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Why selling your business now can make perfect sense

Changes to the tax rules introduced in the latest Budget have seen a large number of entrepreneurs planning to exit their business to take advantage of current rates before they leap up from April 2025.

We have seen the same with clients bringing forward their plans to exit. There is a clear window of opportunity to consider and we are seeing plenty of action here.

The Business Asset Disposal Relief (BADR) rates are going up in April, so entrepreneurs considering an exit should note this. Until the 5th of April 2025, BADR rates remain at 10% although the standard rate of capital gains tax has increased from 20% to 24%. From 5th April 2025 the BADR rate increases to 14%, with a further increase to 18% for the 2026-27 tax year. We are seeing a rise in business sales as people aim to secure the current lower rates.

If you’re planning to exit soon, it might be worth accelerating those plans to lock in the better tax treatment while you can. But of course, careful planning here is essential and this is where our team can help.

If you are looking to sell your business and take advantage of the current lower rate of tax contact Murray Patt immediately so we can guide you on the process.

 

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Chloe, Dan and Greg fly to Lisbon

Members of our team are heading to Lisbon, Portugal to further develop their skills as part of the MGI Talent Group. We  see it as a great opportunity for our colleagues to learn, connect, and grow with their European peers.

The MGI Talent Meeting is a collaborative event organised by MGI Europe and MGI UK & Ireland with strong support from the MGI Global team, is more than just a gathering. For nine years, this event has brought together bright minds from across our network, fostering international connections that enrich both personal growth and career success.

Taking place in February in Lisbon, the Talent Meeting is dedicated to celebrating our commitment to the profession and demonstrating the strength of our collective talent. This is a unique opportunity to connect with our peers, exchange ideas, and explore inspiring topics with colleagues from diverse backgrounds.

We are confident that Chloe, Dan and Greg will enjoy the network-building opportunities, insightful discussions on professional issues and have an enriching and fun experience in one of Europe’s greatest cities.

 

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UK company size ‘thresholds’ to increase

The government has announced measures to “cut complexity and reduce the reporting burden on companies” which it estimates will result in around 113,000 companies and LLPs moving from the small to micro-entity category, 14,000 moving from medium-sized to small and 6,000 moving from large to medium-sized.

 

April 2026 year-end’s will be able to follow the rules first, although there is some potential planning available for clients to take early advantage of the changes – please contact us to discuss further.

Companies able to move down a size category will be entitled to the accompanying reduction in reporting and audit requirements.

For entities moving into the small entities regime, the impact will be significant. They will be exempt from the requirement to have a statutory audit of their annual accounts (subject to implications of group membership) and from producing a Strategic Report. They will also be able to take advantage of simpler accounting requirements. Those moving to the micro entities regime will additionally be exempt from producing a Directors’ Report and certain ‘sensitive’ disclosures.

You can find more details on the excellent ICAEW website here or speak to Murray or Kate at Alexander Knight & Co.

 

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Alexander Knight & Co delivers 100% (of tax returns) again!

The January tax deadline is often a source of stress for many individuals and businesses, but this year, we are pleased to confirm that yet again, all of our clients who provided their information to us saw their tax returns filed on time.

This highlights our commitment to providing seamless and reliable service, ensuring our clients can focus on their priorities without worrying about tax compliance.

Murray Patt, founder of Alexander Knight & Co, said:

“We’re always pleased to take the hassle away from our clients during the busy January rush. Filing tax returns can be daunting, but our team’s dedication and expertise ensured that every client met their obligations without any last-minute panic.

“A huge well done to our team who delivered yet again. Their hard work and dedication are what makes us stand out. They went above and beyond to ensure each client’s tax affairs were handled with the utmost care and professionalism.”

From early planning to meticulous follow-ups, our professional team in Hale worked tirelessly to ensure everything was completed efficiently and accurately. The high-pressure environment of the January filing season can be challenging, but our team’s collaborative spirit and problem-solving mindset once again delivered outstanding results.

The success of this year’s tax filing season is not just a reflection of our technical expertise but also of the trust our clients place in us. By entrusting their tax compliance to Alexander Knight & Co our clients can rest easy knowing that their tax affairs are in safe hands.

Our proactive approach, combined with a focus on building strong client relationships, ensures that we stay ahead of the curve and deliver value at every step. We want to thank our clients for their trust and our incredible team for their unwavering dedication.

Here’s to another successful year of taking the stress out of tax and delivering peace of mind for all those entrepreneurs we serve!

 

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Bristol training and development for the Alexander Knight & Co team

As members of  MGI Worldwide we were pleased to be involved with the most recent Directors and Managers Conference.

Kate, Danielle, Alastair and Murray attended on behalf of Alexander Knight & Co.

The 2024 MGI Worldwide Directors and Managers Conference proved to be a spectacular success, and we made the most of this extraordinary event. Held in the vibrant city of Bristol the conference brought together top talent from across the network for two days of collaboration, learning, and celebration.

The theme of this year’s conference, ‘Culture and what good looks like for the firm of the future’, resonated deeply with attendees, setting the tone for forward-thinking discussions and strategic insights. The conference agenda was packed with insightful sessions on leadership, innovation, and the evolving role of accountancy in a rapidly changing world. Representatives from our firm found the discussions around marketing, AI and culture particularly valuable.

Murray Patt, founder of Alexander Knight & Co, said:

“The conference provided a brilliant platform to share ideas and learn from other member firms across the globe. It’s always inspiring to hear how others are embracing challenges and finding innovative solutions to serve their clients better.”

One of the highlights of the event was the unparalleled networking opportunities. From breakout sessions to informal evening gatherings, we enjoyed connecting with fellow MGI Worldwide members, exchanging experiences, and forging stronger professional relationships.

“It was fantastic to meet so many like-minded professionals who share the same passion for excellence. The collaborative spirit within the network is truly something special, and it’s great to feel part of such a dynamic and supportive community,” explained Murray.

As the conference concluded, we returned home energised and ready to implement new ideas. The event reinforced the value of being part of the MGI Worldwide network, which continues to foster growth, innovation, and a sense of community.

As Murray confirms:

“We left the conference feeling inspired and motivated. The knowledge we’ve gained and the connections we’ve made will undoubtedly help us better serve our clients and continue to grow as a firm.”

Alexander Knight & Co is already looking forward to the next MGI Worldwide event and we remain committed to contributing to the network’s collective success.

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Growth at Alexander Knight & Co

We are delighted to welcome Chloe Higginbottom to our growing team in Hale.

Chloe joins us as a trainee accountant from Saffrey and is a graduate of Liverpool John Moores University. Chloe will play a key role in our Audit & Accounts team looking after our entrepreneurial clients and supporting our senior team.

Alison Spier, who leads recruitment and HR at Alexander Knight & Co said:

“We are pleased to confirm Chloe’s appointment and we are proud to support another recent graduate into our practice as we commit to develop the next generation of accountants.”

Chloe Higginbottom, said:

“I’m thrilled to have joined the team at Alexander Knight & Co. This is an exciting opportunity to develop my skills and learn from such experienced professionals. I’m looking forward to contributing to the firm’s success and growing alongside the team and our clients.”

We have growth plans in the pipeline for 2025 and we have a range of roles available you can view here.

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