in focus turn your business strategies into reality
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issue ten: Autumn 2016
Are you Cyber Savvy? Make sure you have cybersecurity covered
R&P staff go walkabout business advice
Autumn Statement invite accountancy & audit
R&D cash not just for tech companies tax advice
Vicky Link takes back the helm
wealth management
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welcome
in this issue welcome to issue ten
In this issue:
Welcome to your quarterly guide to growing both your business and your profits.
04 - 05 Staff News
Last quarter I had the pleasure of judging the entries for the Gloucestershire Business Awards and have to say that the standard of entries this year were the best yet. Meeting some of the finalists at their VIP reception really brings home to us why we are pleased to continue to be the Main Sponsors of the Gloucestershire Business awards. This issue features a lot about changes: changes in our structure and expanding departments; changes to our Corporate charity; changes in the way we are doing things; as well as changes in technology that will affect us all. Change can be good but it can also be confusing, which is why we hope the articles in our magazine will help you to understand things more clearly and take away some of the confusion. R&P and in focus magazine deliver up-to-date creative solutions and expert advice to help grow your business and develop your full potential. Tim Watkins, Managing Partner
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03 Corporate Charity Changeover
06 - 07 Business News and Advice Good advice comes from within Accountants keen to share success Date of next Profit Improvement Workshop
08 - 11 Tax News You don’t need to be a tech company to get R&D cash back Taking the right STEP for estate planning Invitation to the Autumn Statement event on 24th November Making Tax Digital Court decision that could affect charities and construction
12 Audit News Secure finance, stability and cashflow with an audit
13 Cyber Security Why cybersecurity should be at the front of your mind Invitation to a cybersecurity workshop
14 - 17 Randall & Payne in the Community Celebrating wth the 2016 Business Awards finalists at Chargrove 04 Hollie Gazzard Trust says ‘thank you’ National Cycle to Work Day 2016 Five Valleys Walk for Meningitis Now
18 Dates for the Diary 19 Tax Reference
www.randall-payne.co.uk
contents
Old Charity, New Charity
business advice accountancy & audit tax advice wealth management financing business startups valuations buyouts debt factoring
Randall & Payne Partners and staff were extremely pleased to hand over a cheque to Gloucestershire Young Carers for the sum we raised for them as Our Corporate Charity 14/16. We have enjoyed working with Gloucestershire Young carers whose aim is to enable children and young people to reach their potential and achieve a positive transition to adulthood, regardless of family circumstances. GYC have actively provided R&P staff with the opportunity to work as volunteers for them at numerous fundraising activities, as well as inspiring us to hold our own, such as R&P Bake Off; Christmas Bazaar and our Charity Book shop, to name just a few. The total raised during the two years was over £5,200 and we are pleased to know that this will go towards Young Carers’ activity days. We will continue to support GYC, promoting the work they do positively and our staff will still be free to get involved in their fundraising days, promoted on their website www.glosyoungcarers.org, but our fundraising and volunteer days will be focussed on our new Corporate Charity for 2016/18, as voted by our staff, which is the Pied Piper Appeal.
Founded in 1992, Pied Piper is the leading children’s charity in Gloucestershire. Their aim is to transform the lives of sick and disabled children in the county. They do this by funding medical and practical equipment that enhances care and treatment for children in hospital. And they provide support and equipment that can transform the lives of sick and disabled children at home and in the local community.
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For more information visit www.piedpiperappeal.co.uk.
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R&P update
news focus turn your business strategies into reality
your guide to what’s new in the world of business...
Staff News Changing Job can be Taxing... ...but not for Dani Longney. Having worked in the Outsourcing department of Randall & Payne in payroll for six years Dani is moving on… across the office into tax!!
Dani Longney
Dani, since passing her AAT qualification has decided to broaden her skills and her knowledge. It is good news there was an opening in Tax and she has decided to stay in the R&P Family. Fantastic too for Randall & Payne Clients. if
Tim Celebrates 35 Years September saw me celebrate 35 years at Randall & Payne and I must thank all my colleagues for the cake and champagne. A great deal has happened here over that time, especially in terms of technology. What took days when I started can now take minutes and the nature of the work has changed to match. And the pace of change shows no sign of slowing. The challenge to the firm is to be ready for the next leap forward, which will be with ‘Making Tax Digital’. It is a challenge we will be ready for and I look forward to the next few years, working with clients and colleagues alike, as the nature of what we do changes once again.
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staff news
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Vicky Returns from Expanding her Family to the Helm of the Expanding Accounts Team. During her maternity leave the accounts team was expertly led by both Rob Case (VAT Partner) and Russel Byrd (Audit Partner) but the leadership is now firmly back in the hands of the Accounts department Partner Vicky Link, who has returned back to work after maternity leave. A lot has changed since going on maternity leave, Vicky has added to her family by giving birth to a beautiful Baby girl, she became a Partner at Randall & Payne, the accounts team has been through a restructure and both trainee and full time accountants have joined her expanding team. However, as Vicky says the only real surprise was the birth of her baby girl: “We had decided not to find out about the sex of our baby and both Matt (my husband) and myself were convinced we were going to have another baby boy, but we were delighted instead to give birth to a healthy baby girl”. With regards to work Vicky continued: “I am grateful to Rob, Russel and the rest of the Senior leadership team for all their help whilst I was on maternity and for overseeing the Accounts department. But as all you working mums and dads out there will know, you don’t truly hand over the reins completely when you go on parental leave. During my maternity leave, I was still working away in the background with Rob and Russel, which did give me the opportunity to step away from the day-to-day running of the department, enabling us to review our accounts process to help deliver a more seamless accounts provision and service for our Clients. Now being back at work, it is great to see my team have embraced the changes, are working well together and that the new team members have settled in perfectly. I love being a mum but it is also great for me to be back at work and leading such a brilliant team and I am in a fortunate position that I can do both. We are a youthful, enthusiastic, keen Accounts team at Randall & Payne, always striving to improve the experience for our clients and offer the best service we could possibly offer.” if
Vicky Link
Vicky is available to catch up with clients for a coffee or just a phone chat now she is back so please feel free to get in touch on 01242 776000 Autumn 2016
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business advice
Good advice comes from within As business advisors we regularly share our knowledge with our clients at meetings, seminars, workshops, in the press, on social media and in this magazine on how to successfully grow their businesses. Over the past two year we have experienced success and growth financially which has inevitably seen an increase in employment numbers and internal employee promotions. Starting at the top of the firm in Sept 15 we promoted our 4 Client Managers to Partners to help prepare the firm for the future. Growing a business is one thing but being prepared to act upon and service this growth is key to it’s success.
Further to this we have employed new staff in all of our teams across the firm; Audit, Accounts, Outsourcing, Business Advisory and Tax; we have successfully recruited full time, part-time and trainee members of staff. And we are still looking to recruit for more positions as the workload increases, to support our existing workforce.
The new Partners and some of the new employees.
For more information regarding working for Randall & Payne visit www.randall-payne.co.uk
Need help to turn your business strategy into reality? Randall & Payne Quorum allows business leaders to connect and share strategies for growth while gaining skills and tools to implement them. For a small investment you not only get a sounding board for your ideas, but real training and the knowledge that you can see and measure your progress regularly.
• • • • • •
Online Tools Remote Business Support Accounting For Business Workshop for Business Leaders Minimising Tax Making the most of your wealth
Our next Quorum Meeting will be held on November 29th. To book a place, contact Jo Kline or Will Abbott on 01242 776000 6
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business advice
Accountants keen to share success! Having completed a record year, Gloucestershire accountants, tax and business advisers Randall & Payne are keen to share some of the reasons for their success in order to help their clients and the wider business community in the County. The firm has focussed in the last few years on going beyond the advice and support provided by traditional accounting practises. Identifying areas where it is possible to have a significant impact on clients’ businesses, for example, by generating Research & Development tax repayments in excess of £2.5m, advising on an increasing number of both sales and acquisitions, working with business owners to improve growth and profits, to building an extensive audit portfolio of in excess of 100 clients and representing clients at VAT tribunals, further growth ahead will be driven by these valuable, specialist services. Loyalty often exists when a business has been working with an accountant for a number of years. A willingness to work with the existing provider is the key to ensuring that businesses can access the additional services on offer whilst maintaining existing relationships. Furthermore, a willingness to adapt and develop new services is fundamental to future growth and sustainability, as it is for many successful businesses. Recent innovations include being one of the first ATOL registered auditors in the County, the recruitment of Richard Gray, a sales and marketing specialist, to the firm and accreditations in DiSC training and Motivational Maps for the business strategy team.
Whilst generating increased cash and profit are often the first areas to be addressed with business owners, having the in-house skills and experience to help business managers tackle the twin challenges of growing sales and managing people, allows the team to make a significant and ongoing contribution to the success of clients and their businesses. Flexibility in the delivery of services, with options ranging from one to one coaching, the quarterly Business Leader Group “The Quorum”, regular Improve – Invest – Grow – Exit seminars and the launch of the Skills for Business workshop programme, ensures access to a wide range of opportunities in the most appropriate and effective way for each business. Backed by a strong accounts and audit teams, who ensure that the numbers being reported and used for key decisions are robust, and a knowledgeable personal tax team dealing with matters outside of the business, the ability to provide comprehensive advice for clients is clear. “Our success is driven by a keen understanding of the services and advice demanded by business people in an increasingly fast paced and competitive world. By sharing some of our insights from a great year for the firm, we hope other businesses in the County will share our success,” says Tim Watkins, managing partner.
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For details of the Skills for Business programme, including the half day Profit Improvement Workshop on 30th November contact jo.kline@randall-payne.co.uk or call Richard Gray on 01242 776000. Richard Gray
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if tax news
You don’t need to be a tech company to get R&D cash back
08 - 09
Many UK business owners don’t realise that when they spend time and money improving a process, refining a service, or developing a product, their company could be due a significant cash rebate through the R&D tax credit system. The mere mention of a phrase like “tax credits” is usually enough to turn the stomach of business leaders and entrepreneurs, because it sounds like something intangible and not of immediate benefit. Yet the scheme is a misnomer, because it actually delivers real cash paid into your business on completing a successful claim. Moreover, this incentive is not just limited to technology-based businesses. Any enterprise that takes some risk in improving its operations or customer offerings could qualify for some rebate. James Geary, Head of Corporate Tax at Randall & Payne, has completed a large number of claims over the last two years since he joined the firm, and across a surprisingly wide range of business sectors and activities. Recent successes include product development for a marketing company, development of baked products for a coffee shop franchise with international reach and a local toolgrinding business carrying out bespoke manufacturing tasks for its customers. There are a large number of companies across Gloucestershire and beyond who are either not aware of the relief or who assume it will not apply to them. On average, first claims in James’ experience can easily generate £30,000 of cash benefit, often much more, to a business with the prospect of continuing annual claims.
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James will be exploring this UK government incentive at The Business of Innovating symposium on Friday 7th October 2016 at the Malvern Festival of Innovation. He’ll explain some of the misconceptions about the scheme and will use some real life case studies to demonstrate how businesses across a wide range of sectors could unexpectedly benefit from making a carefully drafted claim. He will be speaking alongside Jim Robertson, an experienced patent attorney at Wynne Jones IP and Paul Gordon Partner at Willans Solicitor. This triple bill have shared their knowledge previously and will once again illustrate how protecting your brand whilst building and defending a portfolio of intellectual property can actually make money rather than cost you money. And this is not just about tech-based patents either, but applies to trademarks, knowhow and designs in all walks of business. If you were not able to see this talk at The Malvern Festival of Innovation then James would be happy to talk to you and share his knowledge. Contact James Geary on 01242 776000
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www.randall-payne.co.uk
tax news
Taking the Right STEP Trish Clements BSc(Econ) ATT CTA TEP, Head of Private Client Tax, completes her STEP qualification and membership to give expert Trust and Estates Planning advice. With the increase in personal wealth that has been recognised in the past 10 years or so, estate planning is becoming far more common. We are more aware of the potential difficulties involved in passing on wealth to the next generation and are proactively seeking advice to deal with these issues.
Becoming a Full Member of STEP entitles Trish to use the TEP designation. The letters TEP illustrates that we have a real understanding of the issues you’re dealing with and that we take a proactive approach to keeping abreast of all the latest development giving Trish that essential training and expertise to offer you the best knowledge we can.
Here at Randall & Payne we are pleased to be able to offer our clients the Professional and expert advice from Trish Clements who, not only has a wealth of knowledge in Private Client tax affairs but is also a qualified Trust and Estate Practitioner (TEPs), obtaining a STEP diploma giving her full membership of STEP. Only 37% of professional services in the Legal and financial services are members of STEP and with Trish being one of these we are one of the few accountants who are best equipped to help families plan their long term financial future, and comply with often complex tax rules surrounding estates, trusts and inheritance.
“I joined STEP as I was already offering advice to individuals regarding Inheritance Tax and Estate planning and the use of Trust and knew that the STEP diploma would give me the best qualification I could have, whilst giving me the confidence that the advice I was offering is backed up by experts,” explained Trish. “More recently I have been contacted by new clients who have been advised to find a STEP member which has only moved to enforce my decision to spend the time studying for the TEP qualification and on becoming a full STEP. I enjoy working with a variety of clients as no one situation is the same and all families have separate challenges when considering wealth planning” if
Contact Trish on 01242 776000 or email trish.clements@randall-payne.co.uk.
November 23rd is an important date in the Business Calendar with the Autumn Statement announcement. We will be bringing together some of our senior accountants, tax specialists and key local business leaders to watch Philip Hammond give his first statement, setting out how the Government will use Tax and their spending plans to shore up the UK economy after the vote to leave the EU. Join us to watch this historical budget announcement. Lunch will be provided and you can enjoy a round table discussion after the statement to have your say on Mr Hammond’s plans and the affect they will have on Gloucestershire businesses.
The Autumn Statement event will be held at Chargrove House, Shurdington Road, Cheltenham GL51 4GA on Weds 23rd November at 1130am Please contact Jo.Kline@randall-Payne.co.uk if you would like to join us. Autumn 2016
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tax news
Making Tax Digital In the July 2015 revised budget, George Osborne put forward his proposals to transform the current tax regime. Trish Clements explains: The proposal to reduce the tax administration burden on individuals and businesses has resulted in a Making Tax Digital Roadmap, which sets out how this will be implemented. HMRC aim to Make Tax
Digital by 2020, by which time businesses and individual taxpayers will be able to register, pay and update their information online at any time of the day or night and at any point in the year.
TAX SIMPLIFIED Taxpayers should not have to give HMRC information that it already has, or should be able to get from elsewhere — for instance, from employers, banks, building societies and other government departments.
MAKING TAX DIGITAL FOR BUSINESSES Businesses should not have to wait until the end of the tax year or even longer before knowing how much tax they should pay.
Taxpayers will see the information that HMRC holds through their digital tax accounts, and be able to check at any time that their details are complete and correct. HMRC will use this information to tailor the service it provides, according to each taxpayer’s individual circumstances. In 2016, HMRC will consult on how information from more third parties might reduce the reporting burden on taxpayers. TAX IN ONE PLACE At the moment, most taxpayers cannot see a single picture of their liabilities and entitlements in one place. HMRC is changing that.
HMRC will collect and process information affecting tax in as close to real time as possible, to stop tax due or repayments owed from building-up. From April 2018, businesses, including everyone who is self-employed and those letting out property, will update HMRC at least quarterly where it is their main source of income (or a secondary source of income above £10,000 and their main income is from employment or a pension). MAKING TAX DIGITAL FOR INDIVIDUAL TAXPAYERS Individual taxpayers will interact with HMRC digitally, and at any time to suit them.
By 2020, taxpayers will be able to see their complete financial picture in their digital account, just like they do in their online banking. And they will be able to set an over-payment of one tax against the under-payment of another: it will feel like paying a single tax.
By April 2016, every individual and small business will have access to a digital tax account. The digital accounts will present individual taxpayers with a personalised picture of their tax affairs, along with prompts, advice and support through webchat and secure messaging.
This is not just about amending a few parts of the current system, but a full overhaul of the system with a new look for all.
quarterly for Income tax and National insurance; 2019 will see the requirement for quarterly digital VAT reporting and in 2020, quarterly Corporation Tax reporting for businessses will commence.
Randall and Payne have been providing feedback through professional bodies in respect of the consultations put forward by HMRC, advising on how we believe this would impact on ourselves and, most importantly, our clients. Making Tax Digital will have a big impact on the way we work, on our clients and on how closely we will need to work together. The main anticipated change is the removal of the annual Selfassessment Tax returns for individuals. Based on HMRC’s estimated timescales, by the second half of 2018, most businesses, self employed and landlords will start updating HMRC
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We will be working with our clients to ensure that an efficient structure and plan is put in place to deal with these changes and will run seminars in 2017 to cover the requirements for businesses, self employed, landlords and individuals. If you are interested in attending, please let your main contact know so we can ensure that you are invited and keep you updated of all the developments.
For more information contact our tax team on 01242 776000 or visit our website
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vat news
Court decision could affect charities and construction Charities are fortunate enough to have a provision where the construction of buildings for a “relevant charitable use” may be zero rated for VAT. This obviously reduces the burden of what is an often unrecoverable and significant amount of money in a sector that needs it the most, but a recent decision in the case of Longridge on the Thames is likely to cause confusion in the Charity sector and also to those involved in constructing charity buildings. To qualify for VAT zero rating the building must be used “solely” (95%) for a relevant charitable purpose. If the building is frequently let out for a charge (even if not for profit) or perhaps some other business activities, such as used for a charity shop, then the construction of the building may not be eligible for zero-rating. Longridge is a charity. It uses volunteers to provide boating activities on the Thames, in the main to young people. The fees charged by Longridge are often below cost and the Charity relies heavily on donations and grants to continue its operations. It constructed a new building and sought VAT zero rating of these costs on the basis that the building was to be used for non-business purposes. Consequently, it was crucial in this case that the charity was not carrying out a business in VAT terms.
It was however decided in the Court of Appeal that Longridge was carrying on an “Economic Activity” based on the fact that there was a “direct link” between the fees paid by and the service the recipients received, even though it was heavily subsidised. Therefore the construction of the new building could not be zero rated. This case in effect means we must ignore many of the factors that we have historically relied upon when considering a charity’s non-business status: the motive of the provider of the service; its status as a charity; the amount charged; whether subsidies are received by the charity; and whether volunteers are involved in the relevant activities. This could be bad news for charities and not for profit entities for construction projects, meaning potentially increased costs for and also a risk of many more having to become VAT registered, as previously non-business activities could become taxable.
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ROB CASE Partner BA (Hons) FCA CTA AIIT Rob is a VAT specialist.
“I seek to provide a sound interpretation of peoples’ VAT situation, taking an informative approach to what is often seen as an unpopular and overcomplicated tax.”
For more information call Rob on: 01242 776000 Autumn 2016
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audit news
Secure Finance, Stability and Cash Flow with an Audit Chris Baldwin, Audit Manager at Randall & Payne, explains how an audit can benefit your business: Most small private limited companies don’t need an audit of their accounts, unless the company’s articles of association say it must or enough shareholders ask for one. However, except for specific exceptions, small companies must have an audit if at any time in the financial year if it’s been: • a public company • an authorised insurance company or carrying out insurance market activity • a corporate body with shares traded on a regulated market in a European state Subsidiary companies may also be subject to audit depending on the size and conditions of the group. That said, an audit can provide valuable management information for your business. It can reveal cost savings and opportunities for expansion, identify your highest value growth areas, highlight unnecessary expenditures and help your business grow. It can focus on emerging risks or systems and processes to help improve efficiency and cash flow regularity. An audit can also provide assurance of a sound financial foundation of your business to HM Revenue & Customs, banks, other finance providers and potential investors, as well as your customers and suppliers. If you’re aiming to secure finance, an audit can form part of a comprehensive package including business forecasts and other documents that demonstrate the value of your business.
comfort into the accounts with costs and disruption that may be association with full audit work. This may vary from internal systems and processes review to non-audit assurance reports being included in the accounts. We have specialists in a number of sectors who are experts in their field, for example Russel Byrd, Head of Audit and Assurance at Randall & Payne, is the only ATOL registered auditor in Gloucestershire, essential for travel companies. We also have specialist teams focused on Charities, Academies and Education, Agriculture, Legal, Manufacturing and Engineering, and Construction, so you’re always working with an accountant with an intimate knowledge of your business sector and the particular accounting challenges and opportunities it presents. By working with us, you will have the reassurance of knowing that you are dealing with registered auditors, whose audit work complies with the professional standards of the Auditing Standards Board, the Financial Reporting Council and the Institute of Chartered Accountants in England and Wales. For more information about how an audit could help your business secure finance, stabilise cashflow, improve efficiency or minimise potential risks, contact Randall & Payne’s audit department on 01242 776000.
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The audit process can review the key drivers for your business; your financial controls and management systems; help to identify potential risks and actions to avoid these and open the door to new opportunities and development. If you do not statutorily require a full audit of your accounts, there are alternative assurance reviews that can give the balance of providing
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www.randall-payne.co.uk
cybersecurity
Cybersecurity Robert Mueller, director of the Federal Bureau of Investigation, recently spoke on a panel about the future of cybersecurity, he said cyber threats will eventually equal or eclipse the terrorist threat. “There are only two types of companies—those that have been hacked and those that will be,” Mueller added that “business leaders should ask themselves which type of company are they and what are they doing about it”. In Gloucestershire, Assistant Chief Constable Richard Berry is quoted as saying 54% of all crime reported in Gloucestershire is cyber. Cybersecurity is a becoming front-of-mind issue for most boards and directors are having to become more proactive in evaluating the risks around and exposure to cyber attacks, not just limiting it to an IT concern. As recent years have shown, cyber threats have emerged as some of the most significant business risks facing organisations. For many, the targeted breach of systems has had a detrimental effect with subsequent law suits and settlements totalling in the tens of millions of dollars. To respond, business leaders have to start changing their view of cyber security as just
being a core function of IT management. Protecting against cyber-attacks and complying with evolving regulatory requirements is becoming more challenging and increasingly costly. Following on from a Presentation to the Bank of England on “Cyber Security in the Boardroom”, Circle to Success have been working with National Expert, Professor Richard Benham and the Gloucestershire Constabulary Cyber Crimes unit to deliver training workshop to Business leaders in the county to provide them with a Working Strategy and top tips to protect their business and we are hosting an event at Randall and Payne to help promote this important message. if
Thursday 3rd November, 8.30am - 12noon Randall & Payne, Cheltenham £150 + VAT per person National Expert, Prof. Richard Benham is delivering a Cyber in the Boardroom workshop at Randall & Payne. These sessions have been delivered to the Bank of England and other well known organisations including the Football Association (FA), Lloyds Bank and IoD and have had the seal of approval from David Cameron. The workshop will provide your organisation with a robust cyber strategy and top tips on how to protect your business, which you can then share with all your employees. Please email Steph (stephtranter@circle2success.co.uk) to book your place
Highly recommended - all businesses should attend! Rob Case, Partner at Randall & Payne recently attended one of these workshops and says: “The workshop illustrated to me why we as Partners need to be driving the strategy to protect the firm from Cyber attacks from the top. The workshop was valuable for identifying areas of potential weakness and provided me with the knowledge and the tools to help protect our business. We were so impressed with the course that we have agreed to host one at our offices in Shurdington and I would thoroughly recommend attending.”
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in the community
Celebrating with the Finalists at Chargrove House As headline sponsors of the business awards, Randall & Payne had the pleasure of inviting the finalists to a VIP drinks reception.
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in the community
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in the community
Hollie Gazzard Trust says Thank You... Trustees, Ambassadors and Hollie Helpers descended on Randall & Payne’s offices on Sunday 18 September for their annual training day which proved a great success. The aim was to discuss how the Trust’s business strategy will be rolled out through 2017 and beyond. ‘Working Without Fear’, a specially designed project on domestic abuse and stalking, aimed at raising awareness for employers and identifying their responsibilities, was top of the agenda throughout the day. In addition, the vital work that HGT carries out with GDASS also proved a highlight, where projects like CRUSH and Rae, working with young people in our communities around the issues that affect them, are making a huge impact. Other projects that concentrate on ‘tomorrow’s’ workforce include the Trust’s collaboration with Increase the Peace, where anti-social behaviour and knife crimes amongst today’s youth, are still a serious concern. Presentations included digital marketing, the role of Trustees, expectations, fundraising, Hollie Gazzette and the development of websites, where the safety of young people online was a hot topic. Due to a marked increase in cyber abuse, now at an all-time high, the Trust will be implementing guidelines as a priority. The success of the training day wouldn’t have been possible without the support of Randall & Payne and the Trust would like say a huge ‘thank you’ to the firm for their kind hospitality with special thanks to Jo Kline.
If you’d like to know more about ‘Working Without Fear’, please see the article in Hollie Gazzette, an online resource dedicated to raising awareness of DVA, coercive control and stalking: http://holliegazzard.org/hollie-gazzette-issue-2/ To find out more about the Hollie Gazzard Trust, please visit: http://holliegazzard.org/
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in the community
National Cycle to Work Day 2016 ‘Cycle To Work Day’ is a national scheme aimed to encourage everyone to take to two wheels and cycle to work for at least one day, with their true aim to see one million people regularly cycle commuting by 2021. Randall & Payne is committed to its Corporate Social Responsibility and helping the environment; our own waste paper is securely stored and then shredded on a monthly basis. This forms part of 520,000 tons of paper recycled by our shredding service provider each year, helping to save around 9.4 million trees annually. This commitment to helping the environment is extended to encouraging our staff to join in with the National Cycle to Work scheme (some of whom are pictured right ) and find alternatives if to driving to work.
Walking for Meningitis and Running in the Chelteham Half Marathon On Sunday 25th September some of our adventurous & fit members of staff decided it was a great idea to complete the Five Valleys Walk to raise money for Meningitus Now. Congratulations to (left to right) Amanda Rolfe (standing in for her brother Alex who developed an injury in training), Chris Baldwin, Lindsay Collins, Adrian Stokes and Nikki Cairns for attempting and finishing the 21 mile walk, collectively raising £205.
Amanda Rolfe, Chris Baldwin, Lindsay Collins, Adrian Stokes and Nikki Cairns
Well done also to Rob Case and Lily Bull for competing in the Cheltenham Half Marathon on Sunday 25th September. Despite traffic problems around Cheltenham on the day, neither were put off and both completed the route, Lily in 2hrs 22m, a new personal best, and Rob in 1hr 20m, which he described as “a reasonable time”! if
Lily Bull and her Step Mum with their medals. Above left: Rob Case. Above right: Running the course
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dates for the diary monday
tuesday
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wednesday thursday friday
saturday
sunday
Corp Tax due 1 2
october 2016
for period end 31/12/15
3 4 5 6 7 8 9 2016 Business Awards
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Postal pay for class 1A NICs to HMRC. Due date for 2016/17 PAYE mth 6
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24 25 26 27 28 29 30 Clocks go back IIGE seminar A/cs at Co.Hse period end 31/1/16. Corp tax filing period end 31/10/15
Deadline for Paper Self-Assessment return 31 yr ended 5/4/16.
monday tuesday wednesday thursday friday saturday sunday
november 2016
Cybersecurity 1 2 3 4 5 6 Workshop
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14 15 16 17 18 19 20 Due date for for 2016/17 PAYE month 7
Autumn PAYE & class 1 21 22 23 24 25 26 27 NIC payments (electronic submission)
Statement
Quorum 28 29 30
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Profit Improvement Workshop A/cs filed at Co.Hse period end 29/2/16 Corp tax filing deadline period end 30/11/15
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for period ended 29/12/16
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26 27 28 29 30 31 Deadline for online Due date for A/cs filed at Co.Hse period end 13/3/16 2016/17 PAYE month 8
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submission Self Assessment return yr ended 5/4/16
Corp tax filing deadline period end 31/12/15
www.randall-payne.co.uk
tax reference
income tax allowances 2016-17 Personal allowance:
Marriage allowance:
Personal allowance £11,000 Income limit for personal allowance £100,000 Income limit for married couple’s allowance £27,000
Married couple’s allowance for those born before 6 April 1935: Maximum amount of married couple’s allowance £8,355 Minimum amount of married couple’s allowance £3,220
Bands of taxable income and corresponding tax rates 2016-17
Blind person’s allowance
£2,290
Basic rate
20%
Dividend allowance
£5,000
Higher rate
40%
Additional rate
45%
Starting rate for savings income
0%
vehicle benefits Company cars 2016/17 CO2 emissions (gm/km)
% of cars list price taxed
0-50 7 51-75 11 76-94 15 95 16 100 17 105 18 110 19 115 20 120 21 125 22 130 23 135 24 140 25 145 26 150 27 155 28 160 29 165 30 170 31 175 32 180 33 185 34 190 35 195 36 200 and more 37 Car Fuel Benefit 2016/17 £22,200 appropriate percentage* *percentage used to calculate the taxable benefit of the car for which the fuel is provided. For diesel cars add a 3% supplement but maximum still 37%. For cars registered before 1st January 1998 the charge is based on engine size. Company Vans 2016/17 = £3170 Fuel for Company Vans 2016/17 £598 Zero Emission Van 2016/17 20% of normal benefit.
corporation tax year to 31/3/2017 Now unified at a flat rate at 20%* Due to fall to 19% from 1/4/2017, 17% from 1/4/2020. *Different rates apply for ring-fenced (broadly oil industry) profit.
Personal savings allowance for basic rate taxpayers Personal savings allowance for higher rate taxpayers
£1,000
Dividend ordinary rate – for dividends otherwise taxable at the basic rate 7.5%
£500
Dividend upper rate – for dividends otherwise taxable at the higher rate 32.5% Dividend additional rate – for dividends otherwise taxable at the additional rate 38.1%
Capital Allowance
Starting rate limit (savings income if other income is < £5000)
Plant & machinery main rate
18%
Basic rate band
Integral features, long life assets + cars over 130gkm
8%
New cars <75g/km
100%
Higher rate band
Annual Investment Allowance: up to 31 Dec 2015
£500,000
from 1 Jan 2016
£200,000
Complex rules apply where the accounting period straddles the change - contact us for specific advice.
mileage allowances Cars and vans Rate per mile Up to 10,000 miles 45p Over 10,000 miles 25p Bicycles 20p Motorcycles 24p These indicate the maximum tax free mileage allowance for own vehicle business use. Any excess is taxable.
£5,000 £0-43,000
£43,001 - £150k
Additional rate band Over
£150K
value added tax Standard rate
20%
Reduced rate
5%
Annual Registration Limit: from 1.4.16 (1.4.15 - 31.3.16 £82,000) £83,000 Annual Deregistration Limit: from 1.4.16 (1.4.15 - 31.3.16 £80,000) £81,000 No change to the Flat Rate scheme/ Cash Account limits
pension premiums 2016/17
• Tax relief available for personal contributions: higher of £3,600 (gross) or 100% of relevant earnings. • Any contributions in excess of £40,000, whether personal or by the employer, may be subject to income tax on the individual. • Where the £40,000 limit is not fully used it may be possible to carry the unused amount forward for three years. • Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’. • Tax relief for large contributions may be spread over several years.
Autumn 2016
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