At Randall and Payne we would like to thank family run businesses for their contribution to the local economy. In these tough business times running any company is a battle, but when you have your family involved the pressures can be immense, which is why we feel supporting these awards is so crucial for the Stroud area.

A family-run business is typically one in which more than half the shares are controlled by members of the same family, or one that has been passed between generations. Although it can bring increased pressure when all of your family’s income comes from one business, starting, leading and working in a family business can bring valuable benefits compared with other companies - from greater trust between staff to increased flexibility.

As Michael Anthony, Managing Partner, says "There are many good benefits to running a family business: common values, sharing the same ethos and beliefs, strong commitment to succeeding, loyalty and, off-course, knowing you’re building a business for future generations of the same family.

We have over 130 years of business experience and help many family run businesses in the Stroud area with company strategy, performance review, payroll and tax issues and, of course, legacy planning, for the continuation of the business for many years to come."

Many companies still overlook bringing family members into the ownership of the family company. This can utilise the allowances and tax bands of a spouse (just in the way that Parliament intended when independent taxation was introduced in 1990) and makes sense given that the events of the business day form the basis of supper time conversation. It is not unusual for the casting vote for key decisions to be made at that time and, in practice, it is often the whole family that is involved. Randall & Payne’s dedicated tax team also keep abreast of the ever-changing tax laws and tax credit rules, including the working and child tax credits, and the effect that claiming these can have on your general tax position.

Now could also be an ideal time for self employed businesses to incorporate. Companies are good vehicles that allow for investment more readily than the self employed model, because company profits are taxed at a rate of 20% (where associated profits are less than £300k) compared to a top rate of 50% for profits over £150,000. It may also be a good idea to spread the risk of an individual’s business by having separate entities.