In Focus issue 26 Winter 2024 | Randall & Payne Accountants & Business Advisors

Issue 26 | winter 2024 randall-payne.co.uk

We make your success our priority

TM

Autumn Statement summary & insights

The impact of AI on business Creating value for clients ACCOUNTS

Switching to Xero can feel life changing

- CORPORATE FINANCE PAGES 12 & 13

R&D Tax Relief

A generous incentive or a hot potato?

TIM’S VIEW

AUDIT

OUR NEWS

GUEST ARTICLE

ANOTHER 10 YEARS OF EMBRACING CHANGE

MORE TO AN AUDIT THAN TICKING BOXES

STAFF CELEBRATIONS & FUNDRAISING SUCCESS

RECONNECTING THROUGH STORY TELLING

WELCOME

MEET OUR SENIOR TEAM Tim Watkins Tim Watkins | Managing Partner

Managing Partner

Will Abbott Partner Specialism: Business Advisory

Rob Case Partner Specialism: Tax & VAT

Ollie Newbold

Welcome to issue 26 of In Focus.

As we publish this issue in the last month of the year it has given us the opportunity to reflect on our achievements in 2023 as well as looking forward to next year and beyond.

As a firm we have achieved a lot this year and share our news in pages 20-21.

We celebrate our three new partners and the 10th anniversary of moving into Chargrove House, our fundraising activities for Maggie’s Cancer Centre and the launch of our Young Professionals Networking group.

However, the theme of this issue is looking to the future, with the processes and support businesses need to consider to continue their success journey.

AI seems to be the buzz word and Will’s article on pages 10-11 adds another dimension to the conversation, looking at how our data and processes can be enhanced by AI but how human interpretation and knowledge is difficult to be replaced. The future will see change that on the face of it can seem daunting but will bring positive opportunities.

Rob and James give an overview of the Chancellor’s autumn statement.

Although his speech was a little underwhelming, with everything announced by Government, there will 2

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be an impact or the need to change, so you’ll find useful insights on pages 4-7. James has also shared his expert knowledge about the changes to R&D Tax Relief and when these are likely to affect future claims on pages 14-15.

On pages 12-13 Ollie shares how we tailor the Corporate Finance process we adopt in delivering the right outcome for our clients depending on what success looks like for them, which can be applied across any sector or size of business.

Our guest article is looking at changing the way we do things with Red Kite’s innovative networking group, “Work Story”. Their aim is to remove the “ick” that can come with going along to a networking event and to give the reason for being there a little more purpose.

They aim to achieve this by encouraging participants to tell their story.

And, of course, we have provided a short overview on page 17 of the 25th GloucestershireLive Business Award winners and the ceremony which many have described as the best yet.

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 – 7

P4 Autumn Statement insights

The Autumn Statement 2023 summary and insights

Tim’s view | 8 The measure of intelligence is the ability to change

ACCOUNTancy | 9 Switching to Xero can feel life changing for some

Business Advisory | 10 – 11 Will looks at how AI will impact business. Cheltenham Chamber ask “Is your business ready for tomorrow?”

CORPORATE FINANCE | 12 – 13 Creating value through a clear road map

TAX | 14 – 15 R&D Tax Relief a generous incentive or a hot potato?

AUDIT | 16

P10 The future of business with AI

We do audit differently

In the Community | 17 – 19 The winners of the 25th GloucestershireLive Business Awards, events and fundraising success

Randall & Payne News | 20 – 21 New partners, celebrating staff success, looking after our people and our planet

Guest Article | 22 Reconnecting through story telling with WorkStory

EVENTS | 23 Key dates for your diary

P12 Our client roadmap

randall-payne.co.uk 3

AUTUMN STATEMENT 2023

Autumn Statement 2023 Rob Case | Partner

Plans for growth and the impact on the economy We heard some big announcements from the Government, many of which were expected as a result of leaks in the preceding days.

There have clearly been some significant and interesting announcements, although we are not convinced that the small business owners in Gloucestershire will be seeing much by way of a tangible benefit. The National Insurance rate reductions have not been extended to Employers National Insurance and the knock-on effect to an increase in the National Living Wage may result in an increased financial burden. In addition, the full expensing rules for capital expenditure will likely benefit only a very small proportion of these businesses.

That said, we know that businesses will continue to adapt to the ever-changing landscape and make the best of the circumstances.

The tax team and I watched the Autumn Statement and provided live updates via social media and each expert gave a more detailed breakdown of some of the 110 growth measures on our website.

In this article, we have provided a summary from each specialist tax area to identify some of the key details: 4

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VAT There was nothing specific mentioned about VAT in terms of headlines, however there was an extension to the Energy Saving Materials VAT Relief, to include additional technologies such as water source heat pumps. In addition, the relief that was originally restricted to installations in a relevant residential property has now been extended to include the charity sector as well.

Personal Tax It was thought that there might be an announcement about a cut to Inheritance Tax, but the statement was silent in that regard. In fact, there were only a few points of note.

Benefit increases The government is increasing all working age benefits in line with CPI inflation, which is 6.7% for 2024-25.

Furthermore, the basic State Pension, new State Pension and Pension Credit standard minimum guarantee will be uprated in April 2024 in line with earnings

growth at 8.5%, therefore keeping to the promise of the Triple Lock.

National Living Wage From 1 April 2024, the National Living Wage (NLW) will increase by 9.8% to £11.44 an hour for eligible workers across the UK aged 21 and over.

One Pension Pot The government is launching a call for evidence to simplify the pensions market by allowing individuals to move towards having one pension pot for life.

ISA allowances The government is freezing the Individual Savings Account (£20,000), Junior Individual Savings Account (£9,000), Lifetime Individual Savings Account (£4,000 excluding government bonus) and Child Trust Fund (£9,000) limits at their current levels for 2024-25. However, changes were announced that will give more flexibility to contribute to ISAs with different providers and allowing partial transfers of funds.

NEWS FOCUS

Changes to R&D Tax Relief explained on pages 14-15

James Geary Corporate Tax Partner

Business Tax R&D Tax Reliefs A number of reforms were either announced or confirmed in the Autumn Statement, with all these changes taking place with effect from accounting periods beginning on or after 1 April 2024.

Firstly, as expected, the two existing R&D relief schemes will be merged into a single scheme. Relief under this scheme is at a flat rate of 20% of the qualifying R&D costs, although this tax relief is itself liable to Corporation Tax, meaning the net benefit is lower. For loss making companies claiming the credit, Corporation Tax is withheld at a new lower 19% rate. With this move there will no longer be a restriction on relief for R&D which is subcontracted to the company or subsidised, so this does represent a significant simplification.

What does not result in simplification is the second change, being the continuation of the separate and distinct scheme for “R&D Intensive” SMEs (small or medium sized enterprises), which

is effectively the old SME scheme with different rates. In the Autumn Statement it was announced that the threshold for companies to be classed as R&D Intensive is reducing from 40% to 30% (this is the percentage of tax-deductible expenditure in the company which is qualifying R&D expenditure) which again is positive, however by keeping this scheme separate rather than simply applying a more generous rate in the main scheme, this represents a huge missed opportunity for simplification.

This is also likely to mean HMRC look a lot more closely at the makeup of costs in a claim, particularly for companies where they are only just over the intensive threshold. If HMRC can successfully dispute a small amount of costs to bring the company below the threshold, suddenly the entire claim has to be recalculated under the new merged scheme with lower overall benefits, so this has the potential to become very complicated.

It is welcome news that the government have tried to provide clarity on the rules around subcontracted R&D (making it clearer which company can claim) – although the Finance Bill has now been published and it still does not seem to be crystal clear, so we must await separate HMRC guidance.

The final change is that R&D tax credits will only now be able to be paid directly to the claimant company – so arrangements for an agent to collect the money and offset fees, for example, are being stopped. This was probably inevitable with the amount of fraud around and “rogue agents” but is a shame for genuine arrangements where this helped both clients and “good” agents to plan cash flow.

Full expensing With the end of the “super deduction” allowance for plant and equipment, the government introduced “full expensing” for a period of 3 years to March 2026, enabling all limited companies to obtain full tax relief for all equipment purchases (with certain exceptions) in the year it is incurred. The Autumn Statement has made this relief permanent.

For the majority of small and medium sized companies this will mean very little, because a business spending less than £1 million per year on capital expenditure will get the same amount of relief from the current (and also permanent) Annual Investment Allowance. However, this will be very good news for much larger businesses, or for smaller businesses that are carrying out significant infrastructure projects meaning they may have one off spikes in such expenditure. randall-payne.co.uk 5

AUTUMN STATEMENT 2023

At the same time, a consultation is being launched on wider changes to the capital allowances rules, so it will be interesting to see what further changes may start to be proposed in the coming months.

Therefore, any form of pay rise could still result in individuals being dragged into a higher tax bracket, resulting in a greater proportion of their income being taxed than they may have expected.

Self-Employed Individuals Adam Smith Private Client Senior Tax Accountant

Changes to NIC Employed Individuals From 6 January 2024, the National Insurance rate for employees earning in the band of income from £12,570 to £50,268 will be cut to 10%. Employees will continue to pay NI on their earnings in excess of £50,268 at a rate of 2%.

This means the average worker on £35,400 will receive a tax cut in 202425 of over £450. The 10% rate of NI combined with a 20% basic rate of income tax will mean a combined basic rate of tax of 30% which is the lowest in the UK since the 1980s.

The government are sticking with their previous announcement to freeze all Income Tax and NI bands and thresholds at their current rates until April 2028.

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The government is also cutting taxes for the self-employed from 6 April 2024, and this will result in the average selfemployed person saving £350 in 2024-25.

Firstly, the rate of Class 4 NI which is paid on any self-employment profits between £12,570 and £50,270 will be reduced from 9% to 8%. However, once again the freezing of thresholds may mean those with increasing profits are required to pay Class 4 where they may not have done previously.

Class 2 NI, which is currently compulsory for those with profits over £12,570, will be abolished. Although this is being removed, individuals will continue to receive access to contributory benefits, such as the State Pension.

Those with profits between £6,725 and £12,570 will continue to get access to contributory benefits through a National Insurance credit without paying NI, which is in line with current rules.

For those with profits under £6,725 and others who pay Class 2 NI voluntarily to get access to contributory benefits, they will still be able to do so. The Government announced that the weekly rate of £3.45 and the small profits threshold of £6,725 for voluntary Class 2 National Insurance will remain unchanged throughout 2024-25.

Rachel Roberts Private Client Tax Assistant Manager

Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) MTD will be mandatory for self-employed individuals and landlords with an income of more than £50,000 from April 2026.

This threshold will then reduce to £30,000 from April 2027.

HMRC has carried out a review of MTD, which is currently planned to come into effect in April 2026.

The review has resulted in the following changes, which will be put into regulations in February 2024:

NEWS FOCUS 1. Improving the design of quarterly updates With the previous proposals, taxpayers were going to be required to report totals for each 3-month period covered within the update, now each update will be a cumulative total of income and expenses for the year to date.

Doing this will remove the need for taxpayers to have to resubmit a previous update where corrections are required, as the year-to-date figures submitted each quarter will reflect any adjustments made to earlier quarters.

2. Removing End of Period statements As previously proposed, taxpayers were required to make 4 quarterly submissions, followed by an End of Period statement and a final declaration.

HMRC have agreed to remove the requirement to submit an End of Period statement, so the submissions required will now be four quarterly updates, followed by a final declaration which reports finalised figures for all income sources, equivalent to the selfassessment tax return.

3. Easements for landlords with jointly owned property Landlords who let properties jointly are taxed on their share of the income (subject to special rules for people who are married or in a civil partnership), which would then need to be added to any income they receive from properties let in their sole name, to form part of their UK property business or overseas property business income.

Under MTD this could result in additional challenges for those affected, as they would need to compute their share of income and expenses each quarter, requiring them to transfer transactional records to one another. To help reduce this additional burden landlords with jointly owned property will be able to: �

Chose not to submit quarterly updates of their expenses which relate to jointly owned property. These records will still need to be submitted before the tax position for the year is finalised.

�

Keep less detailed digital records in relation to their jointly owned properties to simplify the transfer of records between joint owners.

However no further details have been provided on this yet.

4. Exempting specific groups from MTD HMRC has confirmed that foster carers will not be required to operate MTD for ITSA in relation to receipts for qualifying care income.

Also, MTD for ITSA will not be required for those who are unable to obtain a National Insurance number. If the inability to obtain an NI number is only temporary the intention is that the taxpayer would subsequently be mandated into MTD. 5. E nabling taxpayers to be represented by more than one tax agent HMRC are developing a solution to allow multiple agents to act on a taxpayer’s behalf in relation to MTD. The aim is that the above changes, together with the changes made in relation to the cash basis, will help to simplify the process of reporting to HMRC.

Changes to the Cash Basis The cash basis is a simplified method of calculating taxable profits for businesses.

HMRC has carried out a consultation in relation to the cash basis, which has resulted in various changes. The changes detailed below will be introduced in a Finance Bill in Spring 2024, to apply from the 2024/25 tax year onwards. These changes will not apply to the property income cash basis: 1. Removal of the turnover restriction Currently to start using the cash basis, a trade must have a turnover of less than £150,000, this threshold is being removed entirely.

2. Cash basis default It has been decided that the cash basis will be the default method for calculating income and expenditure. However, businesses will still be able to opt to use the accruals method if they prefer by making an election.

There have clearly been some significant and interesting announcements, although we are not convinced that the small business owners in Gloucestershire will be seeing much by way of a tangible benefit.

3. Removal of the interest restriction Currently those using the cash basis are subject to a £500 limit on the amount of interest they can claim as a deduction against profits. HMRC are removing the £500 limit entirely.

4. Removal of the loss restriction Currently, if a business uses the cash basis and makes a loss these losses can only be carried forward to offset against future profit of the business, when there are potentially more favourable opportunities for tax relief available for those using the accrual method of accounting.

The above restriction on losses is being removed, aligning the rules for losses under the cash basis with those under the accruals basis.

It is important to consider whether the cash basis is the right option, especially where significant deposits are received, or suppliers paid in advance of delivering the products or services to the customer as the accruals basis may defer the timing of tax payments.

To discuss your situation in more detail contact your advisor on 01242 776000, or email tax@randallpayne.co.uk

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TIM’S VIEW

The measure of intelligence is the ability to change Tim Watkins | Managing Partner

Albert Einstein

Embracing change and striving for the best is the underlying message of everything we see, hear and do it seems. A decade ago we made a huge change to futureproof our business when we merged our four county-wide offices into one.

We have now been in Chargrove House for ten years. We have seen many changes over that period, and I set a little challenge to look ahead to the next ten years.

We have already just sublet a small part of the building downstairs, as following covid we no longer have everyone in at any one time. No doubt more electric vehicles will come along, and we may start generating our own electric with solar panels. Looking ahead my favourite prediction was our fountain being converted to a drone landing pad! But then you think what will there be to deliver?

Back to now though, I was at a Conference in November discussing “The Changing Face of Accountancy”.

The first session was called “The Robots are Coming”! They aren’t quite here yet but it was obvious we are all going to have to start preparing for them, whatever line of work we are in.

I expect many will have heard of ChatGPT. Many are talking about this 8

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and its abilities. For those that don’t know, it’s an AI (artificial intelligence) chatbot that can be used to write reports, create lesson plans and answer questions, amongst other things, in a way that comes across as human. I have seen it write reports and if I hadn’t known ChatGPT had done it I would have been hard pushed to know it was machine produced. It doesn’t get things 100% correct yet but it will come and then the skill will be asking it the right question to get the correct answer.

The average human has an IQ of between 85–115, Einstein was estimated at 160 and currently ChatGPT is estimated to be between 130–155. This is ChatGPT 4, soon no doubt we will have 5 and then 6 and it’s thought that in two to three years’ time it could be more than 3000 times the average human IQ. Scary! It’s not intelligent in the way we understand intelligence though, it uses content already out there and it analyses and produces that content in the form requested incredibly quickly.

Do we need to be frightened of it? Not now, and the jury is out as to whether it will ever be able to bring in the human element of analysis. If it does, then we move into the realms of science fiction! If it increases it’s IQ exponentially who is to say it won’t teach itself to be human at some point in the future!

Currently, what we do and what everyone else does is too complex for ChatGPT or any other AI to deal with completely on their own. What’s going to happen now? For the moment AI is going to take over repetitive tasks, the things none of us want to do on a day-to-day basis. From our point of view if we can get AI doing those tasks it will free up our team to do more advisory work to add more value to our customers. Rather than be worried about this coming change we will as always embrace it for the benefit of everyone.

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

accounting

Moving over to Xero Shaun Pegler | Partner

can feel life changing for some clients When I introduce clients to Xero and its many tools, I am always pleased with their enthusiasm and seeing them play around with the various features.

It is very satisfying having that first meeting with a client once they have moved over to Xero and have had some time to see what it can do, bringing their own data to life. They discover first-hand how easy it is to use and have a much clearer picture of their finances, which in turn helps with their decision making.

There are many cloud-based accountancy packages out there, but do they all really make a difference.

Here are some of the reasons why, in my experience, Xero stands out from the rest: � Improved cash flow. Chasing &

collecting cash is quick and easy.

Statements sent out automatically with automated follow-up. � Margins can be compared month by month so you can react in a timely way rather than waiting 6 to 12 months and not having the time to imbed change. � Plan for the future based on where you really are now. � Identify monthly trends, when there will be highs and maybe lows. � Know what ‘£s’ are in the bank today with ‘£s’ left to you and ‘£’s owing to creditors – realising your actual cash

in the bank, so you decide what you need, or would like to use this surplus for. For example, replace a vehicle that keeps breaking down, invest in training for your team, putting more in your pension. � The admin time saved is massive, enabling you to work smarter, freeing up your bookkeeper’s time for other duties. � Easy access to the figures e.g., on the train, and if you like to be in control, whilst on holiday! � Payroll can be run through Xero.

Xero is a reasonable priced piece of software and there is only a small monthly subscription which, if used properly, would easily be covered by the efficiencies saved above.

There is no doubt it is value for money, easy to navigate and gives you total peace of mind that your business is in good shape. Considering the benefits it brings to your business, I personally can’t understand why anyone who owns a business wouldn’t invest in Xero, or another cloud-based software. But don’t just take my word for it:

Town & City testimonial: “Many thanks to Shaun for encouraging us to move to Xero – the clarity and accessibility provided by this software has saved us time and enabled the business to make key decisions with confidence.

The transition over to Xero was seamless thanks to Alex’s advice, training and support. Navigating the software is intuitive and in just a few clicks I can have a realtime picture of our finances either via the App or a web browser.

The service we received from Randall & Payne in taking the time to listen; understand our concerns and offering solutions through the change process exceeded our expectations.”

Mark Donaldson, Director, Town & City Builders Ltd.

Contact Shaun for more information by emailing shaun.pegler@randall-payne.co.uk or call 01242 776000. randall-payne.co.uk 9

BUSINESS ADVISORY

Will Abbott | Partner

AI and the future role of us mere mortals Like any new product or process there is a lot of talk and speculation about its potential, and it can be hard to pick through the noise to gain real understanding of what it means and most importantly how it could impact our businesses.

It seems, perhaps rightly, that every conference I attend now has at least one session discussing the topic of Artificial Intelligence (AI). What was possibly below the radar of most of us 12 months ago is now very much front and centre for all of us. In fact, I recently hosted the Cheltenham Chamber of Commerce’s AI event titled “Is your Business Ready for Tomorrow?” which involved a panel discussion about how AI can influence, improve and enhance our businesses.

What we do know is that the rate of adoption of AI has been phenomenal and far exceeds the typical trajectory of an invention. We are used to the inflated hype of a new wonder product and in many cases are still waiting perhaps years later to see how it really works. AI is on different journey, seemingly invading every aspect of our lives already. Even as I type this spelling and grammatical suggestions are being thrown at me.

Indeed, I could have written this entire article using AI (and I did try but our 10

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wonderful marketing team were having none of it!).

Something that struck me during that session around the future role of us mere mortals was the phrase “uniquely human skills” We also know that AI is very good at processing data and we have adopted some of this early on with cloud based accounting systems which “learn” the nature of the transaction and increasingly can automate transactions posting. It can then analyse data and present it with insights for us to interpret and encourage the client to act upon.

AI can make suggestions about what needs to be done based on the analysis of the data. This opens an opportunity

for SMEs to have access to data and insights that typically only corporates would have had in the past.

In my role as Chair of Governors at Gloucestershire College I attended the Association of Colleges conference recently. We heard how AI can write lesson plans in minutes relieving lecturers of the hours it currently takes. This will free up time and increase productivity, which has long been an issue for UK businesses. Something that struck me during that session around the future role of us mere mortals was the phrase “uniquely human skills”. On the face of it that seems to capture our future role but immediately raises the next question – what are those skills?

Knowledge and the application of that knowledge to specific circumstances has been the preserve of professionals since the dawn of time. In my view the value of that knowledge and to a lesser extent its application has been reducing ever since internet search engines were invented.

I often now take calls from clients who

BUSINESS ADVISORY Cheltenham Chamber of Commerce

Is your business ready for tomorrow?

With a show of hands most agreed they were worried about AI for different reasons, be it the impact it could have on jobs or an increase in cybercrime.

On this point, Rob Stemp of Red Maple, commented that currently the ‘defenders’ are ahead of the criminals.

Although AI has helped to improve the look of phishing emails in terms of formatting and spelling, Microsoft 365 and other defensive tools are also using AI to guard against them. Cyber criminals tend to work in silos and don’t have the co-ordination that we have with corporate entities, academics and the government working together, or the available skills which Microsoft and Google possess.

are happy to explain to me what they believe the situation is, based on their own research. Ironically, as professionals we are all keen to demonstrate our expertise by sharing our knowledge on our website, in blog posts on LinkedIn and so on, thereby giving the client the information they need. Of course, we will say that “everyone’s circumstances are different” but I am not convinced we can continue to hide behind that for much longer.

Where I believe we will continue to have a role is in ensuring that the client acts upon the data and knowledge that they have, in their unique personal circumstances with their unique personality. As mentors and advisers we challenge the client, their plans and actions and then hold them to account. AI can keep sending emails reminding me what to do but an eye-toeye conversation to explain your progress and to receive some encouragement and understanding to overcome barriers to implementation is very powerful.

The great news is that we are doing that already and it is changing clients’ businesses and their lives. Long may that continue!

Contact Will for details of our coaching and mentoring by emailing will.abbott@randall-payne.co.uk or call 01242 776000.

Whilst AI is improving productivity, when used to develop content for social media quicker, or to wite an article about a topic you may have limited knowledge about, it still needs to be reviewed by a human. It is often a challenge to achieve the right tone for your brand using ChatGPT. AI requires oversight which presents a challenge in that AI can write computer code in seconds, and it takes much longer for a human to check it! We need the capacity to have the oversight. We could have easily spent another hour debating what happens if content goes unchecked although there was a consensus that AI could become better at oversight than humans!

Emma Littlefair and Chris Farrell of Gloucestershire College shared their thoughts on how learners are using AI in their training but also how new skills are being developed to meet the changing needs of businesses, employers and employees. AI is both creating the problem and helping with the solution.

Understanding what we want AI to do and where we think it may be dangerous, e.g. in developing complex systems such as Air Traffic Control programmes without human oversight, will be key.

processing, the fact vehicles could talk to each other, and they aren’t distracted by the kids in the back. Who would be at fault in the event of a collision? The lawyer in the room said ultimately, it’s the person in the car, it’ll be their insurance company who settles the claim, but legislation is struggling to keep up with the speed of development of technology.

In the Finance sector, AI is helping to spot anomalies in data. Rob Case explained in the world of audit, you used to sample 10 transactions, whereas AI can check all transactions. With MTD coming down the line, reporting figures to HMRC will be seamless and it’s much easier for HMRC to target taxpayers who aren’t paying what is owed. A comment was made about AI being used to create a fairer tax system!

Sarah Cook of HR People Support believes it will generate more jobs.

She advised employers to have open communication with staff, with training where relevant, encouraging their involvement and feedback. Data breaches are a potential risk so be careful not to put sensitive data into ChatGPT. Steven Murray of HCR is concerned by the overreliance on the accuracy of the outcomes produced by the likes of Chat GPT and suggested that a code of practice for AI is required in the UK, similar to that being developed in the EU where it’s ok to use AI in some circumstances but not others for example prohibiting its use in medical diagnoses.

Overall, everyone felt excited by what is coming, albeit there is an expectancy that its development will be at a faster pace than previous transformations.

Generally, people don’t like change – people were sceptical about the internet initially. Any big transformation brings with it an element of the unknown.

However, we are uniquely human and have skills which AI can’t replace. We need to stop being scared and embrace AI but handle with care!

When will humans trust autonomous vehicles? In theory these vehicles would be safer and there would be fewer road accidents as a result of multiple cameras angles and the sheer speed of data

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CORPORATE FINANCE

Ollie Newbold | Partner

Creating value through a clear roadmap Irrespective of the end goal, we tailor our process in delivering the right outcome for our clients, applicable across a broad spectrum of business sizes and sectors.

After numerous conversations, having been an exhibitor at the UKIFDA Conference (UK and Ireland Fuel Distributors Association), we were able to see a common theme emerging.

Despite some of the changes in the industry like the adoption of future fuels and some of the challenges around recruitment etc., conversations very clearly centred around two topics; either Business Growth or Business Exit.

This common theme is not one that is specific to the fuel distribution sector.

Our clients from a variety of sectors are also actively considering either of these two options. Some clients are aspiring to retire in the short to mid term and want to prepare the business for a sale, while others want to capitalise on available opportunities to achieve further growth.

Regardless of the sector, acquisition is a common way to expand geographical reach and achieve business growth. In the case of fuel distributors, strategic acquisitions can deliver enormous financial benefits as some geographies can achieve better margins than others 12

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and the geographic location of depots can play a significant role in maximising profitability. For other sectors, strategic acquisitions could mean expansion of not only the customer base, but also the range of products and/or services offered as well as capabilities.

Using this process, we can lead the client though the appropriate journey depending on what success means to them On the other side of the equation, we had some tentative conversations with business owners who can see some big changes in the industry coming down the track and are beginning to feel a little cautious about what this means for them and their legacy once they exit their business.

Whilst many clients engage with us knowing exactly what they want and how they wish to proceed in the next step of their business lifecycle, we have a number of clients who also come to us feeling uncertain as to which route to take – knowing that something needs to change but they are not sure what.

The infographic at the top of the next page demonstrates the process we adopt in delivering the right outcome for our clients, which we call our Client Roadmap. Using this process, we can lead the client though the appropriate journey depending on what success means to them.

The client considering options This is typically a client where the business may have felt challenging over recent years for several reasons. They want to take steps for change, but the direction and approach feel uncertain.

The first key step is a vision and strategy workshop to develop a clear path towards the end goal. This process

CORPORATE FINANCE

initial discussion

establish requirements

A. Business growth

what next?

allows the client to share some of the challenges they have faced and explore the options available to them.

It also allows the client to move from a crossroads to clearly identify a path and an ultimate destination, either Business Growth or Business Exit.

> Business Growth Where our client is certain that growth represents the next step in their journey, we initially undertake a benchmarked review of the business from an operational, management and financial perspective which allows us to establish areas that are adding value and identify opportunities for improvement. This directly feeds into a Growth Workshop which helps digest and fully understand the assessment.

Finally, a Business Plan pulls together the key steps over a medium term where actions can be tracked.

> Business Exit The critical first step in this process is to understand the value of the business based on comparable transactions undertaken in the sector. If the value does not meet requirements, then the process loops back into Business Growth to improve value.

stage 2: plan

stage 3: delivery

BUSINESS ASSESSMENT

GROWTH workshop

business plan

value below aspiration

vision & strategy workshop

Client Roadmap

stage 1: Discovery

b. Business exit

BUSINESS VALUATION

The first key step is a vision and strategy workshop to develop a clear path towards the end goal If, however, the value meets with client requirements then an Exit Workshop helps run through the key points of the valuation and sets out the options available in terms of establishing an Exit process, as there are a number of options available in this regard.

Typically, we then move into a Sale Mandate process where the business is initially anonymously presented to a tailored list of potential buyers. This competitive process is a tried and tested approach of achieving best value.

Summary This is a whistle-stop tour of detailed and involved processes. As a result of the relatively recent uptick in trading performance throughout the COVID period, there is no shortage of cash-rich

value above aspiration

EXIT workshop

SALE MANDATE

businesses looking to achieve growth through key acquisitions. Happily, there is a good mix of the size and nature of these acquisitive organisations, so sellers are likely to find an appropriate buyer.

Our client roadmap has helped businesses across a number of sectors achieve the end goal within their aspired timelines.

We always welcome conversations with businesses of any size. Do feel free to get in touch to discuss your requirements.

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

Bite-Sized Thinking

›› Understand what success looks like ›› Clear roadmap to achieve desired outcome ›› 3 stages; Discovery, Plan, Delivery To find out more about any of the topics discussed in this article, visit randall-payne.co.uk

randall-payne.co.uk 13

corporate TAX

R&D Tax Relief James Geary | Partner

a generous incentive or a hot potato?

R&D reliefs have come into very clear focus over the last couple of years for a number of reasons but the primary driver for all the current changes is a dramatic rise in fraud and error.

The government has estimated that the level of fraud and error for 2020-21 (the last full year for which statistics are available) was 16.7%, equating to over £1.1 billion. More recently HMRC have stated their belief that well over 50% of claims by small and medium companies are either fraudulent or contain errors, although evidence of this assertion has not been presented.

This has led to a huge increase in HMRC enquiry activity in the last year, as well as the various changes to the schemes which are still going through.

So what has changed?

This time last year, the R&D relief for SMEs (small or medium sized enterprises) provided a 130% uplift in allowable costs, alongside conversion of an R&D tax loss to a tax credit at 14.5%. Taken together, these rates meant that a loss-making company claiming relief could obtain a cash tax credit of up to 33% of the R&D costs they incurred. These rates were reduced in April 2023.

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Fast forward to today, and the announcement that the R&D schemes are being merged (see our Autumn Statement feature) into a single scheme modelled on the existing large company R&D Expenditure Credit (RDEC) scheme.

Under this scheme from April 2024, the same loss making company would receive a tax credit, net of withholding tax, of just 16% of the R&D costs being incurred.

R&D Intensive companies (those where more than 40% of their tax deductible expenditure is qualifying R&D costs) will still use the old scheme but at the current rates, meaning the tax credit would be around 26% of the R&D costs. In the Autumn Statement that 40% threshold has been reduced to 30% for periods beginning on or after 1 April 2024.

At the same time, and on a more positive note, the claims preparation and submission requirements have been changed, and it is now much clearer what kinds of R&D activities are considered by

The government has estimated that the level of fraud and error for 2020-21 was over £1.1 billion the government to qualify for the relief.

There is a new “Additional Information” digital form to be completed by the agent assisting the company with the claim, with much more precise guidance on both the number of projects that need to be described, and the specific questions that the descriptions need to answer. This is making it much easier for company owners to understand when what they are doing qualifies for the relief, and at the same time much harder for less scrupulous agents to be able to submit weaker or incorrect claims.

CORPORATE TAX

The Additional Information form also includes important information about the director approving the claim and about who the appointed agents are, meaning that HMRC should be able to spot patterns with less reputable agents and target their compliance activity much better.

Finally, for companies just now starting R&D activity for the first time (or returning to it after over 3 years), there is a requirement to “notify” your intention to make a claim in advance of actually making the claim.

That notification must be made within 6 months of the end of the accounting period for which you wish to claim.

Current enquiry activity As much as we see the new submission processes as a positive step, what is happening on the compliance side at the moment is extremely alarming. As we have noted in previous website articles, HMRC have instigated their “volume compliance” approach to review thousands of R&D claims by small companies. Through my volunteering activities with my professional body I have spoken to many other firms and been involved in numerous meetings with senior HMRC officials to try to constructively influence what is happening here, and we have had mixed success on this front.

In terms of what we have seen, enquiries are primarily being targeted at much smaller claims, most of them being worth less than £15,000 in value. The questions being asked are extremely onerous despite the submission of detailed R&D reports, and often end up being asked multiple times by different officers as cases are not allocated to a single officer. Claims are then being denied, in full, on virtually every case we have seen, using template letters with sometimes very few edits.

In the early days HMRC were trying to charge penalties saying these companies had not taken “reasonable care” – despite them acting on professional advice.

However this has been an area of success as HMRC have relaxed their approach and are withdrawing their penalty contentions now (which had typically been at 15% of the tax at stake, not an inconsiderable sum).

However the decisions seem to remain a denial of virtually every R&D claim that is selected for enquiry, and the first decisions are now starting to find their way to the Statutory Review process at HMRC.

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

Bite-Sized Thinking

When speaking with our clients these are the general themes which are relevant: ›› It is more important than ever to make sure any submitted claims are robust and fit with the latest HMRC guidance on what constitutes R&D – and the new processes help with that. ›› Don’t leave it too late to look at claim processes, especially given the new pre-notification requirement. ›› It is more important than ever to keep records of R&D projects at the time they are carried out – being notes of progress and challenges, research into available solutions, and recording of timelines and staff involvements. ›› Think about the relief right at the outset of carrying out development work – that way you can weigh up the financial benefits in cost projections as well as ensure records are captured as it progresses. ›› Investigate whether tax enquiry fee protection cover may be available through your adviser.

To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 15

AUDIT

Ryan Moore | Partner

We do Audit differently By making sure that your business is fully compliant, you create a stable base for future growth and development.

In times of change and economic uncertainty, an audit can provide a valuable source of independent challenge and review to your accounting judgements, the stability of your current financial position and the robustness of your forecasts for the future, all of which act to safeguard your business as you move forward.

Our audit process Our dedicated audit team immediately gets to grips with your company so we can tailor our approach to work with you effectively and efficiently, with minimal disruption to productivity.

We utilise the most up-to-date software to complete a paperless audit and ensure that we remain compliant while we address the inherent audit risks associated with your company and sector.

All of our findings are recorded in a single document, presented at board level, and we work through any findings with you in a collaborative, helpful manner.

Benefits to having an audit Your business requires a statutory audit if you breach company or charity audit 16

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thresholds, or you are a member of an ineligible group. To see if you meet any of the above requirements, we suggest you click through the links which can be found on our website.

But what are the benefits to having an audit: � Meets statutory compliance and regulatory requirements. � A voluntary audit can help meet the requests of lenders and external shareholders, and meets the requirements of your supply chain. � A good audit history adds value to your company, which is ideal if you intend to sell the business at a later date.

Sectors we can help with Our team specialises in all areas of audit including the not-for profit and education sectors. Our corporate audit specialisms include companies and groups in the hospitality and manufacturing sectors and we work with directors to improve controls and financial reporting processes.

Our audit services in these sectors have directly supported and advanced many

companies through periods of growth and as they have made exit plans.

We can also undertake grant audits to substantiate funding grants, making sure that the grant has been spent correctly and within the remit of the grant being awarded.

Over 100 of our clients require a statutory audit or have requested to continue having regular audits despite a rise in the thresholds in 2016.

You can view details of our audit registration at auditregister.org.uk, under the firm reference number C002244548.

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

IN THE COMMUNITY

The Winners of the Gloucestershire Live Business Awards 2023 The sparkling awards ceremony which took place at Cheltenham Racecourse on Thursday 12 October, celebrated 25 years. The last eleven years with Randall & Payne as headline partner.

Fiona Hughes Marketing Manager The winners of the Gloucestershire Live Business Awards 2023 were revealed during the prestigious black-tie event, organised by Reach PLC, Gloucestershire Live and Business Live.

The awards champion the county’s businesses and their leaders across a wide range of industries. Securing medals at all major championships, former European, Commonwealth and World Champion sprinter Iwan Thomas MBE hosted the ceremony.

Sarah Pullen, of Reach PLC, addressed the event: “From Covid to the cost of living crisis, and any number of challenges in between, the last few years have been uniquely difficult for businesses in Gloucestershire and beyond. But as tough as the last few years have been, tonight’s finalists have demonstrated the tenacity, invention and drive to not just navigate the storm, but thrive and build for the future.”

As is customary our Managing Partner Tim Watkins made a welcome speech and later on announced that Gardiner Bros & Co had scooped the Business of the Year.

Mark Cummings, former BBC Radio Gloucestershire presenter was announced as winner of the Lifetime Achievement Award.

Attendees were treated to a two-course dinner, after party and entertainment from the Chip Shop Boys.

Cheltenham’s Maggie’s, which provides free support for anyone living with cancer, their family and friends, was this year’s charity partner. Fundraising Manager, Anna Mason, introduced the charity video and spoke about the charity raffle which raised £2,542 thanks to the kindness and generosity of those in the room.

Congratulations again to all the winners and finalists!

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

The Winners • GloucestershireLive Small Business of the Year – Rugrats and half pints • GloucestershireLive Environmental and Sustainability Award – Gardiner Bros & Co (Leathers) • GloucestershireLive Innovation Award – Journey Hospitality • GloucestershireLive Best Place to Work – Gloucester City Homes • GloucestershireLive Growth Award – Bolthole Retreats • GloucestershireLive Rising Star – Charlie Savage, Royal Agricultural University • GloucestershireLive Business of the Year – Gardiner Bros & Co (Leathers) • GloucestershireLive Business Person of the Year – Laurie Bell, Cheltenham Trust • GloucestershireLive Unsung Hero – Kester Birch, Wycliffe College • GloucestershireLive Made in Britain Award – G-TEKT Europe Manufacturing (G-TEM) • GloucestershireLive Charity of the Year – National Star • GloucestershireLive Outstanding Contribution Award – Mark Cummings, former BBC Radio Gloucestershire presenter

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IN THE COMMUNITY

Xero Demo & Tapas Tasting

Encouraging our clients to try something new by pairing together Xero with plant-based tapas, proved appealing at our first Xero accounting software demo.

Our team demonstrated what the Xero accounting software can do for a mix of clients and contacts who were keen to find out more.

Zoe Cambridge from Xero led a group discussion about their pain points and how Xero can help to alleviate them. Then our team paired up with those in the room to show them particular features which would benefit their business.

To find out more: www.xero.com At the end of the session, Andy Tibbs Head Chef at Poco Culina, provided a Mediterranean inspired plant-based tapas tasting. Each dish was passed round the room for tasting whilst Andy talked through each one and the inspiration behind his business. It was great to hear more about his innovative, ethical, entirely plant-based food delivery and catering business and we enjoyed seeing the surprise and delight from those in the room who wouldn’t usually opt for a meat-free meal.

To find out more: www.pococulina.co.uk

Developing our young professionals

We recognise that developing networking skills with like-minded people from varying sectors and professions, is important for self-development.

Championed by our recently qualified trainees, we decided to host events for young professionals in the Gloucestershire area who are seeking to develop their networking skills and business relationships.

We have successfully organised four Young Professional Networking events throughout 2023 which are aimed at making networking enjoyable (and less daunting) by combining it with an activity. These have included table tennis, skittles, garden games and most recently a quiz night. Thanks to all who have taken part and made these such enjoyable events.

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IN THE COMMUNITY

Charity fundraising achievement for Maggie’s It has been an amazing two years supporting Maggie’s Cancer Centre Cheltenham.

Jo Kline Client Experience Officer

Over this time, we have introduced some new, challenging, fundraising activities that the staff embraced wholeheartedly and have resulted in raising a staggering £22,600.

It seems like yesterday that the staff watched the videos from our top three shortlisted charities and voted Maggie’s as the corporate charity. What a varied and momentous two years they have been.

Some of the new fundraisers included firewalking, abseiling, and a bake off, but of course we also held our annual quiz night, brunch butty days, charity book shop, Christmas bazaars, walking, squatting, running and cycling challenges.

As always, it has been heartwarming and fulfilling to work with such an excellent charity, who have been engaging and proactive and have been a huge part in helping us to raise this total.

We are about to vote for our next corporate charity, and even though we will no longer fundraise for Maggie’s, our support in helping them raise awareness will continue.

a message from The charity Welcome to Maggie’s Cheltenham.

Whatever kind of cancer, and whatever stage you’re at – we’re here for you. Our centre is a space for being together or for a moment alone, for getting going again or for meeting people who just get it.

The kettle’s already on – just come in.

Anna Mason, Community Fundraiser at Maggie’s Cheltenham Centre said: “The Maggie’s Centre team, Trustees and I can‘t thank Randall & Payne enough for the wonderful support of the past 2 years. We have had the most amazing fun, and tried out some new fabulous

fundraisers, the Maggie’s Bake off definitely being one of my favourites.

Working with the “Dream Team”, Fiona and Jo, made the experience a joyful one and personally will miss their infectious positivity and planning events with them.

One of the additional benefits of working with Randall & Payne is that they continue to support their corporate charities, even when their term is over.

They have kindly offered their premises so that we can hold our Maggie’s Firewalk. Thanks guys, its been a pleasure.”

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RANDALL & PAYNE NEWS

New partners announced in July

In line with our commitment to strengthening our firm for the future, Nikki, Shaun and James have been welcomed to the Partnership bringing forward the next generation of leaders.

Tim said “It has been great to watch each develop over the years from trainees in the case of Nikki and Shaun, to joining us from another firm in James’ case and fitting in so well from the outset. All became members of the Senior Leadership Team a few years ago and have continued to demonstrate their commitment to the firm and are great people to work with.”

Commenting on her appointment, Nikki said “Randall & Payne has supported me throughout my career to enable me to achieve this step.

Now is my opportunity to give back to both our clients and the team in my role as custodian of the firm and nurture its growth in readiness for the next generation.”

Commenting on his appointment, Shaun said “Being asked to join the Partnership is an absolute honour. To see the Partners put their trust in me and invite me to help run such a fantastic forward-thinking firm of accountants fills me with pride. The Senior team work hard to develop those around them and this is something I feel is important. I will do this with my team and continue to share my enthusiasm.”

Commenting on his appointment, James said “I am delighted to have the opportunity to join the Partnership of such a historic yet forward thinking practice and am very grateful to the existing Partners for their faith and support that has enabled me to reach this milestone.

I look forward to continuing to grow the firm’s Corporate Tax team and capabilities as the digital revolution continues.”

Celebrating staff success Congratulations to the following staff for their achievements:

Adam Smith for his promotion to Private Client Senior Tax Accountant Ethan Powell for becoming ACA qualified and for his promotion to Private Client Tax Accountant. � Laura Jenkinson for becoming AAT qualified. � Mo Al-Houbani for becoming ACCA qualified. � �

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We also celebrated 30-year work anniversaries for Will Abbott and Justin Whithorn who started on the same day in 1993! We surprised them with a gathering for some cake and fizz.

RANDALL & PAYNE NEWS

Looking after our people and our planet

Sustainability pledge

Menopause workplace pledge

Thank you to Stroud Electrical Services who replaced our strip lights with energy efficient lighting in the office. This is part of our sustainability pledge, and we are surprised to learn that they would pay for themselves in just two years!

By signing up to the Menopause Workplace Pledge we are committed to making Randall & Payne a supportive and understanding place for employees going through the menopause.

Next on the agenda for the warmer months is to replace the windows in the office to retain more heat next winter and reduce our energy consumption further. We have recently had our half year review meeting with ISO QSL to keep us on track for recertification next year.

We also have a Menopause Policy and a Menopause Café which is an informal catch up for anyone who would like to join to discuss some of the issues, share experiences, tips and techniques which have been helpful to others.

International Happiness at Work Week We used the staff whiteboard ahead of the International Happiness at Work Week (25-29 September) to ask for suggestions for what would make everyone feel happier at work and used their ideas to plan activities. We kicked off the week with a massage and invited Glo Pamper in to give staff a treatment to boost wellbeing. On Tuesday, Matt’s comforting apple crumble provided much enjoyment. On the Wednesday we organised a treasure hunt locally, and on Thursday we danced to music with a silent disco in the conference room. Finally we ended the week with delicious treats from The Patisserie Box!

randall-payne.co.uk 21

GUEST ARTICLE

Guess what?

Ryan Hogarty, Partner | Red Kite Law LLP

No one cares about your Elevator Pitch…

Do you feel truly connected to other human beings within your working world? Unfortunately, in our business worlds, being disconnected can end up being the default and work life becomes an endless sea of transactions.

It needn’t be that way. WorkStory networking was created with this in mind. To reconnect us through the innate power of Story Telling.

I think deep down we feel uneasy about elevator pitches. You know that “icky” feeling you get when you go beyond sharing what you do and who you work for, into the dreaded no-man’s land of personal/professional sharing.

Red Kite is a fairly new player in the legal arena in Gloucestershire and when we were thinking of setting up a new networking group in the county, this “icky” feeling came back to me again.

But do you know what we all love. I mean really love. A good story!

So, we set out to set up a monthly WorkStory meeting that is centred around Story Telling. We invite speakers from all walks of life to share their stories.

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These stories are interspersed with story starters which are story prompts for our attendees to engage with the story theme.

These themes are Leadership, Diversity Inclusion and Equality, and Sustainability. It is intended that the speakers we choose have a story to tell around these themes that provoke and inspire us to some type of change.

It goes without saying that our leadership, workplaces, and planet are in dire need of change. It’s not “business as usual” and we need a method to be able to bring this change and fast. Story telling is that method.

A byproduct of this engagement for our attendees, is that they can continue to tell their own business stories more effectively, to allow more meaningful and longer-lasting connections. Because that is where business is ultimately done.

Why don’t you join us?

WorkStory is an event that is hosted

by Red Kite Law LLP (www.redkitelaw. co.uk) and other partners (we are really open to this being a shared event capable of growth and expansion and we currently have a partnership with www.thehumanbusiness.co.uk)

You can follow us on our social media pages: LinkedIn: https://uk.linkedin.com/ company/workstorynetworking Instagram: @workstoryuk Facebook: @workstory

Key Events KEY DEADLINES JAN 24

FEB 24 orporation Tax due C period ended 31/03/23 Due date for 2023/24 PAYE month 9 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 30/04/23 Corporation Tax return deadline to HMRC – periods to 31/01/23 Due date for balance payments for 2022-23 and/or 1st payment on account for 2023/24 Due date for SA tax return 2022/23

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APR 24

1 19 22 30

orporation Tax due C period ended 30/06/23 Due date for 2023/24 PAYE month 12 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/07/23 Corporation Tax return deadline to HMRC – periods to 30/04/23

1 19 22 29

MAR 24 Corporation Tax due – period ended 30/04/23 Due for 2023/24 PAYE month 10 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/05/23 Corporation Tax return deadline to HMRC – periods to 28/02/23

MAY 24

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Business bootcamps Our peer-to-peer workshops are designed for Owner Managed Businesses and aim to challenge thinking and deliver results.

Held quarterly, the 2024 dates are:

5 March • 4 June • 3 September • 4 December Follow us on social media or visit the events page of our website in the month preceding for details of the workshop theme.

Young Professionals Networking Event At Randall & Payne we recognise that developing skills with like minded people from varying sectors and professions is important for self-development. We host a series of fun events which helps make networking less daunting.

Held quarterly, the 2024 dates are:

20 February • 14 May • 22 August • 6 November

19 22 31

Corporation Tax due – period ended 31/05/23 Due for 2023/24 PAYE month 11 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 30/06/23 Corporation Tax return deadline to HMRC – periods to 31/03/23

JUN 24

orporation Tax due period C ended 31/07/23 Due date for 2024/25 PAYE month 1 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/08/23 Corporation Tax return deadline to HMRC – periods to 31/05/23

We future proof your company and improve its value.

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orporation Tax due – C period ended 31/08/23 Due for 2024/25 PAYE month 2 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 30/09/23 Corporation Tax return deadline to HMRC – periods to 30/06/23

Advice Clinic Any weekday in office hours depending on availability of the relevant expert and are completely free.

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

We can help with a wide range of issues in an hourly clinic. These 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 Following on from the success of our Xero taster workshops we are offering a free hour 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 completely free and open to anyone who would like to consider the benefits of using this cloud-based software.

For more information or to request a free Advice clinic call 01242 776000 or email clinics@randall-payne.co.uk.

randall-payne.co.uk 23

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