ISSUE 19 | WINTER 2019 RANDALL-PAYNE.CO.UK
We make your success our priority
TM
Ready for an acquisition? Key things to consider
The accounts puzzle Adding insight to your business
CLIENT V’S COACH
Both sides of the process - BUSINESS ADVISORY PAGES 10 & 11
R&D TAX RELIEF
A change you may have overlooked
AUDIT TEAM
Clients say we see things differently
BUSINESS NEWS
NEWS FOCUS
OUR NEWS
GUEST ARTICLE
TAX PLANNING & LOCAL AWARD WINNERS
ADVANTAGES OF AN ELECTRIC COMPANY CAR
FUNDRAISING SUCCESS & STAFF NEWS
STRENGTHEN CONNECTIONS WITH LINKEDIN
WELCOME
Vicky Link | Partner
MEET OUR PARTNERS
Tim Watkins Managing Partner
Welcome to issue 19 of In Focus. Change will happen, be it technological advancements or software improvements, but the one thing we know is embracing change makes things happen. Change is the theme throughout this issue as the articles showcase how we encourage our clients to embrace challenges, both business and personal, no matter how uncertain the wider picture is.
Making changes to your products or services to improve what you do could mean you are entitled to tax relief Having an external expert understand your business is such a benefit to helping you to continually succeed. My article on pages 8 & 9 explains how we use information from the client’s business to identify the challenges that they could face and offer practical solutions to make their goals a reality. Will Abbott’s article on pages 10 & 11 takes a look at the coach and the client’s 2
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experience of the coaching process. It’s interesting to read the positive outcome of the CEO, whose day-to-day time constraints of managing a business was adding to his challenges and how the process helped him to overcome these. Making changes to your products or services to improve what you do could mean you are entitled to tax relief. James Geary gives examples on pages 14 & 15 of activities in various sectors which have resulted in a claim, and these may not be in areas you would expect. I have no idea at the time of writing this welcome what the political picture will look like, nor whether Brexit has happened, but what I do know is neither of these will stop us looking for the positive ways forward for our clients, providing the best expert advice we can and continuing to make their success our priority. To ensure you are ready for change, or if you need someone to give you practical advice on how to do so, feel free to get in touch. In the meantime we hope you enjoy reading this issue.
Will Abbott Partner Specialism: Business Advisory Russ Byrd Partner Specialism: Audit Vicky Link Partner Specialism: Accountancy Rob Case Partner Specialism: Tax Ollie Newbold Partner Specialism: Corporate Finance For further information about any of the topics covered in this magazine, please contact: Fiona Hughes, Marketing Manager or Jo Kline, Marketing & Events Co-ordinator.
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 | 4 – 6
P8 The detective work
Efficient tax planning, electric company cars and celebrating Gloucestershire’s business success
TIM’S VIEW | 7 Embracing technology to overcome business challenges
ACCOUNTANCY | 8 – 9 Completing the puzzle to ensure continued success
BUSINESS ADVISORY | 10 – 11 Both sides of the coaching story
CORPORATE FINANCE | 12 How to make your acquisition stick
AUDIT | 13 Does our Audit team really see things differently?
TAX | 14 – 15
P10 Client versus Coach
Brewing a cash boost with R&D Tax Relief
IN THE COMMUNITY | 16 How we have achieved fundraising target early
RANDALL & PAYNE NEWS | 17 Becoming an accountant and hello to new trainees
GUEST ARTICLE | 18 Using LinkedIn as your business card
EVENTS | 19 Key accounting deadlines and upcoming events
P14 Brewing a cash boost
randall-payne.co.uk 3
NEWS FOCUS
Cancelled budget, Rob Case | Partner
but you still need to think about tax Whilst the planned budget has been cancelled and we are in a time of political uncertainty, there is still tax planning to be done. It is often difficult for us to advise clients on significant tax planning opportunities at such a time of political uncertainty. Whatever the outcome of the election, tax laws will change and that could impact upon each of us in years to come. That said we are still presented with circumstances that allow us to take advantage of current tax rules and allowances which are of benefit.
Take advantage of current tax rules Pension Contributions One area for change that has been mooted previously is a suggestion to restrict tax relief on pension contributions. Therefore, if you were intending to make some pension contributions in the current tax year, 4
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it may be worth accelerating them, to secure the tax relief in case this is changed negatively. 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 From 6 April 2020, there are some planned major changes to the Capital Gains Tax relief available when you sell a property that has at some point been your main home (i.e. has not been your main home throughout your period of ownership). In essence the availability of the relief is reduced where it has been let out and the potential period allowed prior to sale reduced, so if you have a property that would be subject to a capital gain if sold, it is worth considering what the implications of the changes are for you in case there is still time to act.
Green Taxes This will undoubtedly be an important area for any government, reducing CO2 emissions and working towards carbon neutrality will be an important factor in the decades, under current rules from 6 April 2020 we expect the Zero P11d benefit on electric cars to be reintroduced. The article on the following page covers this in more detail. Finally don’t forget the impending deadline for the submission of 2018/19 Self-Assessment Tax Returns which are due to be filed (and the tax paid) by 31 January 2020.
Contact Rob Case for more information by emailing rob.case@randall-payne.co.uk or call 01242 776000.
NEWS FOCUS
Even more advantages to driving electric With zero road tax, P11d benefit and the introduction of the ultra-low emission zones (ULEZ), we look at the growing advantages to changing to an electric vehicle.
Claire Cleevely Director, Cleevely Electric Vehicles London became an ULEZ in April 2019 and we are now beginning to see this spread to other cities, such as Bristol who have agreed to ban privately owned diesel cars in their city centre from March 2021, with a community charge being applied to commercial diesel vehicles. Charges relating to the ULEZ will noticeably increase costs associated with travelling to our city centres for many current company vehicles, on top of the road tax, fuel and running costs. An electric vehicle may seem a daunting prospect as a company car, but perhaps not when you consider the reduction in running costs, not only in the day-to-day reduction of fuel costs, but also zero road tax. Other tax benefits include the changes to P11d Benefit in Kind (BIK) rate from 2020/21 of 0%. It has been indicated that there could be additional restrictions which will
impact on the choice of company car for 2020/21 and that 11 new bands for ultra-low emission vehicles (ULEV) may be introduced. Therefore vehicles which have previously been included as ultra-low emissions will no longer be included. These bands are to be based on electric mileage which can be achieved without recharging or utilising the combustion engine in a hybrid vehicle.
EV (electric vehicles) and hybrid vehicles explained 1. A hybrid vehicle has a combustion
engine with a battery pack, which will only recharge through the engine running and burning fuel. Usage for pure electric ranges from 20+ to 31 miles for the newer vehicles. 2. A plug in hybrid vehicle, like the
Mitsubishi Outlander, has a combustion engine and plugs in to replenish the battery pack with a range of up to 50 miles of pure electric.
(older Nissan Leaf) to 375 miles (Tesla Model S).
At Cleevely Electric Vehicles we are aware of the benefits our customers are enjoying: � Tax benefits – zero road tax and BIK changes 2020/2021 (nb check with your advisor for actual rates before purchase). � Dramatically reduced fuel costs – due
to free or under £5 charging facilities. � Charging can be achieved in as little
as 20 minutes, a lot quicker than most expected. � Much cheaper vehicle to maintain. � Environmental benefits through zero
emissions. � Supports the workplace CSR policy.
We can help advise on which type of vehicle will meet your needs – contact us on info@cleevelyev.co.uk or 01242 308006.
3. Electric vehicles are full EV with
mileage ranging from 80 miles randall-payne.co.uk 5
NEWS FOCUS
A celebration of business success in Gloucestershire Tim Watkins with EESI Group, Business of the Year 2019
On 10 October the finest of Gloucestershire’s business community gathered for the 22nd Annual GloucestershireLive Business Awards in recognition of the diverse and innovative work taking place around our county.
Fiona Hughes Marketing Manager The event recognises the hard work and achievement of our local business community, but it’s about more than just the event for us, it’s about helping to provide a platform to showcase what is truly amazing about our county. There are so many hidden gems which Tim and the rest of the judges learn about through the judging process and many more here in Gloucestershire who have not yet entered! We can’t emphasise enough how much of an achievement it is to be even shortlisted as a finalist so would like to offer our congratulations to all nominations. We were delighted that Scoo-B-Doo, was the chosen charity on the night. The envelopes on the tables and silent auction raised a much needed £3,850 thanks to a heartfelt presentation 6
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from Joseph Cox about his first-hand experience as a parent and the amazing work they do. Staff here at Randall & Payne have also benefitted from the work of Scoo-B-Doo, a contributing factor to them being our current charity partner.
Jennifer Holman and Joseph Cox representing Scoo-B-Doo with Fiona Hughes
The team at Randall & Payne value getting to know the finalists each year and we particularly enjoy marking the achievement of the lucky winners by hosting a Winners’ Dinner in February 2020.
1. Marketing Campaign of the Year – First Base Employment Ltd 2. Growth Business of the Year – Geometric Manufacturing Ltd 3. Business Innovation – Protrack Solutions Ltd 4. Corporate Social Responsibility Award – Furniture Recycling Project 5. New Business of the Year – The Coconut Tree Ltd 6. Best Employee – Remi Ashton, Ocere Ltd 7. Best Place to Work – Sanctus Ltd 8. Small Business of the Year – Haremi Ltd 9. Family Business of the Year – Leeways Packaging Services Ltd 10. Young Business Person of the Year – George Tatham-Losh, Move Sales and Lettings 11. Lifetime Achievement Award – Mike Warner, Warners Cars 12. Business of the Year – EESI Group Services Ltd
TIM’S VIEW
Tim Watkins | Managing Partner
In times of uncertainty we are not standing still We all thrive on certainty, isn’t it about time we had some? As time marches on what we can be certain of is that we will all have challenges to overcome. The new year brings new challenges and we see plenty of changes on the horizon. We can be certain that technology will continue to race ahead and our world of accounting will be as affected as other sectors. Products that link with Xero, Quickbooks and Sage Business Cloud pop up almost every day and are there to help manage and control almost every aspect of business affairs.
Using software to demonstrate the improvements, we work with many of our clients to help them achieve their business goals Within Randall & Payne we are embracing technological advances to enhance our professional advice to
our clients. New accounting software is being used to identify patterns which can show areas to be looked at and the changes that could be made to improve business. Using software to demonstrate the improvements, we work with many of our clients to help them achieve their business goals. Many of us have our own ways to monitor the performance of our businesses, ways that have arisen over the years and sometimes require time to produce the information we want. With Cloud Accounting we can now do two things. Help you get the information you need to know each month to make sure you are on track to achieve those goals. Help you to get that information in a timely manner so you have more time available to work on the business and for the things that matter to you. One of the most precious commodities for us all is time. We can’t make more of it yet we all have things we want to do inside and outside of work. Let us help
you make the most of your time and make the best use of technology. After all, before we know it, we will be taking on the challenges of 2021.
Contact Tim Watkins for more information by emailing tim.watkins@randall-payne.co.uk or call 01242 776000.
Bite-Sized Thinking
›› Embrace technology so that you don’t stand still. ›› Cloud accounting helps you to get the information you need when you need it. ›› Let us help you to make the most of your time. To find out more about any of the topics discussed in this article, visit randall-payne.co.uk
randall-payne.co.uk 7
ACCOUNTANCY
Vicky Link | Partner
Completing the puzzle to ensure the continued success of your business The picture of any business will be ever-changing due to political, environmental and competitor changes, and patterns emerge that when pieced together continues your business on the path to success. When completing a set of accounts we will get to know the true strengths and weaknesses of a business and piece together a picture to help it reach its true heights.
to improve financially, as well as realising your business’ growth potential, makes this compliance requirement worthwhile.
What makes us different � At our monthly, quarterly or annual
All companies, regardless of size, are required to submit statutory accounts to HM Revenue & Customs (HMRC), so being able to rely upon your accountant to recognise the potential risks, see ways
client meetings we discuss results and highlight risk or contentious issues, provide an opportunity to talk through ideas and plans they have so that we come up with practical solutions. We work together to make sure what they want to achieve becomes a reality. � Using the most up-to-date
BALANCE SHEET
assets, company d an liabilities s ie it equ
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accountancy software we show clients a real-time picture of how their business can achieve its full potential. We aim to empower them to make better business decisions using data analytics and performance improvement insights that will improve profits and drive growth. This software will also enable them to access the right kind of funding at the best time for their business.
PROFIT & LOSS STATEME NT revenue, co sts and expen ses
� We can use information such as
estimated increased gross profit margin, market share, cash flow, etc. so we can illustrate how the business could grow and offer expert business advice to our clients.
Building on strong foundations The profits should increase and, as they grow, it’s smart to have absolute control and visibility of your business. You need to make sure that the business is set up in a tax-efficient way and that you can
ACCOUNTANCY
G EMERGIN S PATTERN and strengths s weaknesse
make sound management decisions based on accurate, timely figures. The balance sheet and profit and loss statements created for a set of accounts identify the key areas of your business that, when evaluated, form the picture of whether your business is in a healthy state or whether there are areas for concern. We have an experienced team who work with information in the balance sheet and profit and loss statement, using the latest technology to detect trends. This analysis identifies any weaknesses that can affect the true strength and continued success of our clients’ businesses. This ‘detective’ work is like putting together a puzzle, that when completed is the picture of the best their business can, and should be. We identify patterns by looking at areas such as cash flow, gross profit margins, staff turnovers and gaps, customer vulnerabilities, etc. Using our team’s
CONTINUE D SUCCESS of your business
Your skills and energy are better focused on making your business succeed and getting your products and services to market, so we piece together the puzzle based on your company financial information experience and knowledge we use this information and prioritise these areas of our client’s business and offer practical advice.
Why we do the detective work for you Your skills and energy are better focused on making your business succeed and getting your products and services to market, so we piece together the puzzle based on your company financial information. Working together means no area of your business is neglected to the detriment of future growth.
Why do we do it? Because we make your success our priority. Contact Vicky Link for more information by emailing vicky.link@randall-payne.co.uk or call 01242 776000.
Bite-Sized Thinking
›› Let your accountant do the detecting whilst you do the doing. ›› Understanding how to improve your financial situation to achieve continued success. ›› Let us make your success our priority. To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 9
BUSINESS ADVISORY
Will Abbott | Partner
Client versus Coach A client and I share our experience of the coaching process that after six months of regular meetings, getting to know his team and a real-time implementation plan is producing fantastic results. Typically businesses which have passed the 3-5 year point often face the same challenges, frustration within teams, customer service and, most importantly, owners having insufficient time to do all the things that need doing. With the above concerns, Alan from Digitel approached us to enquire about coaching having read one of my leaflets, and together we set on a journey to overcome these key challenges for him.
The Coach’s experience Will Abbott, is Randall & Payne’s resident trailblazer and head of Business Advisory. “My initial conversation with Alan was typical of many we have with businesses at their growth stage, as the challenges that surface are common for those business owners. It was obvious from the beginning of the conversation Alan was eager to investigate change, as he knew that moving forward wasn’t going to happen without some guidance. Working with a business owner who’s ready to embrace change is energising for me but it is important to make sure I didn’t overwhelm Alan with too many actions too quickly, too soon.
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Alan has the technical knowledge and ability, the customer relationships and is used to getting stuck in to deliver operationally. We could start to see why it felt like he does not have enough time and the team may be struggling to fulfil their potential. Alan was very clear about how he wanted to grow but understood the limitations of doing this whilst trying to run the business. So our work concentrated on increasing and formalising processes and for Alan to transition from doing the work into directing it and the team. This can be challenging for entrepreneurs who find process restricts their vision and free thinking, but if approached in the right way can be liberating.
It has been a pleasure working with Alan, not just his commitment throughout but also his overall enthusiasm. Both of us really enjoy our meetings and witnessing how some simple changes have helped Alan and his team at Digitel gives me great satisfaction.
Contact Will Abbott for more information by emailing will.abbott@randall-payne.co.uk or call 01242 776000.
BUSINESS ADVISORY
The Client’s experience Alan Ible, is CEO of Digitel, Gloucester based Digital Marketing agency. “Digitel doesn’t have a tangible product to sell so, like many other service led industries, has to strive to stay ahead of the game. We felt it was time to perform a thorough review of where the business was, what we had set out to achieve and what the future goals of the business were. I was in working with the Marketing team of Randall and Payne, going through their digital marketing campaign, when I noticed a booklet that talked about business coaching. This could not have fallen at a better time and as someone that is always keen to improve, thought it a great idea to further investigate what was on offer for businesses like mine. Having worked with them for around a year I knew already they were experienced when it came to accounts and tax affairs, to name a few things, but did not know anything about the business coaching they provided. I was introduced to Will Abbott who invited me to have a free informal chat about my business objectives and obstacles. I knew after 30 minutes that he was
going to be of great assistance to me and, although I normally deliberate on most things, I decided to work with him there and then. Will has played a pivotal role in the business over the last six months. The advice he has given in the meetings has been invaluable. He has both run and attended meetings at their office in Cheltenham and our office in Gloucester. Setting out both short and mid-term objectives he kept me focused on delivering the plan we developed.
Having someone who is not emotionally invested in my business with a strong background knowledge in business coaching has allowed me to explore new ideas I had not thought of and to improve ideas that I did. We have restructured staff, improved reporting and developed customer calls, to name just a few of the improvements. Working with Will has been one of the best decisions I have made this year and I look forward to continuing this relationship in the years ahead.
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CORPORATE FINANCE
Ollie Newbold | Partner
The key to a successful acquisition With more than 50% of acquisitions failing, our knowledge and experience will ensure that you are in the best position for success. We have supported numerous clients through their acquisitions and our transaction process has been developed to give you complete peace of mind at every step. We like to think it’s a blueprint for success as we’ve achieved an outstanding completion record.
� Human resources
A typical acquisition process adopts the following approach:
After considering these, we suggest that you put together an integration strategy which demonstrates to all stakeholders in the target company that you have taken control from day one and put the time and effort in to make it work. By doing this, you will reduce uncertainty which can often lead to the ‘you and us’ attitude which can be detrimental to success.
� Valuation � Negotiations and agreeing
Heads of Terms � Due Diligence � Arranging finance � Managing the deal
� Management and key staff members � Geography � Systems and processes � Capacity of the acquiring company � Strategic direction of the target
Completion does not, however, mean that the acquisition will prove to be a success. It is estimated that more than 50% of acquisitions fail and of this 50%, the majority of failures are due to an unsuccessful integration.
An acquisition strategy may take the following form:
Integration planning considers some of the non-financial aspects such as:
3 Month Plan Implementation of new systems and processes and / or human resource changes.
� Cultural compatibility
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One Week Plan Communicate with all staff in order to reassure them – ensure that all questions are answered.
12 Month Plan Implementation of strategy and development of the combined entities. At Randall & Payne, our service does not stop on completion, we’ll support you through the integration process in order to ensure that your acquisition is a successful one.
Contact Ollie Newbold for more information by emailing oliver.newbold@randall-payne.co.uk or call 01242 776000. Bite-Sized Thinking
Consider the three frequent integration failure traps: 1. I nsufficient planning of the integration process; 2. Letting uncertainty settle in; 3. O verlooking the differing workplace cultures. To find out more about any of the topics discussed in this article, visit randall-payne.co.uk
AUDIT
Russel Byrd | Partner
Does our Audit team see things differently? Our Audit team’s assurance is that “We see things differently”, but don’t take our word for it, some things speak for themselves. For the third successive year we were finalists for Audit Team of the Year at the British Accountancy Awards, celebrating excellence in accounting and finance. To reach the finals yet again is a recognition of the unique approach adopted by our audit team. Getting to know our clients is important so that we can tailor our approach effectively and efficiently. Our aim is to ensure we can get the job done thoroughly, but in a way that adapts to each client, allowing work to be uninterrupted throughout and give peace of mind to stakeholders. But don’t take our word for it, these client testimonials demonstrate that we do see things differently, with positive results.
“ We were impressed at the
exceptionally high quality and expert approach from Randall & Payne, which enabled them to complete a significantly complex audit with great professionalism and pace.
”
From the beginning of the audit process our designated auditors make contact with the client and work together to ensure the audit process fits with compliance deadlines as well as the company’s own time constraints. This two-way dialogue ensures both parties agree the process is suitable and fits perfectly with the organisational demands of the company. This agreement is adhered to throughout. Frequently, it’s the client who dictates these timescales as their need to have the audit completed for a given purpose takes priority.
“ Randall & Payne have been efficient
and proactive, particularly in meeting deadlines and their added value support on commercial issues. They strike just the right balance between being a flexible, easy to deal with local firm yet having all the key strengths, attributes and rigour necessary to support a company of our size and continued rapid growth.
”
Our process of getting to know the client guarantees that our audit management reports are robust, thorough and withstand any scrutiny and, as “we see things differently”, provides information on both the constructive and positive aspects of the review.
Contact Russel Byrd for more information by emailing russel.byrd@randall-payne.co.uk or call 01242 776000.
“ Their approach to the audit is efficient and appropriately risk-based, and they have always worked collaboratively with us to meet the reporting deadlines of our parent company. I have been impressed by the staffing consistency of the audit team.
”
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TAX
Where there’s a change there’s a claim Making changes or enhancements can give you a competitive advantage, provide efficiencies, or even longer product life, but could it also qualify for Tax Relief?
James Geary Head of Corporate Tax Almost 20 years on and still so many businesses are only now realising that R&D Tax Relief is something that they are able to harness, often for developing products and services which they thought was just part of what they do. Here are some recent examples of claims that we have completed, to give an overview of how broad this relief really is.
Food and drink: � A specialist beer brewer devising new
brews and blends of beer. Technical challenges include the choice of ingredients and new tastes which have impacts on the beer’s shelf life, as well as accounting for health considerations, in particular allergies and intolerances. � Design and modification of coffee
machines, both vending machines and for coffee shops. Specific projects 14
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included modifications to existing and established machines to achieve a number of improvements including faster brew cycles and feeding different kinds of disposable cups (in particular cups made of more environmentally friendly materials) � Design of new snack product ranges
– a high street coffee shop chain that needs to devise regular new taste ideas and follow the latest trends, with enhanced taste whilst overcoming issues of shelf life, allergies and intolerances, healthy eating considerations but overall still tasting good. � Design of small packets, especially
alcoholic ingredients for cooking, with a view to avoiding wastage where there was previously a need to open a bottle which may then never be used again (e.g. brandy). Challenges revolve around getting the right amount of strength and flavour combinations in a small sachet for the right flavour “hit” for the particular dish.
As always, the advice has to be to speak to a specialist to see if your business might qualify – with a strict two year time limit for making claims, you really might be leaving cash on the table Construction and utilities: � A new method of laying mains
services under roads – our client designed a machine and method for digging a trench, laying the pipe and reinstating the tarmac all in a single pass with a single machine. This has saved days at locations all over the country, reducing traffic disruption, increasing efficiency and saving cost.
TAX
� Modification of boilers by service
engineers in the field to enable them to accept parts from another manufacturer – saving the cost of replacing the entire boiler, with associated cost savings and environmental benefits. � Developing (and patenting) a means
of securing excavators to trailers much more securely and safely than using traditional straps.
IT and software: � Use of advanced radar and infra-
red technology for laser tag games along with the associated software programming. � Adapting digital marketing methods
for new software releases from the likes of Google, or reacting to changes in their ranking rules – requiring constant rethinks of marketing or SEO strategy to keep ahead of the game, involving new programming and algorithms. � Design and integration of advanced
ordering and accounting systems for a company selling hundreds, even thousands, of possible product combinations in gift hampers. This caters for a mixture of VAT rates, perishable products, weight and
size for delivery considerations, all controlled through an advanced and constantly evolving system. � Computer modelling of rail signalling
systems – changing signalling patterns and rules to maximise the number of trains that can pass through any given area whilst maintaining absolute safety.
Manufacturing: � Small batch manufacturing – we
have several clients that carry out design and development work for small batch orders which the larger more advanced companies would not consider as they cannot complete such small assignments cost effectively. An example included recreating replacement parts for vintage steam locomotives where the original manufacturer has long since gone out of business, using modern materials and methods. � Modifying and improving farm trailer
design, e.g. to increase the capacity of existing models by changing axle materials or using advanced geometry to increase road safety, i.e. how far the rear swings out while turning a sharp corner.
The above examples barely scratch the surface in terms of how wide this relief can be. As always, the advice has to be to speak to a specialist to see if your business might qualify – with a strict two year time limit for making claims, you really might be leaving cash on the table.
Contact James Geary for more information by emailing james.geary@randall-payne.co.uk or call 01242 776000.
Bite-Sized Thinking
›› R&D Tax Relief goes across all sectors. ›› Your business could qualify – it’s worth checking. ›› There is a strict two year time limit for making claims. To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 15
IN THE COMMUNITY
£10,000 fundraising target is reached 8 months early! Thanks to our amazing staff and supporters, after just 16 months our fundraising efforts have now raised a whopping £10,195 for Scoo-B-Doo! Fiona Hughes Marketing Manager
Each year we have our regular charity fundraisers, such as the Quiz Night we co-host with WSP Solicitors at Marling School which attracts 30 teams of four, as well as monthly dress down days and the Christmas Bazaar. But we also like to try new ideas and have introduced breakfast butties on the last Friday of the month. Jo Kline takes control of the kitchen and dishes up breakfast delights such as sausage, bacon and egg baps for a donation from appreciative staff. We also had a bit of fun with a Lego challenge in which Rob Case, James Geary and Chris Baldwin competed to build the Maclaren Race Car. Chris finished first but after a stewards enquiry it transpired he had missed two Lego bits which meant James took the glory! We also like to involve different groups of people, which is why we took ourselves 16
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out of our comfort zone in the summer and organised a Family Fun Day which attracted local families and supporters. And for the first time, our corporate charity was given a platform at the GloucestershireLive Business Awards, which is particularly important for a small charity like Scoo-B-Doo who are looking to raise their profile. Still to come next year... Will Abbott will be taking on ‘The Dragon Devil’ 300km cycle challenge in the Brecon Beacons on the 7th June 2020! We are also hoping to repeat the Race Night at the Hatherley & Reddings Cricket Club which we first did a couple of years ago.
Perhaps we need to double our initial target and push ourselves to raise £20,000 by the end of June 2020? We must keep focused on the end goal which is to raise as much as possible to help care for sick and premature babies in Gloucestershire ensuring these tiny patients get the best possible start in life.
Contact Fiona Hughes for more information by emailing marketing@randall-payne.co.uk or call 01242 776000.
RANDALL & PAYNE NEWS
Becoming an Accountant – an Accounts Trainee shares her experience Alice Prout joined the accounts team at Randall & Payne a year ago as a part qualified accountant studying for her AAT level 4. Jo Byrd HR Director
After A levels, Alice got an admin role for a small accountancy practice and was planning to go to university, but when an accounts trainee role came up she decided to stay at the firm. She was enjoying learning whilst being employed and realised that being an accountant doesn’t necessarily mean you have to be a mathematical genius, but have an eye for detail and an element of problem solving, which she enjoys. With her desire to further her qualifications, Alice spotted our vacancy for a part qualified accountant, and had become aware of us through our CSR presence on various digital platforms. “I was aware of Randall & Payne through reading the Punchline newsletter and I followed their achievements at the British Accountancy Awards. I got the impression that they were a caring firm based on their work in the community
through numerous charity initiatives and sponsorship of the Gloucestershire Business Awards.” Having achieved her AAT level 4 in August, Alice has now started her ACCA. A year into her role she has commented on how friendly and welcoming everyone is and how little things the firm does helps her feel part of the family. “At the staff meeting our Managing Partner, Tim, congratulates those who have recently passed exams which is a simple thing but makes you feel valued”. She explained that you get study time out of the office to prepare for exams and there is one exam a quarter which is manageable in terms of the work and study balance. “I am surrounded by other trainees at a similar level so we can share experiences. I now have a ‘study buddy’ for my ACCA which is a new initiative. It’s great to be able to ask advice from colleagues who have been through the same qualification and work here too.”
Of the role itself, Alice enjoys the variety it offers, giving her an insight into the diverse picture of businesses in Gloucestershire which keeps her role fresh and interesting.
Our requirements for all trainees: � Strong communication, interpersonal
and team-working skills � A flexible and positive approach to
both work and studies.
Contact Jo Byrd for more information by emailing jo.byrd@randall-payne.co.uk or call 01242 776000.
A warm welcome to our new trainees (pictured above from left to right); James Cook, Ethan Powell and Melissa Devereux, who have all joined us in the last few months. James and Ethan are rotating trainees and Melissa is an admin trainee.
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GUEST ARTICLE
Emma Provins, Director | Skylight9
Expand your connections with LinkedIn If you are considering ordering more business cards, perhaps it’s time to get creative when keeping in touch with your new contacts? You could save money, help the environment and build stronger relationships at the same time by utilising your personal LinkedIn profile. Or alternatively, use LinkedIn as a tool to accompany your business cards.
How do you use LinkedIn as a business card? LinkedIn has a ‘Find Nearby’ feature which allows you to find people within a 10m radius, which is ideal for networking and events. Once the person, or people, you have been networking with are found, you are connected straight away. You both now have each other’s contact details, plus you’ll be able to see updates from each other in your newsfeeds. In addition, access to background information like, schools, colleges, university, places of work and interests. It’s a good conversation starter! If running an event, the start is the best time to encourage use and prompt attendees to turn on the Find Nearby feature. 18
– Winter 2019
Advantages You can start to engage immediately. When a connection posts updates you can like, comment and share feedback and ideas, and vice-versa for the updates you post. They can access your activity on LinkedIn and gain an understanding of the expertise you have in your field from your profile page. All without picking up the phone or sending an email. It’s not a replacement for a phone call, but it helps to nurture the relationship and could even act as a reminder to have a conversation. You can send direct messages, share articles and access contact details if they are made available.
Using LinkedIn QR codes to connect If you’re attending a smaller group meeting or on a 1-2-1 basis you may want to consider using the LinkedIn QR code function. Each LinkedIn member has their own unique QR code which provides a simple and efficient way to find other members, and then connect with them by quickly scanning a QR
code on each other’s phones. We are not saying that business cards are a thing of the past, but in the evergrowing digital era in which we live, LinkedIn can offer a fast way to tap into your professional world and keep in touch. After all, you’ve signed up, you’re on LinkedIn… make the most of it. For step-by-step instructions on how to use the Find Nearby and QR code function go to: www.randall-payne.co.uk/news/ linkedinhowtoconnect Skylight9 Limited are a digital marketing agency based in Tewkesbury specialising in social media marketing. Helping clients get everywhere they need to be. www.skylight9.co.uk
EVENTS
Key Events
KEY DEADLINES
EPIC Business Leaders’ Workshop
NOV
People Performance: How to do less but get more from your people and teams. 26 November, 9am-1pm
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We deliver a session which is tailored to the needs of your business and tackles one of the most common challenges for business leaders.
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During the workshop we will work together on the following areas:
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� Your people opportunity or challenges. � People performance trends – how to do less and achieve more.
DEC
� People and team inefficiency audit. � Peer problem solving – your biggest team or people challenge.
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If you would like help working through this challenge come along to this free taster session. To join this workshop, contact us on 01242 776000 or email marketing@randall-payne.co.uk
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Future 2020 dates: Tuesday 25 February, 2 June, 8 September, 17 November.
31 Advice Clinic Every Monday, 1:30-4:30pm
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CHRISTMAS FUNDRAISER
Our annual Christmas fundraiser for our corporate charity.
orporation Tax due – period C ended 28/02/19 Due date for 2019/20 PAYE month 8 PAYE & Class 1 NIC payments (electronic) Deadline for SA Tax return – to be collected via PAYE Accounts deadline to Companies House – periods to 31/03/19 Corporation Tax return deadline to HMRC – periods to 31/12/18
JAN
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 with the relevant expert on 01242 776000.
Randall & Payne Bazaar 6 December, from 1pm
orporation Tax due C period ended 31/01/19 Due date for 2019/20 PAYE month 7 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 28/02/19 Corporation Tax return deadline to HMRC – periods to 30/11/18
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Season’s Greetings from Randall & Payne
orporation Tax due – C period ended 31/03/19 Due for 2019/20 PAYE month 9 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 30/04/19 Corporation Tax return deadline to HMRC – periods to 31/01/19 Due date for Self Assessment balancing payments for 2018/19 and/or 1st payment on account for 2019/20 Deadline for filing SA Tax returns
FEB
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Staff and any visiting clients can buy bargain Christmas gifts and stocking fillers, whilst enjoying a coffee and a cake. All proceeds go to the charity. If you would like to join us or donate any items for the bazaar, contact 01242 776000 or email marketing@randall-payne.co.uk
19 22 29 For 140 years, we’ve been providing expert business advice and practical accounting solutions to help our clients realise their potential.
C orporation Tax due – period ended 30/04/19 Due for 2019/20 PAYE month 10 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/05/19 Corporation Tax return deadline to HMRC – periods to 28/02/19
If you would like expert advice call 01242 776000 or visit randall-payne.co.uk and book a free one-hour advice clinic.
We make your success our priority
TM
randall-payne.co.uk 19
HMRC tax investigations aren’t just something you hear about. Our Tax Investigation Service provides you with support when you need it most.
Last year HMRC collected £34.1bn from tax investigations alone. From the agricultural industry to the ownership of rental property, it doesn’t matter what sector you operate in. HMRC do not discriminate between big and small and anyone who submits a tax return can be at risk of investigation.
Call us on 01242 776 000 or visit randall-payne.co.uk to take advantage of the benefits included with our Tax Investigation Service.
Tax Investigation Service