Events KEY DEADLINES APR 25

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MAY 25 orporation Tax due C period ended 30/06/24 Due date for 2024/25 PAYE month 12 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/07/24 Corporation Tax return deadline to HMRC – periods to 30/04/24

JUL 25

1 6 19 22 31

1 19 22 31

Corporation Tax due period ended 31/07/24 Due date for 2025/26 PAYE month 1 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/08/24 Corporation Tax return deadline to HMRC – periods to 31/05/24

AUG 25 orporation Tax due C period ended 30/09/24 Due date for 2024/25 P11Ds and Share Scheme Returns Due date for 2025/26 PAYE month 3 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/10/24 Corporation Tax return deadline to HMRC – periods to 31/07/24 Due date for second Income Tax payment on account 2024/25

1 19 22 31

Corporation Tax due period ended 31/10/24 Due date for 2025/26 PAYE month 4 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 30/11/24 Corporation Tax return deadline to HMRC – periods to 31/08/24

JUN 25

1 19 22 30

Corporation Tax due period ended 31/08/24 Due date for 2025/26 PAYE month 2 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 30/09/24 Corporation Tax return deadline to HMRC – periods to 30/06/24

SEP 25

1 19 22 30

Corporation Tax due – period ended 30/11/24 Due for 2025/26 PAYE month 5 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/12/24 Corporation Tax return deadline to HMRC – periods to 30/09/24

Business Bootcamps Next workshop Tuesday 5 May 9:00-11:30 Our peer-to-peer workshops are designed for Owner Managed Businesses and aim to challenge thinking and deliver results.

Bootcamps run on the first Tuesday of every month to give you the opportunity to step out of your business and spend time working on it.

Follow us on social media or visit the events page of our website in the month preceding for details of the workshop theme.

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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