ISSUE 16 | SUMMER 2018 RANDALL-PAYNE.CO.UK
Thinking to capitalise on
Coaching for success How business coaching has helped Bloxham PR to grow
THE PURSUIT OF TRANSPARENCY
Extended audit reports explained
ARE YOU READY FOR MTDFB?
Ensuring a smooth transition to cloud accounting
BUSINESS NEWS
BARRIERS TO BUSINESS GROWTH
RAISING FINANCE
A look at the options for additional finance STATE OF THE NATION TIM EXAMINES MAKING TAX DIGITAL
OUR NEWS
GDPR IS FINALLY HERE
- AUDIT PAGES 10 & 11
IN THE COMMUNITY IMPACT OF PLAYGROUND FOR SCHOOL
WELCOME
Russ Byrd | Partner
MEET OUR PARTNERS Tim Watkins Managing Partner
Welcome to our spring issue of In Focus. Who would have predicted events since the last issue: the ‘spring’ snow, Carillion going into liquidation and the Chancellor actually having some good news for the economy. As a trustee of the Pied Piper Appeal, our corporate charity, it was a proud moment achieving our fundraising target to refit the playground at Belmont School in Cheltenham, and the involvement by our staff was overwhelming: no doubt you saw the various fundraisers on social media – especially dressing up for the Pied Piper 999 appeal! In the Spring Statement delivered by the Chancellor in March, he assured us that the growing economy continues to create jobs and predicts that inflation will fall, wages will rise over the next five years, and with the National Living Wage benefitting full time workers by approximately £600 pa, it is becoming an employee’s market. Do businesses need to keep a closer eye on the numbers?
Do businesses need to keep a closer eye on the numbers? 2
– Summer 2018
Whether you agree with HMRC’s Making Tax Digital or not, digital record keeping has never been more important to manage your finances proactively. So let’s think about this. Employment costs are rising, which will affect profitability, so being able to access key financial information quickly will help with strategic decisions. Making Tax Digital is happening in less than 12 months, so NOW is the time for you to act. Our article about cloud accounting is here to help. The plan for the UK’s housing market is ambitious but is the construction sector under the microscope from investors following the failings of Carillion? As Head of Audit, this is of interest because with quite a few large corporate failings, the auditor, along with the board of directors, has also come under scrutiny. We work hard to ensure the purpose of our engagement is clear and look at both the importance of going concern and transparency in more detail in the Audit article in this issue.
Will Abbott Partner Specialism: Business Advisory Russ Byrd Partner Specialism: Audit Vicky Link Partner Specialism: Accountancy Rob Case Partner Specialism: Tax Rob Stokes Partner Specialism: Outsourcing Ollie Newbold Partner Specialism: Corporate Finance For further information about any of the topics covered in this magazine, please contact Fiona Hughes, Marketing Manager: T: 01242 776000 E: marketing@randall-payne.co.uk randall-payne.co.uk @RandallPayne Randall & Payne LLP Or drop into Chargrove House, Shurdington Road, Cheltenham GL51 4GA
CONTENTS
IN THIS ISSUE NEWS FOCUS | 04 — 05
P8 Positive PR for coaching
From understanding the barriers to business growth to fighting the fatberg! TIM’S VIEW | 06 Is Making Tax Digital a load of red tape? CORPORATE FINANCE | 07 Looking at different ways to raise finance BUSINESS ADVISORY | 08 — 09 Business coaching drives success for local boutique PR company AUDIT | 10 — 11 Audit report transparency explained ACCOUNTANCY & OUTSOURCING | 12 – 13 Get ready for Making Tax Digital for Business TAX | 14
P10 Audit report transparency
Help to plan ahead for the new tax year IN THE COMMUNITY | 15 Understanding the impact of the new playground RANDALL & PAYNE NEWS | 16-17 Our preparation for GDPR and staff celebrations GUEST ARTICLE | 18 What has a rubber band got to do with business success? EVENTS | 19 Key accounting deadlines and upcoming events
P12 Countdown to Making Tax Digital
randall-payne.co.uk 3
NEWS FOCUS
Breaking down the barriers to business growth in Gloucestershire The Growth Hub has helped local businesses increase turnover by £20m. What is it about the expertise within our county that helps drive business growth? ››
Alex Cottrell Marketing Manager The Growth Hub
›› ››
Figures published in December 2017 from the Office for National Statistics show the gross value added (GVA) growth rate in Gloucestershire to be the third highest in the UK, behind London and Oxfordshire. These impressive statistics are reinforced by our Gloucestershire Growth Hub team who see the appetite for business improvement day in, day out, with businesses and experts from all sectors coming together to tackle the major issues faced when it comes to growth. According to a recent survey conducted on behalf of The Growth Hub, Gloucestershire businesses believe there are three main barriers:
1. Difficulties in recruiting into business roles and technical specialist roles
2. Lack of management time to manage rapid growth
3. Difficulties selling to large companies and public sector organisations And the business support required to address these? 4
– Summer 2018
››
Access to large companies and public bodies as customers Help to improve processes/systems to drive efficiency Help with accessing high growth mentors Help accessing finance
With an impressive track record of business engagement and support, The Growth Hub is using this insight to shape its service delivery – from the workshop topics, the specialist business mentors and the digital tools available to support growth strategies. Alex explains: “Like any business, we need to understand our market: the profile of our customers, the challenges they face, the opportunities that exist and work out how best to play to our strengths to deliver what the market needs for growth. This research helps us shape the services that we provide. From expert support for high-growth businesses to signposting and referral to national resources, an ongoing programme of events and workshops and even just a free workspace for businesses to meet and share ideas – everything we do is designed to deliver growth support.” And thanks to continued funding from GFirst LEP and the roll-out of The Growth
Hub network at strategic points throughout Gloucestershire, more businesses than ever will be able to have access. Alex continues, “There has never been a more exciting time for the Gloucestershire Growth Hub network and we are looking forward to seeing the positive difference that we can make to everyone who turns to us for support.” Contact Alex Cottrell, Growth Hub Marketing Manager for more information by emailing alex.cottrell@thegrowthhub.biz or call 01242 715400. Bite-Sized Thinking
›› Gloucestershire growth rate is third highest in the UK ›› Skills, resource and supply chain are limiting growth ›› Provision of support is key for all businesses To find out more about any of the topics discussed in this article, visit randall-payne.co.uk
NEWS FOCUS
Fatberg drain outside the Mayflower
Local businesses fighting the fatberg to save the environment Several businesses in Cheltenham are working closely with Severn Trent Water to prevent the sewers in the town becoming clogged up with oil, fat and grease.
Chun Kong Owner of The Mayflower Restaurant Chun Kong, a positive supporter of local initiatives, was pleased to partner with Severn Trent Water to prevent fatbergs forming in Cheltenham sewers. Fatbergs are not natural – they are a factor of modern day living, and the blockages caused can lead to raw sewage flowing into businesses and homes. When a local hairdresser had an issue, CCTV identified a fatberg in the sewer below, running the whole length of the street. That’s a lot of fat!
CCTV identified a fatberg in the sewer below, running the whole length of the street. That’s a lot of fat!
Having previously removed fatbergs from sewers in larger cities such as Birmingham, Severn Trent Water reacted positively and joined forces with ECAS Environmental Services to work with local food outlets to educate them about what shouldn’t be poured down the drains and encourage the installation of grease traps. The Mayflower Restaurant was the first to install a trap as Chun was eager to be involved in the initiative, giving a sustainable solution and avoiding serious issues in the future. Chun is a key advocate of projects that help the environment and this one had the advantage of preventing any flooding issues in his own restaurant and other businesses in the area. Chun has promoted the use of grease traps in the media and is working with Severn Trent to encourage more places to install the traps. The more businesses engaging in this way of disposing of grease, the less chance of fatbergs building. Grant Mitchell, Fats, Oils and Grease Strategy Lead for Severn Trent Water said, “We don’t want to be telling the world about huge fatbergs that we’ve found – we want to be tackling the issue
at source, so we’re really pleased that businesses have agreed to work with us on reducing sewer blockages. Chun’s positive contribution is an excellent start to helping us prevent it becoming a bigger concern for Cheltenham. The response from Chun and his staff has been great; they’re so keen to learn about how they can play a key part in reducing sewer blockages and improving their local environment.” Chun said: “We are truly pleased to have been asked to take part in this initiative and was amazed at how such a simple solution will save us money and potential distress in the long run. The Mayflower Restaurant has been trading in Cheltenham since 1982 and we are keen to make sure that whatever we do has a positive impact on the environment and our town, guaranteeing it’s an attractive place to work, live and visit.” Contact Grant Mitchell for more information on installing grease traps by emailing grant.mitchell@severntrent.co.uk
randall-payne.co.uk 5
TIM’S VIEW
Tim Watkins | Managing Partner
Making Tax Digital – red tape or the change all businesses need? We are now less than 12 months away from the start of Making Tax Digital. The brave new world will soon be upon us, but what does it all mean? From April 2019, the reporting landscape is set to change significantly for some as we see the first phase of Making Tax Digital. Initially, this is going to affect all businesses over the VAT threshold of £85,000 who will need to report their VAT figures digitally. All income and business-related taxes will ultimately require digital transmission of information to HMRC, and in many cases this will mean businesses changing the way they keep their records. All, it seems, to satisfy the requirements of bureaucracy! But is this just more red tape or is there an upside?
All income and business-related taxes will ultimately require digital transmission of information to HMRC 6
– Summer 2018
The good news is that there is most definitely a positive side. Over recent years, the technology around record keeping has moved on in leaps and bounds and it will definitely meet the requirements of the new age of digital taxation, reduce errors and allow timely strategic decisions, enabling improvement. There are a number of cloud accounting packages that will meet the Making Tax Digital requirements and these will do so much more than just fulfilling the new rules. They are intelligent enough to help with your bookkeeping, linking directly with your bank account, so you can update your records as frequently as you wish. There are add-ons to the packages that will largely automate your supplier invoices and also produce your sales invoices. These can also help with your stock records accordingly. So you can have a more or less complete picture at the press of a button, wherever you are, and more time to focus on the day-to-day running of your business.
So it’s not just a bureaucratic requirement – just think of the extra information we will all have to make the most of what is going well, improve productivity and change what’s not working. Exciting times! Contact Tim Watkins for more information by emailing tax@randall-payne.co.uk or call 01242 776000.
Bite-Sized Thinking
›› Digital record keeping reduces errors and allows timely strategic decision-making ›› Cloud accounting packages bring all sorts of business benefits ›› Embrace the change and reap the benefits To find out more about any of the topics discussed in this article, visit randall-payne.co.uk
CORPORATE FINANCE
Ollie Newbold | Partner
Looking to raise additional finance? Understanding the wide range of finance options that are available in the market can be complex, so we have provided a client-friendly solution to provide support. The economy has grown for five consecutive years and last year has exceeded expectations, so is now a good time to consider financing the areas of business growth that you were uneasy about progressing in the past? We are often engaged by companies looking to finance all manner of exciting projects in order to take the next positive steps in their business journey. However, in some instances the incumbent bank may feel they are not able to support the transaction, so there is often value in also looking outside your existing bank to have the best chance of financing your project or simply making sure that you are getting a good deal. We are able to provide as much or as little support as you need to help finance your company’s project and there are five key areas of finance we consider: ›› ›› ›› ›› ››
Working capital finance Business asset finance Property finance Peer-to-peer lending Unsecured business finance
Lenders’ appetites for financing projects still remain strong and, from a borrower’s perspective, continuing levels of low interest rates makes the decision to finance your project just that little bit easier. As part of our commitment to helping you through each stage of your business journey, we have added a link to a microsite to our website, specially created to enable our clients to view a wide range of finance options (supplied by 2020 Finance, part of a membership body that provides accountants with training and marketing solutions). Search for ‘Raising finance’ on www.randall-payne.co.uk.
Continuing levels of low interest rates makes the decision to finance your project just that little bit easier
We support clients in a number of ways: ›› Meeting with various lenders and working with them to structure a deal ›› Preparation of financial forecasts ›› Meeting with both client and lender, supporting throughout the whole process, ensuring all conditions are met Contact Ollie Newbold for more information by emailing oliver.newbold@randall-payne.co.uk or call 01242 776000. Bite-Sized Thinking
›› The economy continues to grow, encouraging lenders to finance projects. ›› There are a wide range of lenders in the market place. ›› View finance options on our website. To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 7
BUSINESS ADVISORY
A coaching referral leads to change success Kaylie Bloxham, a forward-thinking, ambitious entrepreneur, identified the need for coaching support and saw Randall & Payne’s Business Leader High Growth Coaching as a way to build a resilient future.
Richard Gray Business Advisory Manager Bloxham PR are experts in providing a tailored approach to public relations and digital marketing for some of the powerful brands within the fashion and luxury lifestyle sectors. Kaylie Bloxham, Managing Director, has a talent for helping her clients build the conversation
STEP 1:
around their brand, elevating their brand presence within their marketplace, and decided to apply this to her own business. Growing staff levels, expanding her client base and building resilience were her goals but, like all business owners, she struggled with finding the time to manage this while supporting her current client base. Richard first met Kaylie over email when a contact he had made, at an Advice Clinic at The Growth Hub, recommended
Randall & Payne’s Business Leader High Growth Coaching as a useful investment for Bloxham PR. An initial free two-hour meeting allowed Richard to learn more about the company and Kaylie’s goals for her business and he was able to share the elements of the coaching process that would help to achieve these. In September 2016, Bloxham PR embarked on their coaching and business support.
Work began to define and understand a future business model that focused on: ›› Vision for the business ›› Products and services ›› Plan for growth
DIAGNOSING ISSUES Tool used: NOW WHERE HOW This coaching structure is used to establish what the business looks like now, what Bloxham PR would look like in one, two, and three years’ time and how we were going to make this a reality. 8
– Summer 2018
NOW
HOW
WHERE
BUSINESS ADVISORY
STEP 2:
NOW
MAKE THINGS HAPPEN Tool used: One Page Plan
ONE PAGE PLAN
WHERE
DATE REVISED: TODAY STRATEGIES
ACTION PLANS
TIMING – WHO & WHEN
The one page plan allows us to hold ourselves to account, ensuring we do what is needed in order to grow by noting down the desired goals and setting actions needed to be taken to achieve these.
STEP 3:
ONGOING SUPPORT Tools used: One-to-one coaching, online coaching portal and peer-to-peer workshops
The story of change success for Bloxham PR
Working with the Randall & Payne coaching team, Kaylie has started to achieve the outcomes set out in the initial strategic plan: ›› ››
››
Staffing levels have increased New pricing structure has been achieved, bringing prices in line with the quality service provided and putting the business in a better position to operate profitably Introduction of a monthly retainer model and development of Kaylie’s leadership skills, making her a confident business leader
The core areas worked on involved productising their services portfolio, implementing processes to increase visibility internally, bringing the fees more in line with the service and ROI delivered to clients.
Kaylie and her team all receive support from our Business Coaching team with sessions held at Chargrove House, developing skillsets, encouraging a positive culture and encouraging a positive contribution for profitable growth from the whole team. Fully flexible coaching through the online portal and Skype allows Kaylie to access help when needed and deal with issues as they arise. Kaylie attends the quarterly Business Leaders Group, which continues to develop her leadership skills and network with other business owners on a similar growth journey.
Having more structure and better processes allows Bloxham PR to be as agile as the clients they work with, to ensure they can continue to be proactive and adaptable in servicing their PR and communication requirements, and ultimately deliver the best results.
Having more structure and better processes allows Bloxham PR to be as agile as the clients they work with Kaylie says, “Working with Richard has been a fundamental part of moving the business forward in the right direction. We have experienced a significant growth year-on-year and Richard has helped to put processes in place that provide visibility into the business, allowing this growth to be manageable.” She adds, “On a personal level, Richard provides a sounding board, and a knowledgeable and experienced external
voice of support and guidance. This has been incredibly important, allowing me to grow the business with the confidence needed to succeed.” Richard says:” Working with Kaylie and the team has been fantastic. Kaylie’s commitment and professionalism has made working on the business growth plan both enjoyable and productive. With the business now structured perfectly for growth, I’m excited for their future success.” Contact Richard Gray for more information by emailing richard.gray@randall-payne.co.uk or call 01242 776000. Bite-Sized Thinking
›› Identify future business model ›› Devise a one page plan to make things happen ›› Stay on track with one-to-one coaching, online coaching portal and peer-to-peer workshops To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 9
AUDIT
Clearing the way for transparent audit reports Audit reports are being extended to provide transparency into current and future affairs of an organisation, which raised a few questions from our clients as to whether this means more potential issues.
Chris Baldwin Audit Manager
Reflecting on the concerns from our clients, we recently looked at the necessity for extended reports to dispel the concerns that more information means more things to worry about. In 2016, there were significant changes for auditors, affecting reports issued in 2017. Regulators were already putting more requirements on auditors to disclose work undertaken and investigations into audits became more public. The Financial Reporting Council (FRC) introduced a new requirement for an extended audit report to be included within the financial statements. This was intended to add more transparency into the world of audit, detailing the level of work undertaken during the review process compared to the level expected by investors and other users – ‘the expectation gap’. 10
– Summer 2018
Initially, the changes only impacted listed companies and public interest entities in the UK, but the requirement has now been widened to provide extended reports for small and medium company audit reports. The auditor’s opinion, based on the disclosed information, is now noted under its own specific ‘going concern’ section and comes first in the report rather than buried in the detail, encouraging directors to be more transparent in areas of doubt. Going concern Legislation requires auditors to assess whether they consider the company has the relevant resources to continue in business for the foreseeable future and refer to it in the annual report. Disclosure of material that may identify concerns for the company’s ability to continue as a going concern does not necessarily indicate crisis and is something that auditors need to handle in a sensitive manner. Anything that could be seen as likely to spook lenders into knee-jerk decisions is clearly not desirable for business at any time. Directors are understandably nervous about doing so, particularly under recessionary pressures.
Following the collapse of Carillion, a key question asked of their auditors was “In the light of Carillion’s collapse ... do KPMG stand by the audit opinion that gave Carillion’s consolidated accounts a clean bill of health?” The outcome of the enquiry will look closely into the transparency of information provided for the audit report. Carillion’s situation could be remarkably similar for all businesses, but not on such a grand scale, as the review of disclosed information should involve assessing whether debts are recoverable, cash and reserve levels are sufficient to absorb any potential losses in the future, and lending facilities remain open and available. In the absence of a crystal ball, this area of audit will remain highly subjective, as constructed on industry knowledge and historical patterns and at a given moment in time. If the right questions are asked by the auditors and management are trusting and open in their responses, then this should lead to a minimal number of auditors coming under fire for misrepresenting the signs and also protect directors from becoming liable for not being transparent.
AUDIT
Not-for-profit reviews Changes in 2017 also saw the UK charity regulators call on auditors to be more proactive in reporting concerns and issues to the Charity Commission, even without the legal requirement to do so. This can be partly attributed to responding to the collapse of Kids Company, where the auditors had been too reticent in reporting matters that would have been of interest to the regulatory body. Our findings following academy audits are reported directly to the ESFA, regardless of whether any issues were identified. If problems did arise, these are separately disclosable alongside our management letter. Transparency is fundamental to the ongoing affairs of these not-for-profit organisations and reporting audit issues helps to safeguard their longevity.
Company reports What if regulators look into the transparency of company reports? Company failures are becoming more publicised with new regulations requiring the release of confidential information, such as pay rates and gender pay gaps.
Contact Chris Baldwin for more information by emailing chris.baldwin@randall-payne.co.uk or call 01242 776000.
It would be a big impact (but not unsurprising) if regulators require disclosure of company management letters or additional reporting of going concern and fraud issues. This would be highly contentious, but potentially essential in order to provide the transparency required. To sum up, transparency is about safeguarding the longevity of an entity by highlighting areas of risk that can then be positively addressed and not something to keep you up at night. Your auditor should always be available to discuss any concerns.
Transparency is about safeguarding the longevity of an entity by highlighting areas of risk that can then be positively addressed and not something to keep you up at night
Bite-Sized Thinking
›› Extended audit reports provide transparency into the current and future affairs. ›› The expectation gap can be a dangerous thing, so please contact us if you would like to know more. To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 11
ACCOUNTANCY & OUTSOURCING
Rob Stokes | Partner
Making Tax Digital for Business and transitioning to the cloud The business reporting landscape is undergoing rapid and significant change that will affect UK businesses, from GDPR’s impact on data to the evolving cloud-based technology. The current driver is Making Tax Digital for Business (MTDfB), which will primarily impact VAT-registered businesses with a turnover over the current threshold of £85,000. However, those below the threshold can optionally undertake the process. This is the first step of the government’s stated objective in delivering a modern, digital tax system for all businesses and their agents to get their tax right, reducing the amount of tax lost through avoidable error. Businesses will keep their accounting records digitally and will then send HMRC quarterly updates starting with VAT returns.
The first to be affected will be those filing VAT returns with effect from 1 April 2019. This means there’s just under a year to get up to speed with digital record keeping. The advantages include: ››
››
Those who are on cloud accounting software will be able to link directly with the new HMRC portal for the information transfer. Ease of access is the prime advantage of cloud accounting. Your business’ financial data can be accessed by you and your advisers from anywhere in the world.
Keeping records digitally, compared to manually, will help businesses by resulting in more timely and accurate record keeping and remove errors caused when filings are transferred from one system to another. Those on desktop software and spreadsheets will need to use bridging software in order to transmit the data. This will eradicate manual entry of data and while HMRC are not producing the bridging software, they are expecting software suppliers to produce the bridging software for April 2019.
We are focused on helping our clients transfer from their existing non-cloud method of record keeping to a cloud package such as Xero, Sage Business Cloud, KashFlow and QuickBooks. This is to ensure regulatory compliance but also to enable us to work more closely with you on your business. Our outsourcing team assess the current record keeping, suggest which package may be most appropriate to move to, and then help with setting it up to ensure that the information is entered in an efficient and timely fashion. Our accounts team, on a monthly or quarterly basis, help to interpret and understand the reporting received from the appropriate cloud package.
12
– Summer 2018
ACCOUNTANCY & OUTSOURCING
You get key information for your business at a glance from a dashboard like this:
You get key information for your business at a glance from a dashboard Please come and see us for a demonstration of what is available and how it might impact your business. Contact Rob Stokes for more information by emailing rob.stokes@randall-payne.co.uk or call 01242 776000. Bite-Sized Thinking
Extracting key financial information should enable you to make more strategic decisions and make improvements, to areas such as cash flow by quickly showing what you are owed. You can customise your dashboard to reflect what is important for your business. The Account Watchlist, for example, allows you to see at a glance the balances on any account you choose, whether key customers by sales or those who are slow paying – anything you want to track without having to drill down to find out how you are doing.
›› Are you in the first wave of MTDfB? ›› Do you understand your KPIs? ›› A significant benefit of working more collaboratively with an agent will enhance business advisory services rather than just compliance. To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 13
TAX
Rob Case | Partner
Planning ahead for the new tax year Following the start of a new tax year, we take a look at some of the changes in legislation and remind you of your personal tax reliefs in 2018/19. The new tax year brings two significant changes that you need to be aware of: Dividend allowance reduces to £2,000 The tax-free dividend allowance decreased to £2,000 from £5,000, meaning only the first £2,000 of dividend income will be tax free. Further interest relief restrictions for residential landlords The next phase of the “Clause 24” interest relief restrictions is triggered, meaning that residential landlords are only able to deduct 50% of their finance costs as an expense against rental income. The remaining 50% will get relief at the basic rate as a tax reducer at 20%. In addition to these, we remind you of your other tax allowances and reliefs, particularly those in which you would benefit from acting upon as early as possible: Increase to personal allowance and higher rate threshold The personal allowance has increased to £11,850, with the higher rate tax threshold increasing to £46,350. 14
– Summer 2018
Pensions annual allowance The annual contribution allowance is £40,000 (providing your adjusted income is less than £150,000) which can be increased by any unused annual allowance of the previous three years. Contributions in excess of the allowance may be subject to a tax charge. Capital Gains Tax annual exemption The annual exemption for individuals is £11,700. To ensure efficient use of this, you could consider the timing of the sale of assets or transferring assets to your spouse/civil partner. ISA allowance The ISA limit is £20,000 and is a ‘use it or lose it’ allowance as it cannot be carried over. Children under the age of 18 who do not have a trust fund are also entitled to an ISA allowance of £4,260.
has income below £11,850 and the other’s income is between £11,850 and £46,350. If you would like to discuss any of this in more detail, our team of experts are here to help. Contact Rob Case for more information by emailing rob.case@randall-payne.co.uk or call 01242 776000.
Bite-Sized Thinking
›› Take action now to ensure efficient use of your allowances ›› Changes to the dividend allowance will have significant impact ›› Tax bills may be potentially higher for residential landlords
Marriage allowance Marriage allowance allows married couples or civil partners to transfer 10% of their personal allowance between them, providing that one member of the couple
To find out more about any of the topics discussed in this article, visit randall-payne.co.uk
IN THE COMMUNITY
Partnership working makes big impact on local children A few of us took a visit to Belmont Special School to see first-hand what a difference our new playground was making to their children.
Fiona Hughes Marketing Manager The Jumbo Jungle Climber co-funded by Randall & Payne and the Pied Piper Appeal, the result of 18 months of fundraising, has been built and its impact was being felt by the teachers as well as the children almost immediately afterwards. Belmont Special School is situated on Warden Hill Road in Cheltenham. After a review of its playtimes, the school concluded the facilities were very limited for their children. They wanted to develop the OPAL (Outdoor Play & Learning) project and had some clear goals that they could not achieve without support. Belmont had previous links with the Pied Piper Appeal and approached them about the project, which resulted in the connection to Randall & Payne, since we were busy fundraising and wanted a clear goal to keep everyone motivated. The first phase of the programme saw the introduction of numerous items to encourage imaginative play including a
muddy kitchen, bricks, building materials and sensory items. However, from observing social times and talking to the children, the remaining ‘gap’ in provision was for the more physical children who love challenge and adventure! Headteacher Kevin Head said, “This is where the climbing frame has made such a huge difference. It has allowed the children the opportunity to experience even more during their playtimes, developing life skills: sharing, cooperation, determination and perseverance. “The facilities quickly reinvigorate the children and get them interacting with each other on a different level in comparison to the classroom.”
The impact of the project is far reaching; the Belmont children have challenges around communication and interaction and social and emotional needs. The school monitors the number of incidents and challenging behaviour, and since the playground was installed, the school reports a huge 30% drop in incidents and much more physical exercise. Kevin continues, “The facilities really have transformed the playtimes of the children at Belmont – setting them up superbly for their journey beyond Belmont. Thank you so much Randall & Payne and the Pied Piper Appeal.” To find out more about the Pied Piper Appeal and the vital work that they do for children in Gloucestershire, visit piedpiperappeal.co.uk
Since the playground was installed, the school reports a huge 30% drop in incidents randall-payne.co.uk 15
RANDALL & PAYNE NEWS
Gearing up for GDPR Like other businesses, we have been getting to grips with what the much talked about GDPR legislation, coming into effect from 25 May, means for us. Fiona Hughes Marketing Manager Organisations in serious breach of GDPR can be fined up to 4% of annual global turnover or £20million (whichever is greater). A data breach has to be reported within 72 hours. Rules apply to both data controllers and processors, meaning ‘clouds’ will not be exempt. Although the key principles are the same as the Data Protection Directive that it has replaced, GDPR brings changes to the regulatory policies. The aim of the EU General Data Protection Regulation is to protect all EU citizens from privacy and data breaches in an increasingly data-driven world. We set up a project group led by Partner Will Abbott, with representatives from IT, Marketing, and HR to create an action plan. With our Cyber Essentials Plus certification, Richard Szarszewski, IT Director, has demonstrated that we are committed to protecting our systems so that our clients and contacts can take comfort that their information is not at risk from cyber-attack. 16
– Summer 2018
Most of the required processes and procedures are in place but we are working towards implementation of ISO27001, a framework of policies and procedures that encompasses people, processes and IT. We have hosted several GDPR workshops, organised by Circle2Success and featuring Professor Benham of The Cyber Club and partners, which have enabled us to keep abreast of GDPR as it evolved. These gave us the opportunity to hear different viewpoints and ask questions of the experts so we are confident we will be compliant. We require positive opt-in from our clients to receive newsletters and In Focus by email. Before 25 May, we are emailing you to ask you to confirm you would like to continue to receive these.
We require positive opt-in from our clients to receive newsletters and In Focus by email
If you don’t receive our emails and would like to, please subscribe at www.randall-payne.co.uk/sign-up There is lots more to know about GDPR and the best source of information is the ICO website – www.ico.org.uk Contact Fiona Hughes for more information by emailing marketing@randall-payne.co.uk or call 01242 776000.
Bite-Sized Thinking
›› We have Cyber Essentials Plus certification to protect our systems ›› We are working towards implementation of ISO27001 ›› We need our clients to opt in to receive In Focus and e-newsletters after 25 May To find out more about any of the topics discussed in this article, visit randall-payne.co.uk
RANDALL & PAYNE NEWS
Wedding congratulations Sheik met Audrey at church in Leicester and later that evening met again at a mutual friend’s birthday dinner. Sheik sat next to Audrey as she didn’t know many people there and the rest is history ... He said, “I never left her side and five years later we are Mr & Mrs.” Their big day involved a traditional Zimbabwean ceremony in which the man has to pay a dowry for his bride.
Introducing Paul Sutcliffe
Sheik observes that the moment people hear you’re getting married, everyone starts giving you advice, but he has shared his best comment, which was from a client of ours – Bernie Jones of Aspire Trust: “First of all, never go to bed mad at each other. Secondly, always remember, what’s yours is ours, but what’s hers is hers.”
Paul has recently joined the accountancy team as a Client Relationship Manager. Paul brings a wealth of experience both in practice and industry. He started out as an audit trainee for Grant Thornton and, after becoming ACA qualified, gained a year of experience as a financial accountant for Honda. After moving back to practice for three years with Thorne & Co as an audit manager, he moved back over to industry and specialised in IT and accounting systems for a number of years. His knowledge and experience is varied, from accountancy, audit and financial reporting, to business systems and integration, as well as business and finance analysis. At Randall & Payne he manages a dedicated team of four, preparing statutory and management accounts for a significant portfolio working across a number of different sectors. He manages the team and workflow. In addition to this and more importantly, he is quickly building strong relationships with our clients. Paul said, “I feel proud to join such a client-focused firm that also strives to contribute to the local community.” When at home, Paul is kept entertained by his two young children (aged 6 and 4) and enjoys getting outdoors with them taking part in activities such as cycling, playing football and camping. He also plays hockey and captains a local first team.
A new addition for the Pegler family A very warm welcome to Gus Henry Pegler who was born 28 January 2018 weighing 8lb 3oz. Gus is Shaun and Harriet’s second son, but the pregnancy and birth couldn’t have been more different to their first. Teddy, who is now three, arrived four weeks early while Gus made his parents wait and finally arrived five days after his due date. When he was ready there was no stopping him, they only just made it to hospital in time ... He was born just fifteen minutes after arriving. Thank goodness it was the middle of the night with no traffic! Shaun said “He’s settled in perfectly, sleeping through and piling on the pounds and smiles whenever Teddy talks to him.”
randall-payne.co.uk 17
GUEST ARTICLE
Gail Ross-Wham and Dr Gerry Russell, Consultants | Business in Mind
What’s the secret to business success – the rubber band? The humble “rubber band” is so important to your business and we don’t mean for organising papers! Those unassuming desk accessories have a lot to teach us about resilience. Not only do rubber bands have the flexibility to undergo strain and spring back to shape, but they can also snap under repeated pressure and hurt our fingers! There’s a lesson to be learnt here: never assume one’s own flexibility is endless. Resilience has to be maintained. At Business in Mind, we believe resilience is about sustaining individual and collective wellbeing so we can withstand daily frustrations and challenges and adapt to change. As we all know, things rarely stay static in the business environment and it is of enormous benefit to work with people who remain calm, focused, optimistic and capable of finding innovative solutions. We believe the success of any business is only as good as the people and relationships within it, whether this is with colleagues or customers. Our training intervention programmes, powered by mindful techniques and neuroscience, target key performance issues such as stress, focus, fatigue, motivation, communication and work-life balance. 18
– Summer 2018
By equipping people with core skills to reduce stress and improve self-awareness and outlook, the effect on team cohesion, morale and workplace culture can be transformative. Building resilience not only benefits individuals, it significantly improves organisational effectiveness and productivity.
Building resilience not only benefits individuals, it significantly improves organisational effectiveness and productivity Managers skilled in these techniques are calmer under pressure and more able to connect and inspire employees, positively impacting wellbeing and performance.
So next time you feel challenged, try this little tip to spring back to shape. Stop. If possible, shut your eyes. Focus only on your breath as you inhale and exhale for a few deep breaths. Notice your reaction to the current situation and feel the emotion that is surfacing. Try to name which type of emotion it is. This simple action helps to step back and gain perspective. Return your attention to the issue at hand and you will find you are far clearer on how to deal with it. Dr Gerry Russell and Gail Ross-Wham of Business in Mind create conditions for organisational change by improving wellbeing, performance and productivity. To find out more, please visit: www.businessinmind.org.uk
EVENTS
Key Events MAY Advice Clinic Every Monday, 1:30pm – 4:30pm Got a tricky business question or need advice to move forward? Whether you want to raise finance, tackle your profit and growth issues or get some tips on saving tax or investing wealth, our expert team can provide the right professional guidance at our next Advice Clinic. Give us a call to book your free one-hour slot on 01242 776000.
Annual Fundraising Quiz 31 May, 7pm at Marling School, Stroud A joint fundraising quiz with WSP solicitors to raise money for our corporate charities, the Pied Piper Appeal and Meningitis Now. Held at Marling School in Stroud and hosted by BBC Points West’s Steve Knibbs, this fun evening comes with a Fat Toni’s pizza in the price of a team of four! See our website for details on how to book your team a place.
JUNE Advice Clinic Every Monday, 1:30pm – 4:30pm Give us a call to book your free one-hour slot with the relevant expert on 01242 776000. Developing an Exceptional Referral Process
KEY DEADLINES Profit Improvement Workshop 4 June, 9am – 1pm at Chargrove House Money is being wasted in your business every day. Eliminating this waste is one of the most effective ways to increase your business profit. Our Profit Improvement Workshop will help you identify the types of waste in your business and equip you with effective tools and techniques to systematically remove this waste, releasing profit back in to your business in the process. For more information, call 01242 776000, email marketing@randall-payne.co.uk or visit the events page of our website.
EPIC Business Leaders Workshop 19 June, 9am – 1pm Our EPIC Business Leaders Workshops are run by our business advisers and provide the opportunity to tackle your growth issues head on with the support, experience and guidance of other successful business leaders. To join this workshop, contact Will Abbott or Richard Gray on 01242 776000.
MAY
1 19 22 31 JUNE
1 19 22 30
1 19
Advice Clinic
22
Every Monday, 1:30pm – 4:30pm Give us a call to book your free one-hour slot with the relevant expert on 01242 776000.
31
A trusted referral influences people more than the best broadcast message and generates better quality leads, resulting in more profitable business growth. If you don’t think you (or your team) are making the most of referrals in your business, then this programme is the answer. Delivered by Richard Gray, Business Growth Coach and Trainer, the course teaches our ten step process for generating better referrals, and equips you and your team with the necessary skills to use the power of high-quality referrals to grow a profitable business. Using an effective combination of pre-workshop diagnostics, group workshop and oneto-one support coaching, the process is guaranteed to develop your skills and capability in generating exceptional referrals – the lifeblood of any successful business. Available either as a bespoke programme for your company or to attend as an open course, register your interest by emailing marketing@randall-payne.co.uk or call 01242 776000 to find out more.
C orporation Tax due – period ended 31/08/17 D ue date for 2018/19 PAYE month 2 P AYE & Class 1 NIC payments (electronic) A ccounts deadline to Companies House – periods to 30/09/17 Corporation Tax return deadline to HMRC – periods to 30/06/17
JULY
JULY & AUGUST
NEW PROGRAMME
C orporation Tax due period ended 31/07/17 D ue date for 2018/19 PAYE month 1 P AYE & Class 1 NIC payments (electronic) A ccounts deadline to Companies House – periods to 31/08/17 C orporation Tax return deadline to HMRC – periods to 31/05/17
C orporation Tax due – period ended 30/09/17 Due for 2018/19 PAYE month 3 P AYE & Class 1 NIC payments (electronic) A ccounts deadline to Companies House – periods to 31/10/17 Corporation Tax return deadline to HMRC – periods to 30/07/17 Due date for SA 2nd payment on account 2017-18
AUGUST
1 19 22 31
C orporation Tax due – period ended 31/10/17 Due for 2018/19 PAYE month 4 P AYE & Class 1 NIC payments (electronic) A ccounts deadline to Companies House – periods to 30/11/17 Corporation Tax return deadline to HMRC – periods to 31/08/17
randall-payne.co.uk 19
Credit Where Credit’s Due.
You’d be mistaken if you thought R&D tax relief is all microscopes and top-secret laboratories. In fact, no matter the sector, or whether you’re developing processes or products, you could be entitled to substantial rebates that could help further your business. Isn’t it time you harnessed the value of your thinking today to fund the business you want tomorrow?
To find out how R&D tax credits could accelerate your business, call James Geary today on 01242 776000.