In Focus issue 30 | Randall & Payne Accountants & Business Advisors
Welcome to issue 30 of In Focus.
As we head into a new season of opportunity and challenge, this issue is packed with insights to help you navigate change and plan for success.
Our event at Kingsholm was oversubscribed this year, as business leaders were eager to gain immediate insights from the experts. In this issue, we share these insights, as our eight pages of comprehensive Budget coverage gives you clarity on what the latest announcements mean for your business and personal finances.
Beyond the numbers, we explore what it means to be more than just accountants. In Tim’s View, Nikki joins the conversation on how we act as your partner for a sustainable future – embracing full-service support, strategic advice, and our journey towards B Corp accreditation.
Speaking of B Corp, Shaun shares the background of our certification, while our B Corp consultant, Fran Page, is our guest author for this issue and offers her perspective. Together, these pieces highlight why sustainability and purpose matter more than ever.
Our full-service approach comes to life in case studies featuring how we
have helped Fusion Processing and Ocere Limited, showcasing how we help businesses innovate and grow. Will adds to this theme with practical advice on building business value, while Hari celebrates a successful exit for Bankside’s founders, proving that planning pays off.
On the tech front, Natalie explores how Xero and AI are transforming accounting services, and our Payroll team explains the latest changes in Benefits-in-Kind reporting – a mustread for employers.
Finally, don’t miss our R&P News section celebrating staff successes and achievements, followed by our charity update as we close in on our £10K fundraising target. It’s a reminder that business success and community impact go hand in hand.
We hope this edition inspires you to think bigger, plan smarter, and embrace the future.
Tim Watkins Managing Partner
Will abbott Partner
Specialism: Business Advisory rob case Partner
Specialism: Tax & VAT
ollie newbold 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
Nikki offers an alternative view on overcoming uncertainty with the right business partner
FUll ServiCe | 14 – 15
Showcasing our full service offering with Fusion Processing and Ocere Limited
BUSineSS AdviSOry | 16
Strong foundations build a better future for business owners
COrPOrAte FinAnCe | 17
Successful exit for Bankside founders
ACCOUntinG ServiCeS | 18
The future of business is human-led and AI-powered
PAyrOll UPdAte | 19
Benefit In Kind reporting is changing 6 April 2027
rAndAll & PAyne newS | 20
Celebrating staff success, achievements, interns and baby news
in the COMMUnity | 21
How a car, cake and a video show our support for Teckels
GUeSt ArtiCle | 22
Our B Corp consultant explains more about B Corp and how she helps businesses navigate what’s involved
eventS | 23
Key dates for your diary and tax planning advice
Autumn Budget 2025
A summary of the key announcements
Against a backdrop of sluggish growth, persistent inflation, and mounting pressure on public services, Rachel Reeves’ second Budget combined targeted welfare reforms with a record tax take designed to stabilise the nation’s finances.
There are some significant tax rises, adding to our already complicated tax legislation. The Chancellor insists these choices are “fair and necessary” to restore fiscal headroom while funding priorities such as healthcare, childcare, and green infrastructure. However, the impact will be felt across households and businesses alike with the overall tax burden forecast to hit a 70-year high by the end of the decade.
We hosted a well-attended event with local business leaders at Kingsholm rugby stadium in Gloucester. The mood in the room after the speech was not one of surprise, especially given the media hype in the run up to the budget. Our team have summarised a raft of the changes.
As usual, please contact us if you have any queries or would like some help with tax planning, and how this might affect you and your business.
The impact will be felt across households and businesses alike with the overall tax burden forecast to hit a 70-year high by the end of the decade.
rachel roberts Tax Manager
New ‘Mansion Tax’ High Value Council Tax Surcharge
From April 2028 homeowners whose property is worth more than £2 million will be subject to a surcharge alongside their usual council tax bill.
The surcharge will depend on the value of the property and are as follows:
threshold rate (per annum)
£2.0m to £2.5m
£2,500
£2.5m to £3.5m £3,500
£3.5m to £5.0m £5,000
£5.0m + £7,500
These charges are expected to increase in line with CPI inflation each year.
In addition, it should be noted that the surcharge will only apply to homeowners, not occupiers.
Freeze on tax thresholds
It was announced that the income tax thresholds and equivalent National Insurance thresholds for employees and self-employed individuals will be frozen further at their current rates. The freeze in thresholds was previously in place until April 2028, however, it has now been extended to April 2031. The basic rate tax band is currently £37,700.
The thresholds relate to the point at which certain higher rates kick in, for example, when a taxpayer falls into higher rate tax. By freezing these thresholds, it will mean that more individuals will fall into higher rates of tax as their salary increased with inflation.
Increase in Tax Rates
From April 2026, the tax rate on dividends will increase. Then, from April 2027, tax on savings and property income will increase.
The increases will be as follows:
In addition to the above, the rules are being changed around how the Personal Allowance can be used. Previously, it was possible to allocate the Personal Allowance against income in the most advantageous way for the taxpayer. However, from April 2027, this is being changed and instead the Personal Allowance must first be offset against employment income, trading income or pension income. The result of this is that you cannot first use it to cover the above sources of income, which will be subject to higher tax rates than, for example, employment income.
State Pension and Simple Assessment
Currently pensioners whose sole income is the basic or new state pension have to pay tax on the amount that exceeds their Personal Allowance via Simple Assessment; given the planned increases in state pension this will put more pensioners into Simple Assessment. The government will be exploring the best way to remove this administration burden, with the resolution planned to come into effect from the 2027/28 tax year.
adam smith Assistant Tax Manager
Changes to CGt & iht
After the October 2024 Budget drastically changed the rates and allowances to both Capital Gains Tax (CGT) and Inheritance Tax (IHT), the budget was thankfully a lot quieter on these taxes.
Inheritance Tax
After significant changes to Agricultural and Business Property Relief (APR and BPR), along with the continued freezing of the nil rate bands and other thresholds, the Office of Budget Responsibility (OBR) forecasted that IHT will raise £9.1 billion, equivalent to 0.7% of all tax receipts.
Whilst there were no more fundamental changes to IHT, the chancellor did announce a continued freezing of the nil-rate band, residence nil-rate band, and the 100% rate of APR and BPR for a further year, from April 2030 until April 2031.
At present, around 1 in 20 estates are subject to IHT but coupled with inflation and the freezing of thresholds, this
announcement is likely to bring more estates within the charge to IHT. The government forecast that the continued freezing of the threshold will raise an additional £130 million from 2031 onwards.
The Chancellor also announced that the £1 million 100% relief rate of combined APR and BPR assets will now be transferable between spouses, as is the case with the nil-rate band and residence nil-rate band. This means that couples with combined APR and BPR assets of £2 million would not pay any IHT on these assets.
Capital Gains Tax
The Budget introduced an immediate change to Capital Gains Tax (CGT) relief on disposals to Employee Ownership Trusts (EOTs), cutting the relief from 100% to 50%.
An EOT is a structure where a company’s shares are held in trust for employees. Previously, selling a majority interest in shares to an EOT was completely exempt from CGT, but this advantage has now been halved.
The Treasury expects the measure to raise around £0.9 billion annually from 2027–28 onwards.
The OBR noted that its forecast includes behavioural adjustments, anticipating that individuals may delay disposals to reduce CGT exposure. It also applied a lower elasticity than in previous costings, as the ability to use EOTs for tax mitigation will be significantly reduced.
This follows last year’s Budget changes, which increased CGT rates to 24% for higher-rate taxpayers and 18% for lower-rate taxpayers, implemented immediately at the time.
According to today’s report, CGT receipts are projected to reach £20 billion in 2025–26, equivalent to 0.7% of GDP, representing a 50% increase compared to the previous year.
ethan powell Senior Tax Accountant
Cash ISA Reforms
From 6 April 2027, the annual Cash ISA limit will be reduced from £20,000 to £12,000 for individuals aged under 65.
The overall annual ISA subscription limit will remain at £20,000, meaning savers under 65 can still utilise the full allowance by placing the remaining £8,000 into other types of ISAs, such as Stocks & Shares ISAs or Lifetime ISAs.
The government’s stated aim is to encourage greater investment in UK companies, rather than allowing large sums to remain in low return cash accounts.
These changes will not affect those aged 65 and over, who will continue to be able to save up to £20,000 per year in Cash ISAs.
Other ISAs
� Lifetime ISAs: The £4,000 annual limit remains in place until April 2031, though reforms are expected to simplify products for first time buyers.
� Junior ISAs & Child Trust Funds: Limits remain unchanged at £9,000 per year until April 2031, ensuring continuity for families saving for children.
cGT receipts are projected to reach £20 billion in 2025–26, equivalent to 0.7% of Gdp, representing a 50% increase compared to the previous year.
Changes to Salary Sacrifice Pension
Contributions: £2,000 Cap
The government has announced significant reforms to salary sacrifice arrangements for pension contributions, set to take effect from April 2029.
What are Salary Sacrifice pension contributions?
Salary sacrifice has long been a taxefficient vehicle for employees, allowing them to redirect part of their salary into their pension scheme free of both income tax and National Insurance (NI).
This differs from personal pension contributions, which are made from an employee’s post-tax and post-NI income. While personal contributions benefit from:
� Basic rate tax relief via government top-ups, and
� Higher-rate relief through an extension of tax bands.
They do not attract NI relief. Salary sacrifice has therefore been particularly attractive, especially for higher earners.
What’s changing?
From 2029, a cap of £2,000 per year will apply to salary sacrifice pension contributions.
� The first £2,000 will continue to enjoy full tax and NI relief.
� Any contributions above this threshold will be treated as normal personal pension contributions, meaning NI will be payable by both the employee and employer on the excess.
Example 1 - £40,000 of Employment Income
Pre 2029 (Current Rules)
� Entire £2,000 contributed via salary sacrifice.
� Fully exempt from both income tax and NI.
� Employee and employer enjoy maximum efficiency.
Post 2029 (New Rules)
� Contribution of £2,000 sits exactly at the cap.
� Entire amount remains exempt from tax and NI.
� No change in cost for either employee or employer.
Conclusion: £0 additional cost
Example 2 - £100,000 of Employment Income
Pre 2029 (Current Rules)
� Entire £5,000 contributed via salary sacrifice.
� Fully exempt from both income tax and NI.
� Employee and employer avoid NI on the full amount
Post 2029 (New Rules)
� First £2,000: tax & NI exempt
� Next £3,000: treated as pension contribution
NI on £3,000 excess
� Employee: 2% = £60 (above UEL)
� Employer: 15% = £450
Conclusion: £510 additional cost
This indicates that although the employer bears most of the additional cost, employees may feel its impact through reduced remuneration. However note that the business will get tax relief on the additional NI.
Although this is a significant change, it will not take effect until April 2029, giving individuals and employers time to adjust their pension strategies.
From 2029, a cap of £2,000 per year will apply to salary sacrifice pension contributions.
The headline proposal is that from 2028, there will be an additional Ved charge of 3p per mile for eVs, and 1.5p for plug-In Hybrid eVs (pHeVs).
Joe lock Corporate Tax Accountant
eVED – Electric Vehicle Excise duty
VED does not normally feature in our Budget briefings, but it is worth mentioning this year due to other commitments and announcements around the taxation of Electric Vehicles (EVs), which complement the proposal.
The headline proposal is that from 2028, there will be an additional VED charge of 3p per mile for EVs, and 1.5p for Plug-In Hybrid EVs (PHEVs).
The government documentation makes very clear that there should still be a clear incentive for people to make the transition to EVs, so a number of other commitments are made alongside this announcement, as well as a consultation on how the new charge will be implemented. Details of that implementation are not yet known, but the announcement does say that trackers in vehicles should not be required.
The other announcements relevant to EVs are as follows:
� A further extension of 100% Capital Allowances for companies purchasing new EVs and EV charge point infrastructure. This relief was due to end on 31 March 2026 so will therefore be extended to 31 March 2027
� Further funding for discounts on purchases of new EVs of up to £3,750 for eligible cars.
� Raising the threshold at which new EVs pay the VED Expensive Car Supplement from £40,000 to £50,000.
� 100% Business Rates Relief for EV charge points and EV only forecourts for ten years.
With a period of two and a half years until implementation, there will be plenty of time to plan for these changes.
enterprise Management Incentive (EMI) schemes
The thresholds for qualification for the highly flexible tax efficient EMI scheme have remained unchanged for many years, but are now being increased to make the scheme accessible to larger companies:
� Maximum number of employees increases from 249 to 499
� Company/group assets limit increased from £30 million to £120 million
� Maximum value of shares under option increased from £3 million to £6 million
� Maximum time for EMI options to be eligible increased from 10 years to 15 years.
The time limit of 15 years will also apply to existing EMI contracts, although it should be noted that most legal documents formalising an EMI scheme will contain the 10 year limit – those with existing schemes should therefore discuss with their lawyers having amendments made to the option rules and agreements if they want to extend their existing options to the 15 year maximum.
The requirement to notify option grants will also be removed from April 2027, which is a welcome measure in terms of reducing red tape.
There is no mention of the value of options maximum per individual changing through, so it appears this will remain at £250,000 (at date of grant).
Investment tax reliefs
A number of changes are being made to the investment limits for Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) incentives with effect from 6 April 2026:
� Maximum investment limit per company increases from £1 million to £10 million per annum (£20 million for a Knowledge Intensive Company or KIC)
� Increased lifetime investment limit per company to £24 million (£40 million for a KIC)
� Gross assets maximum for the company increased to £30 million before share issue, and £35 million after
However, while the rate of Income Tax Relief for EIS investments remains at 30%, the rate for VCT investments will decrease to 20%.
Capital Allowances
Capital Allowances were touched on briefly towards the beginning of the chancellor’s statement and further detail has been revealed in the documentation released post-budget.
Introduction of 40% First Year Allowances
The chancellor announced the introduction of a 40% first year allowance (FYA) on main rate capital expenditure, starting from 1 January 2026. This will be available to both incorporated and unincorporated businesses and unlike other existing reliefs, is also available on assets bought to be leased.
Full Expensing, which is another first year allowance introduced in Spring 2023, remains available to limited companies and attracts relief at 100% in the year of purchase. In order to qualify for Full Expensing, it is important that the asset is bought new and unused and not bought to be leased out.
The Annual Investment Allowance (AIA) also remains available on most capital assets (exceptions exist such as cars and assets which are bought to be leased out) and also attracts 100% relief in the year of purchase. The Annual Investment Allowance is capped at £1million per year.
This means that the new 40% first year allowance will only be necessary where either the entire £1million limit is being used up or the asset is one that qualifies for the new first year allowance but not the existing reliefs.
Reduction of Writing Down Allowances
Assets not qualifying for either First Year Allowances or AIA are pooled, attracting a percentage of tax relief on a reducing balance basis. Most assets fall into the main pool with exceptions such as integral features of a building and cars with emissions over 50g/km which go to the special rate pool.
The change made in this budget was the reduction of the main pool rate from 18% down to 14%. This change is effective from 1 April 2026 for Corporation Tax and 6 April 2026 for Income Tax. The special rate pool rate remains at 6%.
This means that the new 40% first year allowance will only be necessary where either the entire £1million limit is being used up or the asset is one that qualifies for the new first year allowance but not the existing reliefs.
The aim of the service is to enable small and medium-sized enterprises to gain clarity on key aspects of their r&d tax relief claims before submitting to HMrc. This has the potential to be exceptionally useful in the backdrop of an uncertain r&d market, with HMrc currently enquiring into 1 in 5 claims.
James Geary Corporate Tax Partner
Targeted research and development (R&D) advance assurance service
Whilst not mentioned in the chancellor’s speech itself, an expected outcome of the budget was the progression of the rollout of an R&D advance assurance service.
Within the documentation published alongside the budget, it was announced that the government will pilot a targeted advance assurance service from spring 2026. The aim of the service is to enable small and medium-sized enterprises to gain clarity on key aspects of their R&D tax relief claims before submitting
to HMRC. This has the potential to be exceptionally useful in the backdrop of an uncertain R&D market, with HMRC currently enquiring into 1 in 5 claims.
While there is an existing Advance Assurance facility available to businesses, this has been criticised as being too narrow, being only accessible to a small number of companies.
vAt and Customs duty
The much rumoured reduction in VAT rate for domestic fuel has not come to fruition, but HM Treasury has launched consultations on the VAT treatment rob case Tax Partner
of private hire vehicles and business donations to charity for onward charitable use. The government has not altered the VAT registration threshold which remains at £90,000 for the time being.
Businesses in sectors such as transport should monitor the consultation on private hire VAT, which could lead to significant cost changes for ride-hailing and taxi operators.
Customs duty
Currently, low value imports (LVIs) –goods with a value of £135 or less being imported into the UK – can claim a customs duty relief.
Following a significant increase in volumes of these imports over recent years, the government has reviewed the existing customs arrangements and concluded that these require reform.
The Chancellor announced the removal of the relief from March 2029 at the latest. This will create an administrative burden for those businesses importing the smallest items.
To discuss your situation in more detail contact your advisor on 01242 776000, or email tax@randall-payne. co.uk and we would be happy to chat this through with you.
A big thank you to everyone who joined us for our Autumn Budget event with Rathbones at Kingsholm. Not only was it an opportunity to network and meet new people, but also informative to hear from the experts who dissected the announcements in an enjoyable way. The event was well attended with 100 Gloucestershire business leaders in the room.
B Corp certification is the beginning of an exciting new chapter
We are delighted to have achieved Certified B Corp status and are proud to officially join a global movement of businesses committed to balancing profit with purpose.
For those who don’t know, B Corp certification is awarded to businesses that meet high standards of social and environmental performance, transparency, and accountability. The certification process is rigorous, examining governance, workers, community, environment, and customer impact, which are known as the five pillars, or impact areas.
We are part of a rapidly growing network of 78 B Corps in Gloucestershire, and the B Local Gloucestershire community. There are over 2700 B Corps with UK headquarters, but there’s only 27 accountancy firms across the country and we are proud to be one of them.
This milestone is the culmination of years of improvements across all areas of our business. It reinforces our commitment to supporting clients, colleagues, and the wider community through responsible, sustainable business practices.
To give a bit of background, after judging a Sustainability Business Award
category last summer alongside B Corp consultant, Fran Page, I realised how far we had come as a firm. With robust systems and a strong ethos and culture in place, we could demonstrate having adopted the B Corp way.
Our employee benefits package, social area and overall focus on the team’s well being show we care about our people. Our staff engage in awareness days and charitable activities for our chosen corporate charity.
We have held our ISO 14001 certification, the international standard for establishing an environmental management system since 2022 and our Zero to Landfill certificate with Printwaste for over a decade.
We track key metrics to target a reduction in areas such as energy usage and general waste, as well as making improvements to our office building such as installing LED lighting and sensors and low flush cisterns.
Our client testimonials and case studies demonstrate that client success is top of our agenda, summarised by our strapline, “We make your success our priority”.
During the assessment process, assisted by Fran, we learnt that Randall & Payne is in fact one of the world’s oldest businesses to achieve B Corp certification. For 146 years, our firm has stood alongside Gloucestershire businesses through change and growth. Achieving B Corp certification reflects both our heritage and our forwardlooking vision: to help businesses thrive in a way that benefits everyone.
This isn’t the end of the journey – it’s the beginning of an exciting new chapter. We’re proud to show that accountancy and advisory can be a force for good.
contact shaun pegler for more information by emailing shaun.pegler@randall-payne.co.uk or call 01242 776000.
More than just accountants:
We’re your partner for a
sustainable future
In
an ever-changing world where government backtracking, economic uncertainty, rapid social change and environmental pressures become the norm, certainty about the future is hard to come by. That is why having a trusted adviser matters more than ever.
I am the guest author for Tim’s View in this issue to give a slightly different perspective on the continuous changing environment we are all trying to navigate. Becoming a Mum for the second time in July, I, like many with families, have a changed perspective of the world.
There are so many uncertainties out there, not only in the workplace, with changing legislation and economic instability, but also in our personal lives and the lives of our loved ones. The growth of AI affects future employment opportunities, environmental change threatens our daily lives, and the threat of conflict hangs over us all.
As accountants and advisers what can we do about these uncertainties? We have thought long and hard about our place in things and that is why our work goes far beyond traditional accounting. We are more than just accountants because business success today extends
beyond balance sheets – it also involves purpose, resilience, and long-term impact.
Across all our services, from tax and accounting to advisory, audit, payroll and corporate finance, we offer guidance and perspective you might not expect from a typical accountancy firm. We align financial goals with meaningful, sustainable progress and support clients in building commercially sound, resilient practices, whilst also leading by example. With almost 150 years of heritage, we have continually adapted to change, strengthened our approach, and embraced new ways of thinking.
Our recent B Corp certification reflects our commitment to sustainability in both our business and the wider environment.
Drawing on this experience, we help ensure any transition you face is efficient, compliant, and aligned with your long-term ambitions. In a landscape shaped by rapid change, uncertainty
The growth of aI affects future employment opportunities, environmental change threatens our daily lives, and the threat of conflict hangs over us all.
may be unavoidable, but with the right partnership, it becomes manageable. Your accountant is also your business partner.
contact nikki cairns for more information by emailing info@randall-payne.co.uk or call 01242 776000.
From bedroom dreams to international sale: A story of partnership and success for Ocere
Aged 22, Tom Parling started up Ocere Limited in Cheltenham as a small business operating in the digital marketing space, incorporating the business in 2009, from his bedroom. What followed was a huge success story.
The accounts and tax affairs of the company were initially dealt with by a small firm in London, however as the business developed, Tom recognised that the development work the company was undertaking would qualify for R&D Tax Credits.
Randall & Payne first became involved in the business in 2014 after Tom won Young Businessperson of the Year at the Gloucestershire Business Awards (and again in 2018), for which Randall & Payne were the headline sponsor. I first met Tom at the finalists’ drinks reception and we got talking about the business.
Initially Tom had a national specialist based in Scotland for R&D advice and was pleased to find someone local who could assist with the company’s claims annually. At that stage the company still only had five employees and a turnover of £600,000, so it was not the right time to move the wider accounting services away from the small London firm. And so began a strong business relationship with me that grew in scope as the business
expanded in size and, consequentially, support needs.
It was in 2019, when the company had grown rapidly to over £1 million turnover, that Tom felt the time was right to move the wider accounting and taxation services to Randall & Payne, and Carrie Dailly took the lead for these aspects of the support package, in particular striking up a very good relationship with Ocere’s accounts manager Mandy.
During the Covid-19 pandemic many businesses struggled to cope, however this was the time that Ocere really began to grow, turning rapidly into a £5.2 million turnover business shortly after lockdown, following two years of 63% and 113% growth. With the shift of so much of the business world to online, Ocere was ideally placed with their online presence and digital marketing tools to help businesses either survive or thrive.
With the growth being significantly in overseas markets as well as the UK, the company was awarded the Queen’s
Award for Enterprise for International Trade in 2021.
This level of growth and the ever-growing array of awards sparked interest in the company from the larger multinational business world. In December 2021 the company was acquired in a multi-millionpound deal by the French group JVWEB. Randall & Payne provided support for the sale including completion accounts and tax advice. Following the sale, our audit team, led by Audit Partner Ryan Moore, stepped in to provide audited accounts for the UK company, reporting into the French group.
“Randall & Payne were proven to be a solid local partner, that were responsive, fairly priced and always had our best interests at heart. They supported us from fledgling company through to our international growth.”
Tom Parling, Ocere contact James Geary for more information by emailing james.geary@randall-payne.co.uk or call 01242 776000.
chris pockett from renishaw plc presents Tom parling, ocere ltd, with award for young Businessperson of the year (image: anna lythgoe)
A full Service approach assisted success for fusion
We’re proud to have helped fusion Processing save over £1 million in R&D Tax Relief, while also providing expert support with grant audits and accounts –enabling them to realise their strategy for success and sustained growth.
andrew sweet Senior Client Manager
Fusion Processing Ltd, headquartered in Bristol, came to us over a decade ago for assistance with accounts and Corporation Tax.
This project is another demonstration of our full-service approach. It was quickly identified that the cutting-edge vehicle automation technology they were working on would qualify for R&D Tax Relief. As most projects were funded by government grants, the R&D claims required careful management by our corporate tax specialist James Geary, to ensure the varying projects were included under the correct relief scheme.
Our audit team subsequently became involved, independently reviewing the grant claim submissions, as required by the terms of the funding agreements. Ben Burch and his team provide timely compliance support which is essential to enable Fusion to access funding to continue pursuing innovation and development.
It is important to have a reliable partner that delivers on their commitments on time and on budget. We can deliver a seamless process due to the flexibility of our document exchange and communications systems, which worked well for both parties.
As the contact in accounting services team, I ensure the accounts are compliant, working with James and Ben to progress work in a timely manner, meeting deadlines required for the R&D claims so that Fusion receive their grants and tax rebates to be able to continue their cutting-edge work.
Over the years, James has provided relevant tax advice such as the consideration of employee share schemes, investment tax reliefs and Patent Box.
We are pleased to have provided our full service support for Fusion in securing over £1.1 million in R&D Tax Relief—funding that has been vital in enabling them to continue advancing their position at the forefront of autonomous vehicle development.
“After starting the business in 2013, our pioneering work in vehicle automation
systems very quickly gained eligibility for government grants. When our initial accountants could not deliver the independent assessment work on the grant claims quickly enough for our requirements, we approached Randall & Payne and have received regular and timely support for our grant audits ever since.
After appointing them as our company accountants, we were also pleased to discover they were also able to look after our R&D Tax Relief claims.
As a result, over the last twelve years, we have benefited from significant R&D support and efficient accounting services from Randall & Payne, who have been supportive, responsive and proactive as the business and technology has flourished.
We thoroughly recommend the firm and we are excited about our future growth potential with Randall & Payne as our company accountants.”
Jim Hutchinson, CEO, Fusion Processing Ltd
contact andrew sweet for more information by emailing andrew.sweet@randall-payne.co.uk or call 01242 776000.
Strong foundations build a better future
for many business owners, the value of their company will shape their future life. Whatever your dream, your business will likely play a major part in funding it. Growing that value isn’t optional; it’s essential.
I often talk to clients about vision – both personal and business. Knowing where you’re heading is vital, but that vision can fade amid day-to-day pressures, economic changes, supply chain issues, increased costs or recruitment and retention.
Margins are being squeezed, costs are rising and owners are feeling the pressure. Understanding the true value of your business has never been more important. It’s not just about this year’s profit; it’s about securing your long-term financial future.
Knowing where to focus your attention amid competing pressures can be the key to finding the right solution.
Sustainability
A sustainable business is attractive to investors, employees, and customers alike. Today, sustainability also means ethical, social, and environmental responsibility – people want to work with and buy from businesses with purpose.
retention
Engaged employees stay when they see opportunity, understand their role in the bigger picture, and feel rewarded. Customers stay when service is strong and relationships are long-term.
Risk management
The fewer unmanaged risks, the more valuable your business becomes. Regularly scan for opportunities that move you closer to your vision and challenges that could derail it. A clear competitive advantage helps you focus on what really matters.
Innovation
The world doesn’t stand still, and neither should your products, services, or processes. Think about how you stay ahead, and what investment your assets or people need to maintain or improve performance.
Optimising profitability
When growth comes, ask: is it sustainable? What investment or risks accompany that growth? Sustainable growth, supported
by a clear plan and solid track record, is what truly increases value. Growth strategies carry different risks – expanding into a new market with a new product is high-risk; cross-selling into existing markets is lower-risk. Explore multiple options before committing. A clear vision and defined advantage make those decisions easier.
Protect yourself
Consider your role as owner. How will the business run without you? Building a capable management team increases value and gives you choices – to stay involved, step back, or simply enjoy the rewards.
Finally, know your numbers. Understand your current business value and your target. That knowledge shapes your plans, strategy, and timeframes. Growing value is a journey – and with the right vision, team, and guidance, it’s one well worth taking.
contact Will abbott for more information by emailing will.abbott@randall-payne.co.uk or call 01242 776000.
Successful exit for Bankside founders
It is deeply rewarding to help a client complete the successful sale of their business through a deal that delivers a clear strategic fit, strong synergies, and a better outcome for both parties.
Hari pillai Corporate Finance Manager
The Corporate Finance team – myself and James Cook, led by Ollie Newbold – were pleased to advise the foundershareholders of Bankside Systems Limited (“Bankside”) on their successful exit through the sale of the entire issued share capital of Bankside to Fargo Systems Limited (‘Fargo’). Tax advice to the founders was provided by James Geary, our Corporate Tax Partner, and legal advice was provided by Barcan+Kirby LLP.
Founded in 1999, Bankside has established a strong reputation in software development and support and is widely recognised for its proprietary shipping container management platform, Intermodal Manager.
Fargo, backed by August Equity in 2024, operates in the same sector, offering complementary technology solutions to the shipping and freight
industries. The strategic alignment of the two businesses formed a compelling rationale for the acquisition.
The Bankside founders will remain in the business post-transaction, partnering with Fargo to accelerate product development, align the two organisations’ strengths, and unlock the clear synergies between their respective technologies.
Reflecting on the experience, one of the Bankside founders said:
“Having got to know our business really well in the two years we have been working with Randall & Payne, the Corporate Finance team were able to hit the ground running with accurate and meaningful advice when we were approached by our buyer.
Hari, Ollie and James and the rest of their team guided us through the process and provided the financial expertise we needed to assure our buyers and get the deal over the line.
They effortlessly translated buy-side queries into layman’s terms and efficiently pulled together the data needed so that we reached our goal of completing our sale on time.
They effortlessly translated buy-side queries into layman’s terms and efficiently pulled together the data needed so that we reached our goal of completing our sale on time. Thanks team Randall &Payne!”
We help with business valuations, raising finance, acquisitions and business exit.
contact Hari pillai for more information by emailing corporatefinance@randall-payne.co.uk or call 01242 776000.
Thrive, don’t just survive the future of business is human-led
and AI-powered
The 2025 Xero Roadshow delivered a powerful message: it’s time to thrive, not just survive. Its focus was the future of AI and how we, as professionals, can embrace technology to elevate what we do best for our clients.
natalie Bottcher Accountant
As a Xero gold partner, we know first hand how an innovative cloud-based finance software can help business owners increase confidence in their business numbers. The advance in AI is rewriting how everyone works, but growth has always been about adaptation. Dealing with ambiguity, staying accountable, and writing your own future. Don’t wait for innovation to happen around you. As Xero’s team put it, we can either be passengers or pilots in this AI-powered world, so take the lead.
Empowering Businesses, Bridging Skill Gaps
One standout initiative is Xero’s “Know Your Numbers” programme which is part of “Xero for Good”. It helps close the financial skills gap holds many
businesses back by equipping the business with the knowledge, tools, and confidence to make better decisions and work more effectively with advisors.
Getting paid faster and smarter
Late payments remain one of the biggest challenges for all businesses, particularly smaller ones, with 50% of invoices still paid late. Xero is tackling this through smarter, integrated payment solutions:
� Pay directly from Xero
� Tap-to-Pay: no terminal needed
� SMS invoicing and WhatsApp payment links
� Progress and statement payments for better cashflow control
� Automatic bank reconciliation with just one transaction to match
This leads to faster payments, more control, and more time to focus on growing your business.
Human-Led, AI-Powered
The over-riding message from the Xero Roadshow 2025 was clear: AI isn’t the future, it’s already here. As advisors, our strength lies not in what we automate, but in the human connection, creativity, and strategic insight and empathy we bring to every conversation. Businesses that partner with Xero advisors are significantly more likely to succeed and grow, and AI makes that partnership stronger.
contact natalie Bottcher for more information by emailing natalie.bottcher@randall-payne.co.uk or call 01242 776000.
Benefit in Kind reporting is changing
Here’s why acting now pays off
from 6 April 2027, most BIK must be reported and taxed through payroll, rather than via annual P11D submissions. Maryann explains the benefit of early adoption.
Maryann Hunter Payroll Manager
Getting payroll right matters especially with the 2027 BIK changes approaching – act early, be prepared, and avoid last-minute pressure. The benefits of early adoption are:
Reduces risk
� Testing payrolling early gives you a full tax year to identify and fix any issues in payroll calculations, reporting, or employee communication.
� Reduces the risk of payroll errors and HMRC penalties once the process becomes mandatory.
� You’ll avoid last-minute system changes in 2027, when software support and HMRC will be in high demand.
� Clean, accurate benefit data now means a smoother switch later.
Improves accuracy & compliance
� Real-time reporting keeps tax deductions accurate and aligned with HMRC expectations.
� Immediate updates if benefits start, stop, or change mid-year.
� Early adoption allows you to integrate HR, payroll, and benefits systems before it’s compulsory.
� Demonstrates proactive compliance –useful if HMRC reviews your processes.
Improves the employee experience
� Employees see the value and tax on their benefits clearly on each payslip.
� Fewer queries about P11D forms or unexpected tax code changes.
� Builds trust and transparency between payroll and employees.
Having an early conversation with your payroll department or a trusted advisor to plan your migration is strongly recommended. Preparing ahead will make the transition smoother and ensure your payroll remains accurate and compliant.
If you’d like to speak with someone about how these changes could affect you, we’d be happy to help.
contact Maryann Hunter for more information by emailing payroll@ randall-payne.co.uk or call 01242 776000.
Bite-Size d Thinking
Testing payrolling early gives you a full tax year to identify and fix any issues in payroll calculations, reporting, or employee communication.
› act early to reduce risk and allow time to prevent last minute issues
› Improve accuracy and compliance
› enhance employee experience through clearer payslips and greater transparency
To find out more about any of the topics discussed in this article, visit randall-payne.co.uk
Celebrating staff success
Congratulations for the following promotions:
� Adam Smith - Assistant Tax Manager
� Ethan Powell - Senior Tax Accountant
� Rachel Roberts - Tax Manager
OT h ER AC h IEVEMENTS
James Geary achieved a Distinction in the certification examinations of The R&D Community Ltd. James has built a strong reputation in providing clients with knowledgeable and responsible R&D tax advice. Randall & Payne are members of The R&D Community, a body dedicated to raising standards in the R&D Tax Relief advisory market.
hal Jamieson , a trainee in our Accounting Services team, has completed his AAT level 3 and has started on level 4.
James Cook Corporate Finance Executive and Jack Galfin Payroll Administrator have both completed their training.
INTERNS AND PLACEMENTS
Supporting young professionals is part of our commitment to nurturing future accountants and business advisors.
Alfie Summers is a T Level Placement Student working in our Audit team. He has been a great addition over the past year across a variety of clients in industries including manufacturing, charities, academy trusts and corporates. He is gaining the professional experience required for his studies, and more widely, his own career development. During his time with us, he has had the opportunity and flexibility to work from the office, on client sites and remotely.
Jacob Moore is studying BSc Economics at the University of Bristol, but for 6 weeks this summer, he joined the Corporate Finance team and completed some project work which included supporting valuations, prospectus drafting, data room prep for due diligence and even pitching in on marketing collateral. Jacob added value across both technical and creative tasks. He returned to Bristol to continue his studies in September.
Introducing
Nikki’s baby Theo
In July, we welcomed the newest member of the Randall & Payne extended family. Accounting Services Partner Nikki, her husband Mike, and brother Noah, celebrated the arrival of baby Theo. An accomplished Partner who is used to leading a team of accountants and managing a busy portfolio, Nikki is taking motherhood in her stride for the second time – balancing it all with her usual calm and confidence.
Continued support for Teckels with cars, cake and a video!
Through creativity, collaboration and a shared love of animals, we have truly enjoyed fundraising to help Teckels continue to provide rehabilitation and rehoming for vulnerable cats and dogs.
Jo kline Client Experience Officer
Our staff enjoy finding ways to give back to the community, and this year their charity efforts for Teckels Animal Sanctuaries came up with a new inspiring challenge. Father and son team, Justin and Jack coupled their enthusiasm for Teckels and their passion for cars making a perfect combination for entering the Rust Bucket Rally challenge. Their vehicle decorated with Teckels and Randall & Payne stickers, perfectly tackled a series of European roads, challenges and checkpoints to push driver, passenger and rust bucket to their limits. 2500 miles travelled through France, Monaco, Italy, Switzerland, Germany, and back to the UK. Colleagues rallied behind them, making donations, cheering them on at each stage, and sharing social media posts. The challenge raised a whopping £1000.
The ‘Bake Off’ returned and once again the friendly competition meant that staff dusted off their aprons and put their creativity coupled with baking skills to the test, producing show-stopping dog and cat themed cakes. Each bake was judged on presentation, theme, taste, and texture, with bonus points for the cake the judges wanted another slice of! After much deliberation from Cicely, Sally, Tim, and special guest dog Polly, the winning bake was Andy Sweet’s pistachio cake, with runner-up going to Fiona Hughes for her Biscoff puppy cupcakes! A huge well done to all bakers and a special thank you for the rest of the staff who could purchase the leftover cakes for afternoon tea.
One of my personal highlights has been visiting Teckels itself, but my overall favourite was when we were joined by Mark Owen from Punchline to capture the work at the centre on video. Mark met the extremely passionate team and some of the cats and dogs currently in Teckels’ care, hearing stories of rescue, rehabilitation, and rehoming that reinforced exactly why the sanctuary’s
work and support from businesses is so essential. Mark’s video showcased not only the incredible staff and animals at Teckels but also how much a business can do to help. The footage quickly became a favourite across social media, helping raise awareness far beyond Chargrove house.
we are also pleased to announce that over the two years supporting the charity we will achieve our target of raising £10,000.
contact Jo kline for more information by emailing marketing@randall-payne.co.uk or call 01242 776000.
Are you ‘B-curious’ but not sure where to start?
Octopus Energy’s Group CEO recently likened the B Impact Assessment to “the world’s most complicated tax return”.
I’m
on a mission to
make it
a meaningful, efficient (and even enjoyable!) process.
I confess I used to measure business success by profit alone and that’s pretty much all I thought about during my professional life (I’d persuaded people to spend their hard-earned cash on everything from luxury diesel-guzzling cars to fashion and whiskey) until about 12 years ago when I was heading up marketing at a mission-driven tech startup in Los Angeles that wanted to do good alongside doing well.
Drowning a bit in the ‘alphabet soup’ of potential social and environmental certifications and measurement tools (ESG, TCFD, SBTi, ISO, GRI, CSR strategies, etc.), I came across the burgeoning B Corp movement in California and have never looked back.
The B Corp framework brings business back full circle to having a defined positive impact, and research shows it makes financial sense, with UK B Corps
achieving a turnover growth of 20% last year (vs an SME average of 3%).
I’ve managed the process from within companies and know its value, but also its difficulty: about half a million businesses have started the B Impact Assessment, yet fewer than 10,000 have finished the process. 52% fail on their first attempt. But, as Theodore Roosevelt said, “Nothing worth having comes easy.” and that’s certainly true of B Corp certification.
Moving back to the UK, I made it my purpose to help companies get over the line. I’ve supported innovative digital agencies, consultants, manufacturers, and even a factory in China - but never one as established as Randall & Payne. I was beyond excited to work with such a historic brand embracing this modern, progressive framework. They’re over a century older than most B Corps; the only older one I can find is King Arthur Flour (dating back to 1790).
Yes, there are AI platforms out there that claim to complete the assessment for you, but if you want a human to get your team excited by the process, help you navigate the nuances, prevent you wasting time going down rabbit holes of research, and maximise your achievement at the end, then please get in touch!
Good Better helps companies measure, manage and communicate their impact using the B corp framework. fran@thegoodbetter.com www.thegoodbetter.com www.linkedin.com/in/Franpage 07379 222037
The final B Corp assessment meeting led by our B Corp analyst online with Tim, Fiona, Shaun, Lydia and Fran.
Advice Clinic
Got a tricky business question or need advice to move forward?
We can help with a wide range of issues for you and/or your business. Book a free advice clinic with the relevant expert. Advice clinics are private and confidential, with no obligation, and open to anyone with a personal tax or business issue, whether a client or not.
For more information or to request a free Advice clinic call 01242 776000 or email clinics@randall-payne.co.uk.
Xero Advice Clinic
Better understand the benefits of Xero accounting software.
An advice clinic with a Xero expert who can navigate you through the systems, trying out the various tools so you can see for yourself if Xero would work better for you and your business. These are free and open to anyone who would like to consider the benefits.
For more information or to request a free Xero Advice clinic call 01242 776000 or email clinics@randallpayne.co.uk.
K EY A DVICE
Tax planning Advice
Before April 2026, we recommend reviewing your tax planning to ensure you have fully utilised the available tax allowances and reliefs, helping you optimise your overall tax position ahead of the end of the 2024/2025 tax year.
� Ensure you are using personal allowances
� Maximise ISA contributions.
� Use your capital gains tax allowance.
� Consider pension contributions to benefit from tax relief and reduce taxable income.
� Utilise inheritance tax allowances, including annual gifting exemptions.
� Review dividend and savings allowances to ensure income is drawn in the most tax-efficient way.
� Assess business-related reliefs
� Check any carried-forward allowances (e.g., pension annual allowance carry-forward) that may expire
Act Now to make use of all allowances and reliefs available to you. Please get in touch with us to arrange a meeting on 01242 776000 or email: tax@randall-payne.co.uk
JAn 26
1
19
22
Corporation Tax due period ended 31/03/25
Due date for 2025/26 PAYE month 9
PAYE & Class 1 NIC payments (electronic)
31 Accounts deadline to Companies House – periods to 30/04/25
Corporation Tax return deadline to HMRC – periods to 31/01/25
SA Tax return deadline 2024-25
Due date for balance payments for 2024/25 and/or 1st payment on account for 2025/26
