When you find cash you weren’t expecting, whether it’s a stray tenner left in a jacket pocket, or a few quid down the back of the sofa, it’s a win, right? Well, imagine how a hardworking business owner would feel when their accountant finds a considerable sum of hidden cash which they are entitled to from their business.
When is the last time you looked at tax planning for you personally as well as your business? Are you protecting your wealth in the most efficient manner?
Let Chartered Accountants and Business Advisors Randall & Payne find that hidden cash for you by doing a thorough review with each new client and ensuring their business is structured effectively and is strategically robust.
Finding a pot of cash at the end of a rainbow may not be very realistic but Randall & Payne Accountants make it their mission that pockets of cash are not left hidden for their clients.
Shaun Pegler – Randall & Payne
Randall & Payne Partner Shaun Pegler oversees the Accounting Services team alongside Nikki Cairns who is also a Partner of the firm.
They ensure their team discuss ways to improve efficiency and identify areas to improve their financial health, and are bewildered when talking with new prospects who haven’t had the best advice and have missed out on potential opportunities.
Shaun said: “Not knowing how the numbers can be used to make a business work better is possibly the easiest thing to set right and realise where efficiencies can be made and tax relief applied. There are many new things to start doing to release cash that can be used to help in your personal life or reinvest in the business.”
Typical examples of missed opportunities include:
- Prospects not being told about alphabet shares and so they were able to restructure the shares and improve the remuneration structure and get more cash out of the business and pay less tax.
- Claiming annual employment allowance, which in some cases wasn’t being claimed, going back two, three or four years, meaning in some cases thousands of pounds being refunded.
- Changing how a business invoices on sales of product and maintaining cashflow for as long as possible and ensuring on the correct VAT scheme.
- Being unaware the business could make pension contributions and get tax relief.
Nikki Cairns – Randall & Payne
Nikki said: “We start by checking that clients have regular figures which are timely, accurate and understandable. Quite often we find that the absence of appropriate reports resulted in errors, leading to the wrong decisions being made as a result. Our team can help to get clients set up on or transfer to a software package, such as Xero, to bring your numbers to life.”
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.
With the challenging times businesses are currently going through, whether connected to the cost-of-living crisis or energy costs, businesses are understanding the need to be agile, so they are able to adapt quickly to changes in their market place.
Randall & Payne’s mantra is “We make your success our priority” so it’s important for to them to understand right from the beginning what success looks like and whether a business needs help to bring their vision to life. To achieve this, they involve the relevant expert when required, whether it’s from their Business Advisory and Corporate finance team to help with their strategy and plans, or the Tax team to help with the structure of the business if it’s not set-up in a tax efficient way.
You can book a free advice clinic with Shaun or Nikki, or the relevant expert, by calling Randall & Payne on 01242 776000 or emailing clinics@randall-payne.co.uk.
Visit randall-payne.co.uk for more information about their full-service offering, read case studies, expert advice and insights, or to get to know the team.
