In Focus issue 27 Spring/Summer 2024 | Randall & Payne Accountants & Business Advisors

Welcome to issue 27 of In Focus.

It’s safe to say that it has been a very busy first quarter for all our clients and indeed our own business. So much so, I feel as though this time around we could have filled this edition twice over!

The vibrant business community in Gloucestershire is back in full force, with events galore and a noticeable increase in our clients seeking renewed face to face engagement.

I am especially proud of the efforts from all our team in delivering a first class ‘Budget Day’ event at Kingsholm Stadium. This is an event which hasn’t been featured in our calendars since 2020 and we sensed a real need to revive this informative experience for professionals. I am also thankful to our event partners, Rathbones, for seeing the value this type of event can deliver and, unlike other local Budget coverage events, ours was delivered live and provided insights in accountancy, tax, wealth management and the market, which really added value to the attendees. Our cover image shows my excitement and enthusiasm for such a memorable day! See pages 4-9 for our full Budget round-up.

Also in this edition, our guest article on page 22 is a reflection from Laurie Bell, The Cheltenham Trust, who recognised

the value of what we have to offer the county and shows how a visionary approach, tenacity and hard work will achieve success. Will’s article on pages

14-15 introduces how the model, The Five Behaviors® of a Cohesive Team, can help deliver results in your business, whilst Ollie shares Corporate Finance’s ultimate advisory report, The Strategic Pulse, and how it can deliver gold winning performance on pages 16-17.

We continue offering additional support to businesses by providing services to take away the mundane admin tasks freeing them up to focus on their business and share this on page 12. We also take the opportunity to introduce more of our senior accounts team on page 13, giving you a brief bio on who they are.

Everyone at Randall & Payne is approachable so feel free to come in and meet the people who make your success their priority.

Plus, plenty more news and useful insights in this issue which we hope you find of interest.

MEET OUR SENIOR TEAM

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

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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

P 4 Spring Budget Insights

P

14 The Five Behaviors® of a Cohesive Team

IN ThIS ISSUE

NEwS FOCUS | 4 – 9

The Spring Budget summary and insights

TIM’S vIEw | 10

Bringing back the old, embracing the new

TAX | 11

Tax Investigation Service cover gives you peace of mind in case you are targeted by HMRC

MANAGEMENT SERvICES | 12

Nikki explains how we can give you time back to focus on running your business

ACCOUNTS | 13

Shaun introduces you to the people behind your accounts

BUSINESS ADvISORY | 14 – 15

Will tackles the productivity challenge using The Five Behaviors® of a Cohesive Team

CORPORATE FINANCE | 16 – 17

Ollie explains how to deliver your business’s gold medal winning performance

IN ThE COMMUNITY | 18 – 19

Celebrating with award winners one last time, introducing our new charity and sponsoring the No Child Left Behind Awards.

RANDAll & PAYNE NEwS | 20 – 21

Staff successes, Will helps C2S members to understand their leadership style, signing the Armed Forces covenant and recycling!

GUEST ARTIClE | 22

Laurie Bell explains the secret behind the recent success of the Cheltenham Trust

EvENTS | 23

Key dates for your diary

Summary of the Spring Budget announcements

The Chancellor, Jeremy Hunt, delivered his Spring Budget and with an imminent general Election, he has clearly made some significant political moves to try to influence voters. He was keen to make sure all of the positive achievements were mentioned.

There was more heckling in the Chamber than usual, but also a raft of announcements across a variety of taxes and it was challenging to keep up with all the measures in the end.

With growth in GDP set to reach 2.2% in three years’ time, there still is some work to do. The Chancellor suggested the UK was one of the best performing economies, but that should also be compared to the 5% Growth target China is seeking to achieve in 2024.

There were some novel ideas to encourage UK investment, not least a new UK ISA with its own allowance of £5,000 a year in addition to the current £20,000 allowance, albeit the government will consult on the details with a view to implementing at a later date.

Our summaries of some of the specific policies and changes announced should be a useful reference point for understanding the impact of the changes.

National Insurance

The Chancellor confirmed a two percentage point cut to National Insurance (NI), which could benefit up to 27 million British workers. There were a number of leaks about potential announcements so it was no surprise to see this change introduced.

As things stand, those who are of a working age and receive income from a job or trade, pay both National Insurance Contributions (NICs) and income tax. However, those who obtain their income solely from other sources (e.g. pensions and rental) only pay income tax. Today’s budget announcement aims to shrink the disparity in tax treatment between workers and non-workers, by reducing the rate at which NICs are charged.

Employed Individuals

From 6 April 2024, the Government is cutting the main rate of employee NICs by 2p from 10% to 8%. This follows on from the Autumn statement 2023, where

the Chancellor already introduced a 2p cut from 12% to 10%. These rates apply to employment income earned between £12,570 and £50,270, whilst the 2% rate charged on earnings in excess of £50,270 has been left unchanged.

This reduction is estimated to generate the average worker (on a salary of £35,400) a saving of £450 a year.

When combined with the reduction introduced in the Autumn Statement 2023, the overall saving per year is over £900.

Self-Employed Individuals

Similar changes are being made for the self-employed, with the government cutting a further 2p from the main rate of self-employed NI from 6 April 2024, in addition to the 1p cut previously announced at Autumn Statement 2023.

For the average self-employed person on £28,000 a year, the NI cuts are expected to result in savings of £350 per year.

James

Whilst these are welcomed changes to the British workforce, there has been no change in stance from the government in their approach to the thresholds at which Income Tax and National Insurance contributions come into effect. This means that the current threshold of £12,570 is expected to remain frozen until April 2028, rather than rising alongside the rate of inflation.

Given the way in which the announcement was made, one could reasonably expect the Conservative Party manifesto for the forthcoming election to include the idea of scrapping National Insurance over the next parliament.

Child Benefit

A long awaited adjustment to the system for phasing out Child Benefit for higher earners has been announced. The measure was first introduced in January 2013 and results in the benefit being lost where one earner in the household has income over £60,000, with a phasing out of benefit between £50,000 and £60,000.

This has resulted in a long standing anomaly which means that where a family has one person earning £60,000 and the other not working, they get nothing, whereas a family with two people earning £50,000 get the

full benefit. In addition, the £50,000 threshold has remained unchanged –had it increased in line with rising costs it would now be £68,000.

Reforming this anomaly will take time to design a new scheme based on “household” income as this information is not easy to capture with current systems. The new system is intended to come into play in April 2026, but in the meantime the threshold and taper band are being uplifted to smooth the transition and help the current distortion.

From April 2024, full Child Benefit is available to any household where the higher earner has income of up to £60,000. Above this level, the benefit is tapered on a straight line basis until income hits £80,000.

In practical terms, families that have previously opted out of Child Benefit because of the charge, but will now be able to keep some of it, need to take action by 6 July 2024 to claim the full benefit, because it can only be backdated three months.

The government state that this change will have a positive impact for around 485,000 families. It is also hoped it might encourage more into work.

Capital Gains Tax Rates on Residential Properties

The current rate of Capital Gains Tax (CGT) on residential properties is 18% for any gains falling within the taxpayer’s basic rate band, with any gains above this being taxed at 28%.

No change is being made to the lower rate, however, with effect from 6 April 2024 the government is reducing the higher rate from 28% to 24%.

Both of these measures may be being introduced to improve the quantity of housing stock available to purchase for those wishing to do so.

With growth in Gdp set to reach 2.2% in three years’ time, there still is some work to do.

Furnished holiday Let (FhL) Regime Abolished

The FHL regime currently available has several tax advantages for landlords of qualifying short term holiday lets. However, from April 2025 the FHL regime is being abolished. As a brief overview, the main tax advantages of a property qualifying as an FHL are as shown below, along with a summary of the corresponding rules which are currently available for ‘standard’ rentals i.e. rentals that do not qualify as an FHL:

Mortgage interest capital allowances

Mortgage interest can be deducted against profits.

Profit split capital Gains Tax (cGT) relevant earnings

Capital allowances are available which means FHLs can receive a deduction for the initial purchases of relevant items against profits e.g. furniture, white goods

Spouses or civil partners who jointly own an FHL can split the profits in a ratio of their own choice. This can mean more profits can be allocated to the lower earner, thereby saving tax.

There are a number of CGT reliefs available for qualifying FHLs, these being:

� Business Asset Disposal Relief

� Business Asset Rollover Relief

� Gift Hold-over Relief

Profits count as relevant earnings for pension contribution purposes.

The taxpayer will receive a deduction against tax due equal to the mortgage interest x 20%. Therefore, higher or additional rate taxpayers will receive less tax relief. This method also means reportable profits are higher, which could cause the taxpayer to reach certain thresholds earlier, or affect tax credits etc.

Taxpayers will only be able to claim for the cost of replacing these items, with no deduction available for initial purchases. This is a particular disadvantage when first getting the property available to be let out, as a significant amount of expenditure is likely to be incurred without any availability for tax relief.

Spouses or civil partners who jointly own a standard rental can only generally split profits 50/50. There are ways to change the split, however, it is less flexible and involves incurring legal fees to do so.

No CGT reliefs are generally available.

Profits do not count as relevant earnings for pension contribution purposes.

The change would likely make Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) easier to design, however, it will give rise to its own set of complications. Draft legislation will be published in due course and include an anti-forestalling rule. This will prevent the obtaining of a tax advantage in advance of the enactment of the legislation.

Stamp Duty Land Tax

Multiple Dwellings Relief for SDLT is being abolished with effect from 1 June 2024. This relief was introduced in 2011 and applies where a buyer purchases 2 or more dwellings in a single transaction, and allows them to calculate the duty based on the average value of the dwellings.

The objective of the relief was originally to reduce a potential barrier to investment in residential property and to promote private rented sector housing supply. However a government review found that the relief was having a minimal impact on housing supply, and it is therefore being abolished due to not meeting its original policy aims.

Any purchases which complete (or substantially perform) before 1 June 2024 will still qualify for relief. Any purchases which exchanged contracts on or before Budget Day (6 March 2024) will still qualify no matter when they complete.

Theatre, orchestra, museum and galleries tax reliefs

The tax reliefs for these cultural industries have been a lifeline since the Covid-19 pandemic as this sector was one of the worst hit by the lockdowns.

The rates of relief were temporarily increased to 45% and 50% as a result but were due to taper down to 30% and 35% in April 2025.

The relief for Museums, Galleries and Exhibitions was also temporary, and was due to end on 31 March 2026. However the “sunset clause” has now been removed, making the relief permanent.

In addition, the rates of relief will now be permanently set at 40% and 45%so while they are still decreasing slightly from April 2025, the impact will be of much less significance to the industry.

Independent Film Tax Credit

This new tax relief will be available to certain “independent films” which currently qualify for the Audio Visual Expenditure Credit (AVEC) at a rate of 34%, and will uplift the credit rate to 53%.

In order to qualify, the film must pass a new test: projected core expenditure must not exceed £15 million, and in addition either “key talent” (such as director and writer) must be from the UK, or the film must be an international co-production.

Films that do not qualify as independent films can continue to claim the AVEC at the basic 34%, or the uplifted rate of 39% for animated films.

Changes to the ‘non dom’ regime

Since it was widely publicised that Mrs Sunak’s offshore assets were escaping UK tax, the spotlight has once again been shone on the non domicile regime, so it was unsurprising that the Chancellor has chosen to include it within his budget.

The current non domicile regime (nondom) regime is a favourable tax regime which allows non-doms who are UK resident to opt to use the remittance basis of taxation.

This means that whilst they pay tax on their UK income and gains in the same way as UK domiciles, they pay tax on their foreign income or gains (FIGs) only when they are remitted, or brought to, the UK.

The term non-dom refers to individuals whose permanent home, or domicile, is considered to be outside the UK.

Foreign income and gains

From April 2025 the preferential tax treatment based on domicile status for all new foreign income and gains (FIGs) will be removed. The Chancellor has said that he is introducing a modernised regime that is simpler and fairer.

The chancellor confirmed a two percentage point cut to national Insurance (nI), which could benefit up to 27 million british workers.

For new arrivals, who have a period of 10 years consecutive non-residence, there will be full tax relief for a 4-year period of subsequent UK tax residence on FIGs arising during this 4-year period, during which time this money can be brought to the UK without an additional tax charge.

Existing tax residents, who have been tax resident for fewer than 4 tax years and are eligible for the scheme, will also benefit from the relief until the end of their 4th year of tax residence.

Regardless of where an individual is domiciled, and after transitional arrangements, anyone who has been tax resident in the UK for more than 4 years will pay UK tax on any newly arising FIGs, in line with all other UK residents.

Inheritance Tax

UK domiciled individuals are taxed on their worldwide assets, however for non doms Inheritance tax (IHT) depends on domicile status and location of assets. Currently, no inheritance tax is due on non-UK assets of non-doms until they have been UK resident for 15 out of the past 20 tax years.

Consultation will take place on the best way to move IHT to a residencebased regime.

Transition

Given that the changes represent a significant change for those existing nondoms, we will be hearing more from the government on how targeted transitional arrangements will come into play.

Indirect and Other Taxes

VAT registration thresholds

There have been no inflationary increases to most tax allowances for a while now, in fact there are not scheduled to be any increases until 2029 so it came as a surprise to learn that the VAT Registration Threshold is set to increase by £5,000 to £90,000 effective from 1st April 2024. The deregistration threshold is also set to increase to £88,000 effective from the same date. This is a notional adjustment, but will be welcomed by many small businesses with income close to the existing threshold.

dIy Housebuilders

The process for claiming back VAT under the DIY housebuilder scheme has historically been very manual, requiring a paper claim with copy invoices to be sent. HM Revenue and Customs have digitalised the claim form, which no longer requires every invoice in support of a claim to be submitted.

However in order to protect the Exchequer they are giving HMRC

Commissioners additional powers to request further evidential documentation in relation to a DIY housebuilder’s claim. This will assist the Commissioners in validating claims and carrying out compliance checks.

Duties

vaping products duty

The government has published a consultation on the design and implementation of a Vaping Products Duty. The initial proposal is that the duty would take effect from 1 October 2026 alongside a proportionate increase in tobacco duties.

The duty will apply to liquids for use in vaping devices and e-cigarettes at the following rates:

� £1 per 10ml for nicotine free liquids

� £2 per 10ml for liquid containing nicotine at concentrations between 0.1 to 10.9mg per ml

� £3 per 10ml for liquids containing nicotine at concentrations 11mg per ml, or above

The government will also make a one-off tobacco duty increase of £2 per 100 cigarettes or 50 grams of tobacco from 1 October 2026.

Fuel duty

Fuel duty rates have been frozen. This has in effect happened as a result in two measures. Firstly they have extended the cut in the rates of Fuel Duty in force (5p per litre) for a further 12 months.

Secondly, the historical planned increase has also been cancelled avoiding an effective 13% increase. Interestingly the Chancellor quoted the impact that this would have had on inflation had it gone ahead, suggesting it would have resulted in a 0.2% increase

alcohol duty

The government is also extending the alcohol duty freeze from 1 August 2024 until 1 February 2025, resulting in 2p less duty on an average pint of beer than if the planned increase had gone ahead.

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

A big thank you to everyone who joined us for our Spring Budget event with Rathbones at Kingsholm. Not only was it a great opportunity to network and meet new people, but also informative to hear from the experts who dissected the announcements in an enjoyable way. It’s great to have this event back in the calendar!

Bringing back the old, embracing the new

This issue of In Focus includes details of the Chancellor’s Budget. For the first time since 2019 we brought back our Budget Day event at Kingsholm and it was great to have people back to watch and listen as the Chancellor’s speech unfolded.

We are living in a period of great technological change but sometimes the old ways are the best!

The buzz in the room for the speech was so noticeable, people talking to each other face to face and enjoying each others company. Restrictions on gatherings have long gone but the ways to meet up during those dark days of covid understandably continue and are widely used by all, ourselves included. Every now and again though the chance to get together in person is welcome, a view expressed by several at the Budget Day event itself.

I hope there will always be a place for people getting together as we did on 6 March. Equally there will of course be a place for technology and who knows where this will end up. We hear more every day about AI and the impact this will have on us all. We read about ChatGPT and how this can be used to

The buzz in the room for the speech was so noticeable, people talking to each other face to face and enjoying each others company.

The big three of the cloud accounting world are themselves moving in to the AI world. Xero JAX will be available later this year (JAX – Just Ask Xero), Sage Copilot is out already and Quickbooks has Intuit Assist. These products will no doubt develop in leaps and bounds.

Should we be concerned? They are all going to learn from information put in and if these products help us all deal with the day to day, leaving more time to work on the business, then they will be a force for good.

do research and write reports and those functions will only improve. We also now have Microsoft Copilot and Google Gemini Advanced, will these move ahead of ChatGPT? With the volume of data Google alone has access to you have to think they might.

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

Tim Watkins | Managing Partner

Tax enquiries are increasing, we can protect you

Once HMRC decide to investigate your return you have no option but to comply. Early professional representation is essential in quickly and successfully

dealing with an enquiry.

Even if your affairs are in order, and there may be no additional tax to pay, our fees to support you and your business throughout the enquiry remain.

To help ease the stress of an enquiry and avoid the unbudgeted costs, we offer our Tax Investigation Service for a one-off annual fee, which provides for our professional representation for up to £100,000 of fees and free access to My Business Hub.

My business Hub – the ultimate digital toolkit and advice line An online portal for all businesses, provided by the experts at Croner-i, is now included free as part of the Tax Investigation Service. Written documents, policies and procedures supported by expert telephone advice on all areas of employment law, health & safety, and commercial legal.

Not only will you have protection from the risk that you are unfortunate enough to flag up on HMRC’s radar, but My Business Hub adds extra value,

whether you’re investigated or not. Everything you need all in one place, including peace of mind.

council tax, VAT registration documents, Airbnb, and believe it or not even your social media profiles.

be safe in the knowledge that we will represent you and deal with HMrc on your behalf.

Why would I be investigated?

There is no definitive answer as to why, but there are a lot of possibilities: filing a later return, errors that require correction, dealing with cash, HMRC receives a tip off, or working in a targeted business sector, to name a few.

HMRC’s Connect database collates data from banks, Land Registry records, Visa and Mastercard transactions, DVLA,

How much does an enquiry cost? Representing you can easily run into thousands of pounds but will vary from enquiry to enquiry, even if no extra tax is paid in the end.

Be safe in the knowledge that we will represent you and deal with HMRC on your behalf.

We have sent a communication out to our clients with a quote for the service, but if you have missed yours or if you have any questions, please don’t hesitate to contact us and we will be happy to help.

contact rob for more information by emailing rob.case@randall-payne. co.uk or call 01242 776000.

Rob Case | Partner

Our Management Services provision gives you time back

No one goes into business to become an expert in accountancy, so why is it that often business owners take on this onerous task, spending time away from running their business?

There are several clients who choose to leave their mundane data processing to us. We can provide information in a format that is more useful and timely to enable critical business decisions to be made.

Staying up to date with your financial admin can be a chore which is why, over the past few years, we have been growing our Management Services team so that we can competitively offer a range of services that enable you to concentrate on the core running of your business.

our services include:

BookkeePing processing data on a daily, weekly, monthly or quarterly basis.

BAnk PAymenT runs

Uploading files to your bank for your approval.

VAT reTurns checking data and filing to HMrc to make you MTd compliant.

TrAining & on-going suPP orT This is tailored to your needs, either at your premises or ours.

Our preferred bookkeeping software is Xero, and being based in the cloud you can access your financial data, to check overdue customer invoices for example, at any time wherever you are including on a mobile device.

A client who uses our bookkeeping service with training and support said “The clarity and accessibility provided by Xero has saved us time and enabled the business to make key decisions with confidence. The transition was seamless thanks to Alex’s advice, training and support.”

How we integrate with other services:

� Payroll. Where we process your payroll, our teams will work together to enter this data at each payroll run into the bookkeeping software.

� Accounts. Year-end information will be provided to our accounts team in a timely manner following the end of the period meaning the accounts can be prepared quickly and efficiently.

� Business Advisory. If required our team can use the data to produce management accounts, cashflow

forecasts and provide business advice and coaching.

� Tax. HMRC are expanding the scope of MTD over the coming years to include Self-Assessment and subsequently Corporation Tax. This will mean all businesses, at some point in the future, will need to be using MTD compliant software to record their business transactions.

So why choose to move this process to us?

Our comprehensive service allows you to free up more time to focus on you, your business and your loved ones. No two businesses will require the same level of support from us. We can provide tailored quotes based on the level of transaction processing and compliance required. If you would like to have a chat about how we can support your business, please get in touch with your usual Randall & Payne contact.

contact nikki for more information by emailing nicola.cairns@randallpayne.co.uk or call 01242 776000.

Nikki Cairns

| Partner

Get to know the people behind the accounts

Having us take over some of your admin stresses and trusting us with this responsibility can sometimes feel just as stressful, which is why we think it’s important for us to get to know each other.

we would like to introduce you to the senior members of our team, who work alongside Nikki and myself in Accounts, and who take on the day-to-day responsibility for the completion of your work.

Nicholas Gratton b F p F ca

Cl IENT D IRECTOR

Whilst many of Nic’s clients are involved in farming and related industries, he also enjoys working for a wide range of other owner managed businesses in the local area and beyond.

In his spare time, Nic is a member of an amateur dramatics group and is a lifelong supporter of Swindon Town. A condition he is now imposing on his two sons!

Andy Sweet ba F cca Cl IENT MANAGER

Andy has risen up through the ranks, and as a manager in the Accounts team, he oversees the preparation of statutory accounts for a portfolio of clients varying in both size and sector which keeps the role varied.

Outside of work Andy is the club secretary for his local football team and will watch pretty much any sport he can find on TV!

Carrie-Anne Dailly aca M aaT Cl IENT MANAGER

Carrie is enthusiastic about working with clients and helping them get the best from their business. Since joining as trainee, Carrie has progressed to Client Manager, helping clients with their annual accounts submissions as well as day-to-day queries and larger issues.

She enjoys taking her 9 dogs on long country walks, baking and a good puzzle!

Matt watkins ASSISTANT C l IENT MANAGER

Matt has 25 years’ experience in practice and his approachable personality helps build the relationship with his clients that ensures their success.

Matt is a family man and loves being a dad! He enjoys taking his Labrador on beautiful walks with the kids. He also loves sport, although more often as a spectator these days!

“Working with Randall & Payne has been a breath of fresh air. They have taken care of all the ‘less exciting’ yet immensely important parts of running a business, making sure all the accounting boxes are ticked and highlighting opportunities that may have otherwise been missed. Shaun is great to work with. Whilst incredibly professional and thorough, he still has a sense of humour which makes meetings a pleasure instead of a chore. The support we have received Shaun and the rest of the team has allowed us to focus on our real strengths… riding bikes, (falling off bikes), making great films and sharing our passion for ebike adventures.”

Dan Radford, head honcho EDEMO Bikes

we like nothing better than a coffee and a catch up with our clients and our coffee machine is always on, so come in for a catch up with a member of the team anytime.

contact Shaun for more information by emailing shaun.pegler@randallpayne.co.uk or call 01242 776000.

Shaun Pegler

| Partner

The Five Behaviors® of a Cohesive Team

The productivity challenge in the UK remains, the search for high performance continues and the post Covid work life balance dynamic is here to stay.

In this context, as business leaders, we need a model more than ever to help deliver the results we are seeking for our people, our teams and our organisations.

One model that we apply in our own business, which has seen great results, is The Five Behaviors® developed by Patrick Lencioni. In fact, I liked it so much I became accredited to train organisations in its application.

The process kicks off by assessing the level of each of The Five Behaviors® in the team by asking each team member to answer an online questionnaire. This sets a base line and we retest after the workshop to measure the improvements made. The workshop will build on this knowledge by focussing on the areas where the team needs to demonstrate different behaviors and takes each team on a journey to better results. The ultimate goal for any team is the achievement of results and this is realised by building greater trust, healthy conflict, commitment and accountability.

The

Trust one another

When team members are genuinely transparent and honest with one another, they are able to build vulnerability based trust. People become much less defensive, admit their mistakes, reach out for help when they need it and readily appreciate the questions and comments of peers.

engage in Conflict around Ideas

When there is trust, team members are able to engage in unfiltered, constructive debate of ideas, which leads to more options being considered and more robust solutions being developed. It may be that the person raising issues and asking questions is the most valuable in the room rather than the most awkward.

Commit to decisions

When team members are able to offer opinions, debate ideas and feel they have been listened to, they will be more likely to commit to the decisions made by the team. This is real commitment to rather than passive acceptance of the way forward.

Hold one another Accountable

When everyone is committed to a clear plan of action, they will be more willing to hold one another accountable and to be held accountable for their own actions.

Focus on achieving collective results

When the above behaviors are demonstrated by the team consistently then improved results are delivered.

My experience of working with teams is that the leaders will start with a focus on results and often blame a lack of accountability amongst team members when targets are missed. The key is to go beyond this and understand the root cause of the issue, by working back through each of the behaviors to understand which is lacking. Without this process, any trust, which may already be weak, can be undermined further. Threatening severe consequences for underperformance when an individual did not feel heard and did not buy into the decision will only be detrimental to trust and de-motivating. It may lead to finger pointing, distraction tactics and attempts to pass the blame. How often have you sat in team meetings and experienced this or worse, destructive conflict where the purpose seems only to be to find a culprit to blame?

What is needed is a recognition that things are not working and for team members to acknowledge their part in this. Without that nothing changes, and we risk a cycle of repeated failures, employee turnover, further failed

attempts and lack of progress. It is not hard to see how productivity remains stubbornly low and change is limited in these circumstances.

Building trust is the foundation of the model and, at a deeper level, allows the individuals to be at their most vulnerable, safe in the knowledge that they will not be attacked nor taken advantage of. It takes times to build this level of trust but the investment of time and energy will be repaid many times over. It is this trust that leads to constructive conflict and allows teams to embrace robust and rigorous debate. Where did this go wrong? What can I do differently next time? How can I help you? What help do I need?

In an environment where recruitment remains challenging, economic headwinds are stronger and customers ever more demanding, high performing teams are key. We owe it to our people, our businesses and ourselves to get this right. It starts with an honest assessment of where you believe the level of trust is in your teams. It finishes with the results you need.

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

The Strategic Pulse –

Deliver your business’s gold medal winning performance

How does an Olympian achieve a gold medal winning, world record breaking performance and what does this all mean in the world of business?

i have had the great privilege of listening to three olympians talk about their journey towards success over recent years.

each of them had clear parallels in how they worked towards those goals:

� Using a motto or a mantra to embed the rules you live by. For example, Adam Peaty uses the phrase ‘Better Than Yesterday’. He knows that the tiniest incremental gain on a previous performance moves him further towards his next success.

� Setting out a roadmap of what success looks like – this can be very visual and sets out the ‘milestones’ along the way.

� Based on the roadmap, setting out a clear plan for an allotted period of time breaking down what needs to be achieved within what timescales and how progress is measured along the way (this is the equivalent of breaking down a great big project into numerous small tasks).

� Surrounding yourself with the right team – having people around you that are prepared to actively challenge your thinking. Having people around you with a growth mindset who are not constrained by existing ideas, rules and conventions.

� Having the right mindset – understanding that failures are part of the journey and represent an opportunity to learn.

My colleague Hari Pillai and I have worked with a number of companies in helping them achieve their version of success over the years. Based on our breadth of sector knowledge and depth of experience in working with businesses of all shapes and sizes, we have sought to provide the ultimate advisory report that provides a business with all the information and tools it needs to increase both financial and cultural value.

The key areas our report covers are as follows:

� What excellence looks like in their sector (through benchmarking your business against businesses in the same sector).

� Establishing whether the mission, culture and values of the business have been identified, followed by an assessment of whether these critical factors are truly adopted and ‘lived and breathed’ within the business and, if not, why not.

� An assessment of the valuation of the business as it stands and how the valuation would change if the business were able to deliver results at the top end of the sector benchmarking exercise, based on a range of KPIs.

� Assessment of the existing board and what their aspirations are, along with an assessment of the second-tier management and how ready they may or may not be to take the step up to a more strategic position.

� Undertaking DiSC personality profiles for management in order to establish how effectively the teams can work together and how they can recognise each of their strengths and weaknesses to a collective advantage.

� Reviewing customer acquisition strategy, customer onboarding processes and customer reliance in order to improve customer experience and mitigating the risks attached to high levels of customer concentration.

� Assessment of inventory processing, delivery and management in order to optimise re-ordering efficiency and minimising cash and physical space tied up with inventory, thus potentially allowing increased capacity gains.

� Identification of any operational red flags. For example, are growth projections realistic without further investment given the existing capacity and working capital available.

� Professionalising operations – in order to be able to deliver significant growth in the forthcoming periods, the underlying systems, processes and support functions need to be slick. This will further translate into additional value as slicker systems mean fewer manual tasks, fewer errors for corrections and more time

attributed to delivering increased sales rather than spending time on retrospective administration.

� A summary of how to be sale ready in 3 to 5 years.

This balanced scorecard approach to the business allows each critical aspect of the business to be reviewed with bespoke actions being identified in each area.

The final outputs of this process are:

� A final meeting to run through the points identified and the potential actions noted.

� Agreement of which actions are most critical and establishing a priority of adoption.

� Preparation of a Gantt chart setting out which actions will be undertaken by when and by whom. We can then, on further agreement, continue to be engaged to ensure accountability of the key parties involved as a lack of accountability is the most common reason why business owners have seen previous plans fail. We can also use this process to embed the adoption of significant KPIs identified that will allow further monitoring of the business as changes are embraced.

This report allows SMEs access to the same quality and breadth of advisory reports that bluechip companies have access to. The differentiating factor of our report is that the assessment process is not a purely numbers-based exercise. Instead, it reviews the business on a ‘root and branch’ basis which allows meaningful change.

If you are tired of delivering similar results year on year and are frustrated by not being able to take the business to the next level, then please do get in contact with us and we’ll be more than happy to chat through your circumstances on a fee free basis to explain how this product will help unlock the value that has previously been eluding you.

contact ollie for more information by emailing corporatefinance@randallpayne.co.uk or call 01242 776000

A room full of winners who joined us for dinner

Little did we know, when we celebrated 25 years of the gloucestershireLive Business Awards, that the sparkling awards ceremony which took place at Cheltenham Racecourse on Thursday 12 October, would sadly be the last!

Fiona Hughes Marketing Manager

Each year, after the Gloucestershire Live Business Awards ceremony, we celebrate with the winners by inviting them to a Winners’ Dinner at our office to congratulate them and get to know them better.

On the 7 March, we transformed our large meeting room into a restaurant for the evening and served a delicious twocourse meal catered by Stroud-based Joanna Parker.

Before dinner was served we gathered with our guests in our reception area and raised a glass to the winners as well as to thank Reach Plc, represented on the evening by Clare Young, Key Account Director, for an amazing 25 years of the Gloucestershire Live Business Awards.

Thank you to all those who joined us to represent their award winning businesses!

Our new corporate charity partnership began when Fiona and Jo went to visit Teckels Animal Sanctuary in January.

Chosen by our staff, the charity, based on the A38 Bristol Road, tirelessly strive to rescue and rehome cats and dogs, providing them with the love and care they deserve.

Fiona and Jo shared stories and photos of the wonderful work the staff and volunteers were doing rehabilitating abused animals, as well

as providing the best start for puppies and kittens. Whether an animal person or not, they pulled on the heartstrings!

The meeting was also to discuss how we can support their planned fundraising initiatives and get to know more about what they do so that we could help raise their profile and plan some fundraising initiatives of our own.

The staff have continued their commitment to supporting our corporate charity by donating essential items such as food, poo bags etc; with the first drop off already made; as well as taking part in the brunch baps days and a weekly Lottery bonus ball.

We have a couple of events already planned, with a Corporate Darts tournament on the 25 April and our annual Quiz on the 4 July, but there will

be more in between we are sure. Follow us in social media or click on the events page of our website to keep up to date.

S h OWING SUPPORT FOR OUR FUTURE LEADERS

No Child Left Behind is a project in Cheltenham that aims to help all young people to thrive no matter what their background.

The No Child Left Behind Awards celebrate the people and organisations that make a real difference and make Cheltenham a better place for local children, young people and their families.

We were pleased to sponsor the Future Leaders category for the second year in a row at the awards event which took place on 1 February 2024 at Cheltenham Town Hall.

Will Abbott and James Cook had a great time attending the awards ceremony and together announced the winner for the Future Leaders category.

Both agreed it’s amazing and humbling to see the work being done by individuals and organisations to support young people in our local area.

A huge well done to all the finalists and winners!

Celebrating staff success

Shortlisted for the C2S Community Award

Congratulations to the following staff for their achievements:

� Joe lock who has passed both his final CTA exams and is now fully CTA qualified.

� Sim Jones who has passed his Applied Management Accounting exam and his Synoptic exam which means he has achieved his AAT professional diploma level 4.

We are delighted that we have made it through the first round of the awards process and have been shortlisted for the Community Award category.

We look forward to finding out if we are a finalist at the end of April. Good luck to all our fellow C2S members who have been shortlisted in the 17 categories.

The Awards evening takes place 12 July.

UNDERSTANDING YOUR LEADERS h IP STYLE

Will Abbott recently led a workshop for C2S members titled ‘Understanding your Leadership Style: Developing Relationships, Partnership and the Team’, in which he explained what the Everything DiSC model enables you to do.

DiSC® provides a common language to highlight which behaviours we share with others and what we do differently. He worked with the group to understand where they thought they were within the model and explained the different styles and how they interact with each other.

The room was marked out with a big cross to represent the four main approaches and Will tasked the group with getting into the quadrant which best represented their own style. The group identified ways in which they could adapt their approach to improve quality of relationships and communication.

Suzanne Hall-Gibbins of C2S said after the workshop “Many thanks to Will for an insightful and interesting session, as always well delivered. It’s always good to take time to reflect and remind ourselves about our own strengths and contributions as well as our teams, whether managing up or down”

Speak to Will about running an Everything DiSC half day workshop for your team. 10% discount, £1,350 +VAT for 4-16 people - book by 30 April.

SUPPORTING ThE ARMED FORCES

We are proud to have recently signed the Armed Forces Covenant.

Organisations may choose to sign a voluntary pledge in order to demonstrate their support for the Armed Forces community and for the principles of the Covenant. All organisations – public, private or voluntary, and small, medium or large – are welcome to sign the Covenant.

Tim Watkins and James Geary attended an Army Engagement Group event at Cheltenham Racecourse which gave them an introduction to the Army and how they interact with the community. We are looking forward to learning and doing more over the coming years!

RECYCLING TUBS & MOBILE PhONES FOR ChARITY

Our recycling efforts in recent months to help out different charities.

In January we collected our confectionery tubs and dropped them off at our local Greene King pub, The Hatherley in Cheltenham, which took part in the TUBS2PUBS campaign.

All proceeds from the recycled plastic tubs are donated to Macmillan Cancer Support.

In March we handed over our old mobile phones to Andy Jarrett of The Nelson Trust.

Shockingly, a significant number of women have their phones taken away from them as a means of control in manipulative relationships. This scheme therefore not only helps reduce landfill waste but also plays a vital role in raising much-needed funds to support women.

We’ve come a long way, but there’s always more to achieve!

CEO The Cheltenham Trust

When the pandemic closed the trust’s venues in 2020 and halted income overnight, CEO Laurie Bell sought new opportunities and planned for recovery. She says with risk comes reward.

I took over as Chief Executive of The Cheltenham Trust in 2019 with a remit to strengthen the balance sheet. Within months, in March 2020 the survival of the charity was in real jeopardy with venues closed and no way to generate income. Four years later it is thriving and focused on continued growth. When crisis strikes, leaders must step up.

That survival instinct, tenacity and visionary approach, has seen the independent charity transform from financially unsustainable to an annual turnover of c£7.3m with growth projected to £10.5m within the next two years.

Recognising the value of its open spaces at a time of social restrictions, the trust opened pop-up cafes at Pittville Pump Room and Imperial Gardens, creating a new café culture, swiftly embraced by the community and visitors.

Although I was recognised in 2023 as Gloucestershire Live’s Business Leader of the Year, the trust’s success has always been a team achievement, a collective aspiration and focus.

Innovation, re-imagining, and seizing opportunities for growth are at the heart of the culture of Team Trust where ‘the art of the possible’ is embraced and promoted.

The community cultural initiative, began in Covid-19, offering free events, has generated significant income, breathed new life into iconic heritage buildings attracting round one million visitors each year, supporting the local and visitor economy.

The trust enables culture, heritage, entertainment, sport and leisure to be inspiring, inclusive and accessible to all. Hosting large-scale free events including, those bringing the community together to those marking key national celebrations, such as the coronation, encourages collective wellbeing and community cohesion, and collaborating to raise funding for local causes is making a significant and positive difference.

It is this striving for more firsts, and supporting the local community

through an innovative approach, that reflects the trust’s continued direction of travel.

Making a real difference to Cheltenham and its communities; ensuring historic and cultural venues are relevant and continue to be so; seeking new opportunities and acting on them is the vision, enabling the trust to continue to enrich and improve the health and wellbeing of the local community, and support the local and visitor economy and the richness of Cheltenham’s culture and environment.

an independent charity managing cheltenham’s iconic venues blending culture, community and commercial. www.cheltenhamtrust.org.uk

Laurie Bell.

Key Events

APR 24

1 Corporation Tax due period ended 30/06/23

19 Due date for 2023/24 PAYE month 12

22 PAYE & Class 1 NIC payments (electronic)

30 Accounts deadline to Companies House – periods to 31/07/23

Corporation Tax return deadline to HMRC – periods to 30/04/23

JUl 24

1 Corporation Tax due period ended 30/09/23

6 Due date for 2023/24 P11Ds and Share Scheme Returns

19

Due date for 2024/25 PAYE month 3

22 PAYE & Class 1 NIC payments (electronic)

31 Accounts deadline to Companies House – periods to 31/10/23

Corporation Tax return deadline to HMRC – periods to 31/07/23

Due date for second Income Tax payment on account 2023/24

KE Y DEA Dl INES

MAY 24

1 Corporation Tax due period ended 31/07/23

19 Due date for 2024/25 PAYE month 1

22 PAYE & Class 1 NIC payments (electronic)

31 Accounts deadline to Companies House – periods to 31/08/23

Corporation Tax return deadline to HMRC – periods to 31/05/23

AUG 24

1 Corporation Tax due period ended 31/10/23

19 Due date for 2024/25 PAYE month 4

22 PAYE & Class 1 NIC payments (electronic)

31 Accounts deadline to Companies House – periods to 30/11/23

Corporation Tax return deadline to HMRC – periods to 31/08/23

JUN 24

1 Corporation Tax due period ended 31/08/23

19 Due date for 2024/25 PAYE month 2

22 PAYE & Class 1 NIC payments (electronic)

30 Accounts deadline to Companies House – periods to 30/09/23

Corporation Tax return deadline to HMRC – periods to 30/06/23

SEP 24

1 Corporation Tax due –period ended 30/11/23

19

Due for 2024/25 PAYE month 5

22 PAYE & Class 1 NIC payments (electronic)

30 Accounts deadline to Companies House – periods to 31/12/23

Corporation Tax return deadline to HMRC – periods to 30/09/23

Young Professionals Networking Events

14 May • 22 Aug • 6 Nov

At Randall & Payne we recognise that developing skills with like minded people from varying sectors and professions, is important for selfdevelopment. We host a series of fun events which helps make networking less daunting.

Business Bootcamps

4 June • 3 Sep • 4 Dec

Our peer-to-peer workshops are designed for Owner Managed Businesses and aim to challenge thinking and deliver results. Follow us on social media or visit the events page of our website in the month preceding for details of the workshop theme.

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.