Vicky Charlesworth, founder of JAYA Beauty came to Randall & Payne for advice about her start-up business following a recommendation from an existing client, The Beeswax Wrap Co.
JAYA is a prebiotic skincare range that has been scientifically developed to help support the good bacteria (microbiome) on the skin. Using the latest green technologies and packed with ingredients that are plant based, ocean friendly and efficacious, the products work to balance skin that is affected by life’s daily hormone fluctuations (particularly in young people). Vicky is a wellness expert and has seen first-hand the crippling effects that social media can have on self-esteem for young women, and with two daughters approaching teenage years, she has become more passionate than ever about helping young people to feel (and look) good, just as they are.
The initial face-to-face meeting with Shaun and Gina pre-lockdown involved questions about her business and what she was looking to achieve so that we could explore how we could potentially help and support Vicky with her business and personal goals. The process of getting to know each other, is important to us to make sure we can work effectively together and understanding the longer term goals helps us to provide the best advice with these in mind.
Vicky needed to make every penny count seeing as the pandemic hit just as she was setting up her new business, but thankfully she had a good background knowledge in accountancy so she only needed us to double check what she had prepared and used us as a sense check for next steps.
Assisting from start to finish, the accounts were prepared in accordance to be compliant with B-Corp requirements, an aspect particularly important to the company. Shaun and Ethan gave Vicky reassurance that Xero was set up correctly and made sure it agreed with the final financial statements submitted to Companies House. Undertaking a VAT review and helping to account for the import VAT from the EU, gave Vicky peace of mind and helped to drive the business forward as she was then able to focus on the development of her brand and plan the exciting launch. Shaun and Ethan were always at the end of the phone to answer queries or to talk decisions through with her, a culture that we actively encourage so that our clients feel we are approachable.
We have also supported JAYA with its claims for R&D Tax relief since incorporation. As part of the engagement, Gina recognised that as a start-up, particularly one heavily investing in research and development that any cash injection would need to be maximised to help push the final products to market. In light of this, the firm on this occasion agreed to operate on a review only basis. This enabled JAYA to minimise costs, whilst benefiting from our expertise in the specialist area and ensuring the submission still included the relevant evidence required by HMRC.
Gina worked with Vicky to build in the technical data, as well as to pull together the qualifying costs, spotting opportunities to maximise the claim which may have otherwise been missed. The claims have been successful and came at a time where the business (like many others), encountered significant delays in development and operations due to Covid-19. The R&D refund had a major positive impact on cash flow, therefore, the R&D claims were instrumental in enabling the business to hold its ground and to continue investing in its product.
As a firm, we actively seek to support start-up businesses in any way we can, and it is fantastic to support the development work through to fruition. The product range which launched in November 2021 is off to a great start and we look forward to supporting the company with its innovation going forward. As a business set to thrive despite initial challenges, it’s particularly reassuring to have a support network in place from the outset and to know that from incorporation the business has been compliant which emphasises the important of putting this in place from day one.