ISSUE 21 | SUMMER 2021 RANDALL-PAYNE.CO.UK
We make your success our priority
TM
Acquisition success Little and Company join the firm
The Beeswax Wrap Co. TAX EFFICIENT INVESTMENTS
Corporate Finance project to full service ACCOUNTANCY
Positive changes and effective communication
Planning for now and the future - TAX PAGES 12 & 13
BUSINESS ADVISORY
Build business value and leverage opportunities
AUDIT
IN THE COMMUNITY
OUR NEWS
GUEST ARTICLE
KEEPING ACADEMY CLIENTS INFORMED
THE BUSINESS AWARDS ARE BACK
FUNDRAISING IN A PANDEMIC
YOUR DIGITAL SALESPERSON
WELCOME
MEET OUR SENIOR TEAM Tim Watkins Managing Partner
Will Abbott
Ollie Newbold | Partner
Partner Specialism: Business Advisory
Rob Case Partner Specialism: Tax & VAT
Ollie Newbold
Welcome to issue 21 of In Focus. Well, it’s been quite an eventful year since our ‘working from home’ issue in April 2020.
Partner Specialism: Corporate Finance
Simon Dudfield Director Specialism: Medical Services
Nikki Cairns From a broad perspective, we have seen the temporary death of the handshake, replaced by the awkward ‘elbow-bump’, the rise of video conferencing and use of vocabulary we have previously never dreamt of: Lateral Flow Tests, R-rates, Social distancing to mention but a few. I think we have all had a few “Blursdays”, where each day seems like the other, witnessed the odd “Covidiot” and “quaraTeams” to keep in contact with colleagues virtually. Despite the obstacles, it is utterly remarkable how businesses have responded in such challenging times. At Randall & Payne we have witnessed clients, and the wider business community alike, undertake herculean efforts to change business models almost overnight, persevere despite a continually changing environment, whilst putting their teams first. Once again, we are proud to be main sponsors of the Gloucestershire Live Business Awards 2021, when we can salute our business community! We have had a busy year within our business too. We have made additional technological advances whilst still supporting our clients and each other; see Nikki’s article on page 7. 2
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Even a pandemic could not stop one of our clients realising their business ambition, helped by our full range of service experts, which we showcase on page 11. We recently acquired the accounting firm Little and Company and are so pleased that this has been such a success and we cannot wait to bring everyone under one roof at Chargrove later this year. Read more about the acquisition on pages 4-5.
Client Director Specialism: Accounts
If the restrictions of the last year have taught us anything, I feel that the importance of relationships and real human interaction has been highlighted. We have all sought solace from a turbulent world from those that we value most, whether in our family lives or business lives. We look forward to supporting our clients in a face-to-face environment and we will always aim to be one of the people you value most in your business lives, making your success our priority.
Ryan Moore
I look forward to the opportunity to meet up with you in Chargrove very soon, but in the meantime I hope you enjoy reading this issue, which is full of positive reflections of the past year.
James Geary Client Director Specialism: Corporate Tax
Nicholas Gratton Client Director Specialism: Accounts
Client Director Specialism: Audit
Shaun Pegler Client Director Specialism: Accounts
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Randall & Payne LLP
Chargrove House, Shurdington Road, Cheltenham GL51 4GA Printed on Carbon Captured paper. Supporting the
CONTENTS
IN THIS ISSUE NEWS FOCUS | 4 – 5 More about Little and Company joining our Randall & Payne family
TIM’S VIEW | 6
P4 Our own acquisition success
No time for standing still during a pandemic
ACCOUNTANCY | 7 – 9 The recent changes to the way we work, and the importance of communication to find out what you don’t know
CORPORATE FINANCE | 10 – 11 How our corporate finance team gave The Beeswax Wrap Co. the confidence to take the next step
TAX | 12 – 13 Planning for now and the future with tax efficient investments
AUDIT | 14 Keeping our academy clients informed with the changes to The Academy Trust Handbook 2021
BUSINESS ADVISORY | 15
P11 The Beeswax Wrap Co. take our full service
Trusted advice will build business value
IN THE COMMUNITY | 16 Gloucestershire Live Business Awards to recognise the resilience of our business community
RANDALL & PAYNE NEWS | 17 Fundraising during a pandemic, proud sponsors of the HRCC team kit, and Mel celebrates 30 years with the firm
GUEST ARTICLE | 18 Digitel compares your website to your best salesperson
EVENTS | 19 Key dates for your diary
P12 Tax efficient investments
randall-payne.co.uk 3
NEWS
Ollie Newbold | Partner
Little and Company join the Randall & Payne family Making the most of opportunities and not letting barriers to success stand in our way has never been more important. This is why we are pleased to be able to share our positive news with you that at the end of May, despite the challenges throughout the pandemic, we successfully acquired the local, highly reputable accountancy firm Little and Company Accountants, which brings with it a wealth of expertise and knowledge to enhance our current service provision. One of the most effective ways to grow your business is by acquisition which is something I know a fair bit about having helped many of our clients successfully with their own acquisitions. Little and Company are a perfect fit for us and share the same outlook and culture. Like them, we are aware that business and relationships develop between adviser and client which is why we are pleased that Simon, Nicholas, Bob, Terry and the rest of the team are all joining our 4
– Summer 2021
Randall & Payne family. They specialise in providing advice to doctors, solicitors and vets, in particular, and together we will strive to complement their existing relationships, just as the wealth of expertise they bring will also benefit our clients. Tim Watkins, our Managing Partner, comments, “we are pleased to share our positive news. Little and Company brings a wealth of expertise and knowledge to enhance our current service provision. We are really pleased that all of the team are staying on board with us, ensuring our high level of service is maintained.” We are delighted to bring you this news which is a positive move for the firm and we assure you that our current commitment to clients, and moreover to our new client base, remains unchanged as we strive to make your success our priority.
One of the most effective ways to grow your business is by acquisition which is something I know a fair bit about having helped many of our clients successfully with their own acquisitions
Contact Ollie Newbold for more information by emailing oliver.newbold@randall-payne.co.uk or call 01242 776000.
NEWS
LITTLE AND COMPANY’S STORY
Little and Company Accountants are a general practice with clients ranging from personal tax and small businesses to audited limited companies. Our particular specialism is providing advice to doctors and medical practices. Simon Dudfield Little and Company Managing Partner
As members of the Association of Independent Specialist Medical Accountants, AISMA, we have access to powerful nationwide statistical information, which enables us to benchmark a practice and provide focused advice on improving financial performance. Through our experience in medical accounting we can identify tax saving and planning opportunities so that you can build a stronger, healthier practice. And because we appreciate the time pressures involved in running a practice our advice will be concise, pertinent and effective.
We have been considering the position of the firm in the context of the needs of our clients in today’s world for some time. Having given this a great deal of thought and discussion we knew there would be considerable benefits from joining forces with another firm to offer a broad range of specialist services to our clients, both now and as we move forward in the digital age.
We have known the Partners of Randall & Payne for a long time; they come from similar roots to ours and have shared the same training group with us for many years. After having detailed discussions and looking at this carefully we were pleased to successfully merge Little and Company with Randall & Payne LLP. We are convinced that the values and cultures of both firms align to work well together and that this will be of great benefit to us all.
the Little and Company clients are accustomed to, except for our ability to offer some exciting new services and specialisms.
We are certain this will be an excellent fit
I will be remaining with the firm as a Director and working closely with Randall & Payne’s senior team, I am pleased that there will be very little change from the service provision
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TIM’S VIEW
No time
for standing still during a pandemic Tim Watkins | Managing Partner
In March 2020 I remember discussing if our Budget Day event should proceed. We postponed and shortly after went into lockdown
for what I expect we all thought would be for a few weeks. As I write this we still aren’t quite in the clear and like everyone else I am looking forward to 19 July and being able to start hosting events again at Chargrove House. Looking back over lockdown there have been some huge changes to how we operate, similar to many others I’m sure. We were fortunate thanks to Richard, our IT Director, that we could switch to home working when we had to. Some of our working practices needed to change though and we had to move forward quickly with adopting technology. We introduced MyWorkpapers which meant less paper and everyone being able to share files regardless of where they were. We now invoice directly from Xero and we have added GoCardless to provide another means of being able to settle invoices without having to write a cheque. Whilst it hasn’t always gone smoothly and there may be refinements to be made thank you all for your support as we have made these changes. 6
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We have also introduced Futrli for forecasting allowing businesses to project their numbers into the future to help with planning. Our most recent change has been bringing Little and Company on board and I welcome our new team members and clients to the fold. I am sure this is a move that will be good for all. Having started with Randall & Payne as an apprentice back in 1981, it’s hard for me to believe that this September will be my 40th anniversary with the firm. So much has progressed in such a short space of time, I wonder what the firm will look like in another 40 years! Of course I will have retired but I am certain your success will continue to be our priority, a mantra which applies to our people just as much as our clients. I would like to thank the Randall & Payne team for all they have done throughout lockdown, not only for helping look after you, our clients, but also for looking out for each other.
We have introduced Futrli for forecasting allowing businesses to project their numbers into the future to help with planning Our WhatsApp group and coffee and catch ups on Zoom have provided much needed respite and allowed us to connect. And finally, the Partners and I have been truly impressed by the way the team have adapted, never waivered from what needed to be done and always with a sense of humour and pride in what they have been doing.
Contact Tim Watkins for more information by emailing tim.watkins@randall-payne.co.uk or call 01242 776000.
ACCOUNTANCY
Accounting in a changing world and how we embrace it In a rapidly changing world it’s a challenge to ensure we stay ahead of the digital game and continue to provide a professional and efficient service to our clients.
Nikki Cairns Client Director It has always been our aim to digitalise the way we work and it is fair to say the pandemic brought the need for this way of working to be expedited much quicker than we had anticipated. I am proud to say that we have a self-motivated and knowledgeable team and a cyber secure system, so work continued seamlessly when working remotely became a necessity for us all.
MyWorkpapers MyWorkpapers is designed for accountants and auditors and is entirely cloud-based, delivering innovative digital files that can be accessed with a secure internet connection. It was the answer to our accounts and tax teams working remotely which meant it was rolled out much quicker than intended. The fluidity of the software means we are also exploring the use of it within our Management Services team. We have seen copious improvements as a result:
Productivity � The files can be accessed by multiple users simultaneously wherever our staff are working with a secure internet. � The system removes the delays caused
by an accounts file being physically in the hands of another staff member. � The software integrates seamlessly
with other accounting software i.e. Xero, making data retrieval smoother. Other benefits � A step closer to the paperless office. � Work/life balance improved by being
able to work from home. � Reduced stress levels with no daily
commute. � Data is more secure with no physical
files.
Xero invoicing You may be aware that due to working remotely we moved our invoicing over to Xero, which hasn’t been without its challenges, such as the limitations with the software which does not give an itemised description. We are working with our provider to improve this but
overall we are confident that this digital invoicing process will help us all to manage our finances in a timely and more efficient way.
Video calls Whether via Teams or Zoom, video calls have given us the opportunity to check in with our clients more frequently without the need to spend time out of a busy working day to travel. Although we look forward to being able to meet with clients face-to-face again, video calls will continue to play their part in the way we keep in touch. With the Government mandating that VAT registered businesses must follow the Making Tax Digital rules from 2022, and self-employed businesses and landlords from 2023, we encourage you all to investigate, embrace and invest in the digital solutions available to you.
Contact Nikki Cairns for more information by emailing nicola.cairns@randall-payne.co.uk or call 01242 776000.
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ACCOUNTANCY
You don’t know what you don’t know “There are things we don’t know we don’t know.” A saying never more pertinent when you are caught up in the day-to-day running of a business.
Shaun Pegler Client Director
Not only are there gaps in knowledge, but often we don’t even know it. Conversation is key to finding out what the gaps are.
We have seen a significant rise in the appetite from existing and new clients to have a greater depth and breadth of understanding of the numbers within their businesses
You trust your accountant to keep you compliant but do we do enough to ensure your success? This simple answer is we try but as successful business owners already it’s not always clear what you don’t know.
Having experts in different specialisms means that we will give you the right advice about the areas of your business which need attention, and using your numbers we can show you what can be improved upon or may need changing.
The more we speak to clients the better understanding we will have of what they are thinking; whether they have a problem that needs fixing or just know something needs to change to ensure longevity. The earlier we have these conversations the quicker we can work together to find solutions. Speaking to us could help improve your financial position and help move the business forward.
We have seen a significant rise in the appetite from existing and new clients to have a greater depth and breadth of understanding of the numbers within their businesses. We have been able to support clients through financial forecasting, drilling into data, providing advice and support and sometimes simply acting as a sounding board.
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Some of the common questions which have started the most productive conversations include: Question:
How can I use the numbers to improve my business or ensure longevity? Response: With the increased use of cloud technology, your financial information will paint a real-time picture of where you are now, what areas you need to improve and how you can safeguard your business’ future. Our Management Services team can help to get clients set up, or transfer to, a software package which best suits their business needs.
ACCOUNTANCY
Question:
How do I know if my ideas are worth pursuing? Response: As we are not emotionally invested in your business, we can act as a sounding board for your ideas. We help to find the solution based on our wealth of experience and large bank of knowledge. Many clients benefit from our external expert opinion, acting as a fresh pair of eyes on your business to highlight any opportunities which may have been missed previously.
Our mantra is to make your success our priority so it’s our aim to be clear about what your goals are and how we can help to achieve them
Question:
What does success look like to me? Response: Success isn’t necessarily always about profit or the bottom line. It could be something as simple as finding the funds to afford a new employee or invest in new machinery, or even longer term such as being confident you can exit the business and still live a comfortable life financially. It’s important for us to understand what success looks like to you and whether you need help to bring your vision to life. Our mantra is to make your success our priority so it’s our aim to be clear about what your goals are and how we can help to achieve them. We can then involve the relevant in-house expert when required. Question:
As an established business is our structure still the best for us financially? Response: There are so many areas to consider which may have been in place for years, such as checking you are on the correct remuneration package or that the structure/shareholding of the business is appropriate. When is the last time you looked at overall tax planning for you personally and the business? Are you protecting your wealth in the most efficient manner? If you are considering
restructuring or just need to know more about this area, talk to us and we will be able to give you the expert advice you need. Without knowing what business worries you are trying to make sense of, or what change you need, we can’t start to provide the advice to help make it happen. Take time to talk and together we can make change happen and ensure your business continues to move forward. There will always be times when we don’t know we don’t know. Let’s start the conversations to change this.
Contact Shaun Pegler for more information by emailing shaun.pegler@randall-payne.co.uk or call 01242 776000. Bite-Sized Thinking
›› Are your monthly figures timely, accurate and understandable? ›› What does success look like for you and your business? ›› Do you need help with your strategy and plans? To find out more about any of the topics discussed in this article, visit randall-payne.co.uk
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CORPORATE FINANCE
Ollie Newbold | Partner
We give our clients the confidence they need to take that next step The Beeswax Wrap Co. case study illustrates how important an accurate valuation and the best finance option can be to starting a new business journey. We’ve been helping businesses to grow their future since 1879 and we pride ourselves in offering a personal, in-depth service – getting to the heart of what you need to succeed. If you are considering a change to the structure of your business, such as an MBO for instance, it has been our experience that basing decisions on an accurate valuation and having access to different funding options from the beginning of the process will definitely help to offset any challenges.
Without knowing what a business is actually worth negotiations can be strained if an owner has a biased or uninformed view of their business’ worth 10
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In the case study opposite, Fran at The Beeswax Wrap Co. was referred to us for a valuation after a discussion about the future of her business. With so many unknowns, an accurate valuation was an essential tool to provide the starting point to begin effective negotiations for the management team in place at the time. Having an expert establish the value of your business will help with negotiations so that all parties have a clearer understanding of value. We offer two types of valuation report: 1. Short Form – typically 2-3 pages long which summarises the key valuation drivers associated with the business. 2. Long Form – a more in depth version with greatest strategic value as the output can directly filter into actions to increase business value. Any healthy negotiation needs to be an informed one. Without knowing what a business is actually worth negotiations can be strained if an owner has a biased or uninformed view of their
business’ worth. The business valuation can then form the basis of discussions when seeking the funds to finance the transaction with the various lending options. We have helped our clients fund millions of pounds’ worth of life-changing projects, so our knowledge and contacts allowed us to effectively source the correct lender for Fran’s needs to ensure the transaction was right for the business moving forward, which will preserve the future of the company. Whether you’re aiming for an MBO, an acquisition, to sell your business or raise finance, we have the experience and expertise to discuss your options and provide vital advice.
Contact Ollie Newbold for more information by emailing oliver.newbold@randall-payne.co.uk or call 01242 776000.
CASE STUDY
The full service for The Beeswax Wrap Co. A valuation, leading to an MBO with financing, an R&D tax relief claim, review of systems and processes, real-time management reporting and business advisory services helped our client achieve their goals.
Shaun Pegler Client Director
This female-led company has the environment all wrapped up in a creative and plastic-free product, of which they are extremely proud. Founder, Fran Beer, and her team started making beeswax wraps in their kitchens in early 2017 in a bid to cut as much plastic as possible from their lives. A few ruined irons later, and a lot of perfecting their secret wax blend, they created the Beeswax Wrap. Our relationship with Fran started in 2020 when she engaged Ollie, Head of Corporate Finance, to carry out a valuation of her company. Based on the strength of the valuation we were asked to get involved in negotiations, restructuring and financing to allow the company to effect an MBO, all of which was done remotely during lockdown 1.0. In order to achieve the transaction in the timescales that both parties were seeking, we had to obtain funding in very short order; this was achieved through our partnership with Capitalise. The successful completion of the MBO,
initiated their desire for Randall & Payne to provide accountancy and business advisory services for Fran and her team. Following the initial review of the accounts, it was established that the product development could qualify for R&D tax credits. James Geary, Corporate Tax Director and R&D expert agreed and worked with the company to put together a robust claim for the first two years of trading in the limited company, generating tax savings of over £20,000 for The Beeswax Wrap Co. With a number of exciting preestablished and new product developments taking place, ongoing annual claims are expected which should become even more valuable and will help the business continue to grow. This is just one of the examples of how our full-service provision benefitted the client. Our Accounts team initiated a full review of the accounting data and reports which highlighted the requirement to change certain systems and processes, including the need to put in place a stock management system in order that Xero reporting would become more valuable and margins better understood.
In our first quarterly meeting we identified what success means to Fran and we are taking actions, step-by-step, to help deliver her plan for success! We have also put in place a quarterly reporting review process for VAT and we meet Fran (virtually!) once every quarter to run through the management reports to establish key targets and identify actions that will allow them to reach those targets. In our first quarterly meeting we identified what success means to Fran and we are taking actions, step-by-step, to help deliver her plan for success!
Contact Shaun Pegler for more information by emailing shaun.pegler@randall-payne.co.uk or call 01242 776000.
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TAX
Rob Case | Partner
Planning for now and the future Tax efficient investments Investors have for many years been looking for better returns on their capital due to low interest rates, but in these unusual times have perhaps been cautious about how they do so. As we start to emerge into a more ‘normal’ way of life you will become more confident in seeking new investment opportunities or reviewing your current investments, but there is often more to consider than just the income being generated by your capital. Certain types of investments have Capital Gains Tax (CGT) implications and also offer Inheritance Tax (IHT) relief.
Forming a limited company could be a way of passing on wealth to the next generation to reduce IHT exposure and bring them into the business as shareholders or directors 12
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Property The residential property market is booming at the moment and experts are indicating that, although it may slow, the current trend will continue, notwithstanding the planned changes to Stamp Duty Land Tax in June and September of this year. With property prices increasing, the rental market is also doing well, offering investors with cash to spare a reasonable return. If you already have a property portfolio and are looking to increase it, now may be a good opportunity to consider the structure in which you do so. � Forming a limited company could be
a way of passing on wealth to the next generation to reduce IHT exposure and bring them into the business as shareholders or directors. If you hold existing property (other than your main home), you may be considering cashing out and realising that gain. Effective from 6 April 2020,
sales of residential property resulting in a chargeable gain must be reported to HMRC and the tax paid, within 30 days of completion, even if you currently file a tax return. � If this then provides you with excess
cash to spare then you may wish to consider investing in assets that can defer either the Capital Gains Tax due or qualify for IHT relief. Alternatively you may wish to pass on capital by way of gifts, a trust or a Family Investment Company (FIC), which can also help to reduce your Inheritance Tax exposure and, in the case of a FIC, continue to provide you with an income.
Family Investment Companies (FICs) A FIC is a UK resident company, the shareholders of which could include you, the next generation and also trusts, with varying degrees of rights and control. Value is transferred into the company from your estates, either by transferring cash or selling assets to the company,
TAX
or via a loan. Control can be exercised through the use of Alphabet shares (i.e. different share classes carrying different voting rights and rights to dividends). Over time, this can be flexed to pass more control and therefore value, as desired. The structure is relatively flexible in the way you can generate an income from it, dividends, salary, loan interest etc. The company will be subject to Corporation Tax on its profits at the current rate of 19%.
If this then provides you with excess cash to spare then you may wish to consider investing in assets that can defer either the Capital Gains Tax due or qualify for IHT relief
Business Property Relief (BPR) If you currently own a trading business then the value of that asset may at present qualify for Inheritance Tax BPR, potentially reducing the value of your estate by up to 100% of the value of that business. But what if you are considering retiring or selling the business, the result of which is that the asset is replaced by cash in your estate increasing your exposure to IHT? You could consider a FIC structure and/or investing in other BPR qualifying assets, such as AIM listed shares. AIM listed companies tend to be slightly higher risk and investment advice from a suitably qualified professional is recommended.
Investment into EIS/SEIS or VCT schemes Eligible subscriptions into these schemes may result in Income Tax savings and Capital Gains Tax deferral, or exemption, provided certain conditions are met upon ultimate disposal. Whilst the tax relief is beneficial, the investments do carry more risk and good financial advice is essential. As accountants and tax advisors, whilst we can advise you on the tax implications of your plans, we cannot offer investment advice, although we
can put you in touch with suitable professional firms who do offer this. For more information on Trusts and other tax planning articles, please see our website or contact us.
Contact Rob Case for more information by emailing rob.case@randall-payne.co.uk or call 01242 776000.
Bite-Sized Thinking
›› Investing in residential property may offer a good return on your capital, however there are CGT and IHT implications to bear in mind. ›› If you have surplus cash to invest then a structure such as a FIC, or investments in AIM listed can offer IHT savings at the same time as a potential return. To find out more about any of the topics discussed in this article, visit randall-payne.co.uk randall-payne.co.uk 13
AUDIT
Keeping our academy clients informed We act for 25 academies, forming a significant percentage of the open academies within Gloucestershire, Worcestershire and the South West.
Ryan Moore (L) Client Director Nathan Smith (R) Audit Manager
With experience in managing an increasing range of academies, from small rural primary to large senior schools, and multi-academy trusts, we have experience helping to resolve the wide range of issues that arise. We have designed an innovative and hands on audit approach which is supported by our year round contact programme. As part of this approach, clarification on important sector updates is regularly provided. With the recent release of the new The Academy Trust Handbook 2021 (formerly known as the Academies Financial Handbook), we summarised the key changes which take effect from 1st September 2021 and sent a PDF summary to our academies. Baroness Berridge wrote to all academy trusts confirming her assurances that the academy trust regulatory framework is as effective as possible in driving trust quality 14
– Summer 2021
Academy Trust Handbook Effective 1st September 2021 Changes
Baroness Berridge Parliamentary Under Secretary Foreword
of State for the School System
Change from Academies Financial Handbook to Academy Trust Handbook in order to provide: • existing Trust’s responsibilities • close to ‘one stop shop’ for Trustees, local Governors & Trust leaders • pointers to the key legislation and guidance on safeguarding, health & safety and estates management To parallel the above change, the ‘Financial Notice to Improve, will be changed to ‘Notice to Improve’ Should haves: Roles & Responsibilities: • Reserve places within governance structure for parents, carers or others with parental responsibilities (2 places for single academies, 2 places on full board for multi-academy trusts and 2 places on local governing bodies for multi-academy trusts) • The benefit of having an external review of governance, as a stronger means of identifying potential improvements Financial & Delegated Authorities: • Review the scheme of delegation annually, and immediately when there has been a change in Trust management or organisational structure • Should retender for external audit every 5 years Internal Scrutiny • Chair of Trustees should not be Chair of Finance Committee or Audit & Risk Committee
and capacity. The Baroness continued to explain that the change in title was to accurately reflect the full range of important content it contains. The document itself is over 70 pages so this summary is a useful overview for those who have responsibility for governing, managing and auditing academy trusts, including these new areas: � trusts’ existing obligations in relation to
safeguarding, health and safety, and estates management
Must haves: Roles & Responsibilities: • Ensure members are not currently subject to a direction made under section 128 ‘prohibition on participation in management’ of the Education and Skills Act 2008 • From 1 March 2022 any newly appointed CEO can only become Trustee if members appoint, CEO agrees and the articles permit • Appoint a governance professional (previously Clerk to Governors) who is not a Trustee, Principal or CEO Financial & Delegated Authorities: • Publish on website the number of employees whose benefits (salary, employers pension, other taxable benefits and termination payments) exceed £100k, in £10k bandings • Make available for public inspection; agenda, minutes and supporting documents for all meetings, except for reference to named employees and pupils and any confidential information • Prior approval for staff severance payments of £100k or more which include nonstatutory or non-contractual elements Internal Scrutiny • Must not be completed by member of senior leadership team Regulator & Intervention • Provide ESFA with written authority giving permission for any third party to provide information and documentation to the ESFA or its agents upon request
Cybercrime • Be aware of the risk of cybercrime, put in place proportionate controls • Obtain ESFA permission prior to making any ransom payments
� cybercrime � external reviews of governance
The PDF can be downloaded at our website: https://www.randall-payne. co.uk/services/audit/academies-andeducation/
Contact Nathan Smith for more information by emailing nathan.smith@randall-payne.co.uk or call 01242 776000.
BUSINESS ADVISORY
Will Abbott | Partner
Trusted advice will build business value “We support business owners to leverage opportunities and build value”. A bold statement and one Will Abbott is confident we can stand by. Words, testimonials and bold statements go part of the way to build trust so we are backing up this statement by offering free taster sessions of our building business value coaching programme. In these sessions we give examples of how working with a business’ financial figures can provide a credible forecast that when based on accurate data can spotlight areas to target, strategies to adopt and actions necessary to build value. Starting with this information, and working with an experienced advisor, we ensure your business plan is fit for purpose, robust and achievable. Having operated for over 140 years, we know how useful it is to develop “What If” scenarios and our bespoke business coaching specialism allows us to help you convert these goals into meaningful actions. A strong financial plan underpinned by a realistic forecast is one piece of the jigsaw, which, when all the pieces fit, will leverage opportunities and build value.
Your business plan will clarify how you will win in the market and your action plan will hold you accountable to taking the steps necessary to achieve your goals. A realistic 90-day action plan is key but having someone to oversee the progress and hold you to account will help achieve your personal plan and gain the tools and build on your skills along the way. Here is what our clients think: “It was brilliant going through the forecasts with Will. He made things simple to follow and discussing the 3-4 key areas without getting bogged down in detail was really helpful. I came away with a much better understanding of the way forward and a clear idea of where we need to focus in order to beat the forecasts. ” Laura Roberts, Finance Director, WHC Hire Services Ltd.
“As someone that is always keen to improve, I knew after 30 minutes that Will Abbott was going to be of great assistance to me. Will has played a pivotal role in growing our business and the advice has been invaluable. Having someone who is not emotionally invested in my business, with a strong business, finance and coaching background, has allowed me to confidently explore new ideas. Working with Will has been one of the best decisions I have made and I look forward to continuing this relationship in the years ahead.” Alan Ible, MD, Digitel.
To see how Will can assist you to leverage opportunities and build business value call and arrange a free taster session on 01242 776000, or email clinics@randall-payne.co.uk randall-payne.co.uk 15
IN THE COMMUNITY
Awards finalists from 2019 © Reach
Gloucestershire Live Business Awards to recognise the resilience of our business community
Once again, we are proud to be involved with the Gloucestershire Live Business Awards which returned for 2021 to recognise the ‘resilience’ and achievements of companies amid the pandemic.
Fiona Hughes Marketing Manager The 23rd Business Awards come after a challenging period for businesses in the county, making it all the more important to recognise the efforts – of both large companies and smaller ones – to survive a challenging year and continue to support the local economy. When we announced that we were sponsoring the awards for the ninth time Tim Watkins emphasised the importance of acknowledging the perseverance of businesses in the face of adversity. “It gives us great pleasure to be involved once more with the Gloucestershire Business Awards now that they are finally able to return after such a challenging year,” he said. “As a business community we need more than ever to get together and acknowledge our achievements and 16
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share our stories of resilience during such unprecedented times. Personally I am looking forward to reading and judging the entries and am hopeful that we can gather for the awards ceremony later this year when restrictions are over and confidence is returning for us all.” The twelve categories include a couple of new awards; Business in the Face of Adversity Special Award and Local Business Hero, as well as the old favourites such as Small Business of the Year, Family Business of the Year and the ultimate accolade, Business of the Year. The nominations have closed and the judging will take place here at Chargrove House later in July if restrictions permit. We are pleased to welcome the judges from the new sponsors as well as guest judges Sam Holliday of FSB Gloucestershire, Ian Mean of Business West, Suzanne HallGibbins and Angela Edwards of C2S. After the finalists are announced, we will host a Finalists celebration on Wednesday 1 September ahead of the worthy winners being revealed at the ceremony on 15 September at Cheltenham Racecourse,
all being well. This year the Finalists will receive a free pair of tickets to the event. We are thrilled that Scoo-B-Doo, the charity supporting the neonatal unit at Gloucestershire Royal Hospital, and our corporate charity, are the chosen charity for fundraising at the event and we hope it raises vital funds to keep giving premature babies the best start in life. For information about the event and to see the 12 categories listed visit www.glosbusinessawards.co.uk/
Contact Fiona Hughes for more information by emailing marketing@randall-payne.co.uk or call 01242 776000.
RANDALL & PAYNE NEWS
FUNDRAISING DURING A PANDEMIC
Charities nationwide have risen to the challenge that the pandemic has presented by getting creative with their fundraising activities. Our annual quiz and virtual race night had to be cancelled, but we were determined that Scoo-B-Doo would not miss out! We made the decision to support them for a further year since the need to work remotely limited our fundraising opportunities – and we got creative as well as active! We ran the Gloucester 10K and the Not the Guy Fawkes 5 miles and we cycled for Pedal4PiedPiper. We created our own 10K active challenge which involved a weekend of cycling, running and walking, clocking up over 400km between us!
We also set up an internal Randall & Payne Fantasy Football league which was won by Ethan Powell. We are delighted to say we have now raised £13,545 and the target we set ourselves of £15K for an incubator is now within reach! We feel confident
this target will be smashed with help from guests at the Gloucestershire Live Business Awards in September.
ISSUE 1 | MAY 2021 RANDALL-PAYNE.CO.UK
We make your success our priority
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Mel the “litter picking fairy”
Hatherley & Reddings
Cricket Club’s smart new kit Hatherley & Reddings Cricket Club (HRCC) is a family cricket club that serves the local community by providing sporting opportunities for children and adults. They currently have 200 children taking part in weekly activities and 100 adult members. In May, the club set up a Crowdfunder page and successfully raised over £32K to recover some of the losses suffered by Covid and pay for a new clubhouse roof. We are proud sponsors of the HRCC first team’s smart new kit. Tim Watkins popped over the road for a photo before their first game of the season in June!
Speed walking down the Shurdington Road A valued team member, Mel is always cheerful and supportive!
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Working for two generations of Watkins from 1991 to 2021 “UP AND DOWN LIKE A WESTON DONKEY”
“IT’S A BIT CHILLY CHA-CHA”
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“SHARING IS CARING”
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GUEST ARTICLE
Alan Ible , Managing Director | Digitel UK Ltd
Treat your website as a digital salesperson Businesses will often look at ways to enrich their employees, but what about their digital staff member? The website. Living in a digital world, more so than ever we find ourselves browsing the internet in search of something to buy. Be it personal or business-related, we challenge ourselves to go online to find the best deal for the product or service we are after. We all have busy lives and usually our searches are time sensitive, so we want to find what we are looking for quickly and with ease.
Treating your site as a digital salesperson Ask yourself: how will prospects/ customers find my site over so many others in the digital market place? A great Salesperson: seeks out opportunities; making sure they make contact with key businesses, is approachable, knowledgeable and knows what you are looking for, often it seems before you realised you needed it. Making sure your website is attractive and easy to navigate, and any content contains the SEO keywords that will drive traffic to it, is just as important as your best salesperson. 18
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Ask yourself: if a prospect were to search for you would they find you, and when they land on your website, could it both combat objections and persuade to either buy or engage with your business in a way that a salesperson could? A great Salesperson: can and will create opportunities to showcase your services/products. If your website is listed high enough on search engines like Google, the same thing should apply. Prospective traffic with a buying intent will land at your “digital door”. Ask yourself: if you landed on your own website with buying intent could it convert you? A great Salesperson: showcases benefits and addresses objections with ease, ultimately turning the enquiry into a sale. Your website should be able do the same.
The proof is in the pudding Analytics is available with every website. When is the last time you analysed the levels of traffic and conversions your
website makes? Does it hit objectives; does it even have objectives? A good salesperson would again have both. So, P45 or Big Bonus – what does your website deserve? Transparent analysis and recommendations on how to increase prospective traffic levels and conversions are available here www.digi-tel.co.uk
“The friendly team at Digitel have a downto-earth approach to SEO and guarantee results. With more targeted visitors to our website showcasing our range of expert services, testimonials and case studies, we are seeing an increase in enquiries and conversion to clients.” Fiona Hughes, Marketing Manager
EVENTS
Key Events KEY DEADLINES JUL
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orporation Tax due C period ended 30/09/20 Due date for 2019/20 P11D and Share Scheme Returns Due date for 2019/20 PAYE month 3 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/10/20 Corporation Tax return deadline to HMRC – periods to 31/07/20
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Corporation Tax due – period ended 31/10/20 Due date for 2019/20 PAYE month 4 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 30/11/20 Corporation Tax return deadline to HMRC – periods to 31/08/20
NOV C orporation Tax due – period ended 31/12/20 Due for 2019/20 PAYE month 6 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/01/21 Corporation Tax return d eadline to HMRC – periods to 31/10/20 S elf assessment 2020/21 filing deadline (paper)
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Corporation Tax due – period ended 30/11/20 Due for 2019/20 PAYE month 5 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 31/12/20 Corporation Tax return deadline to HMRC – periods to 30/09/20
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DEC C orporation Tax due – period ended 31/01/21 Due for 2019/20 PAYE month 7 PAYE & Class 1 NIC payments (electronic) Accounts deadline to Companies House – periods to 28/02/21 Corporation Tax return deadline to HMRC – periods to 30/11/20
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C orporation Tax due – period ended 28/02/21 Due for 2019/20 PAYE month 8 PAYE & Class 1 NIC payments (electronic) Self assessment 2020/21 filing deadline – if tax to be coded Accounts deadline to Companies House – periods to 31/03/21 Corporation Tax return deadline to HMRC – periods to 31/12/20
Advice Clinic
GloucestershireLive Business Awards 2021
Any week day in office hours depending on availability of the relevant expert
Awards Ceremony Wednesday 15 September 2021
Got a tricky business question or need advice to move forward? We can help with a wide range of issues, whether you feel your business has stalled or ready to change we will match you with the right expert to provide you with professional advice. Our hourly clinics are private and confidential with no obligation, and open to anyone with a personal tax or business issue, regardless if they are a client of ours or not, and offer you the confidence to tackle things head on. Either on the phone, by video or face-to-face give us a call to book your free one-hour slot on 01242 776000.
The long-awaited awards has returned for their 23rd year recognising the resilience and achievements of our business community. The twelve categories include a couple of new awards; Business in the Face of Adversity Special Award and Local Business Hero, as well as the old favourites and the ultimate accolade, Business of the Year. Restrictions allowing, the worthy winners will be revealed at the ceremony at Cheltenham Racecourse. This year the Finalists will receive a free pair of tickets to the event. Tickets can be booked at glosbusinessawards.co.uk/ The event’s charity partner is SCOO-B-DOO the registered charity that supports the Neonatal unit at Gloucestershire Royal hospital in caring for sick and premature babies.
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HMRC can target you at any time
HMRC conducted 337,000 tax enquiries last year, showing just how many UK taxpayers it suspects of underpaying tax. From the agricultural industry to the ownership of rental property, it doesn’t matter what sector you operate in. HMRC do not discriminate between big and small and anyone who submits a tax return can be at risk of investigation.
Call us on 01242 776 000 or visit randall-payne.co.uk to take advantage of the benefits included with our Tax Investigation Service.
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