2020
March 3, 2020
Coronavirus tax credits should be introduced for businesses that suffer from the impact of coronavirus – as well as more measures to assist SMEs.
The Italian government has introduced tax credits for businesses effected by coronavirus and tax experts say the UK should follow suit to lessen the impact for SMEs.
The Government has now announced an action plan which includes help for businesses. In our view, this should include tax credits for firms who have been hit especially hard like in Italy where firms who see a 25% drop in revenue as a result of the virus can secure further tax breaks.
Impact on business
We are in uncharted waters with regards to the impact of the virus on UK businesses. We know that the FTSE100 has been volatile but we also need to look at the impact on SMEs who are the backbone of the economy.
Tax credits should be introduced for firms who get hit hard and they should be announced in the Budget next week. With companies doing their very best to take precautions to protect their staff we must give SMEs all the support and confidence they need.
January 17, 2020
We are delighted to announce that we have joined a leading international network of accounting firms to take advantage of growing demand for UK-based tax expertise.
Our practice, based in Hale, Greater Manchester, is now a member of MGI Worldwide which includes more than 9,000 professionals in almost 100 countries around the world.
MGI Worldwide was established in 1947 and is the oldest international accountancy network in the world. Annual revenues of all its members top £770m.
We have made this decision following increased demand during the past few years for our specialist UK tax and audit services for the UK subsidiaries of overseas companies. It also comes in readiness for a post-Brexit business landscape in anticipation of new trade deals where international expertise will be required.
MGI Worldwide member firms are well respected in their local markets, share similar values and work with the same types of clients, from small and medium-sized businesses, family business, entrepreneurial and fast growth enterprises to subsidiaries of major multinationals.
Murray Patt, founder of Alexander Knight & Co, explain what it means for our clients:
Joining MGI Worldwide means we are part of a network of advisers who have expertise in all corners of the globe. As well as being able to access guidance from other member firms in their own jurisdictions, it means that we can secure referrals from international companies who are looking for specialist advice about setting up in the UK or who need specialist advice on the UK tax position. It’s a fantastic expansion of our expertise for our clients.
Paul Winder, MGI regional co-ordinator for the UK & Ireland, said:
We are delighted to welcome Alexander Knight & Co into our international network. We have a high demand for UK expertise, particularly on tax issues and Alexander Knight & Co fits our key criteria of being highly skilled in this area.
“They also understand their clients businesses, aspirations and what it means to be entrepreneurial. We now have strong representation across every single continent in the world and a strong presence in every key economic centre throughout the world and Manchester and the North West is no exception to that.
LEARN MORE ABOUT OUR INTERNATIONAL EXPERTISE BY CLICKING HERE.
October 18, 2019
As 2019 draws to a close it’s important for business owners to be on the front foot when it comes to anticipating what’s in store for next year. Predictions by experts are commonplace in business circles at this time of year and some are more accurate than others.
Our team at Alexander Knight & Co think these five trends are the ones that should be on your radar during 2020.
1) 5G
Mobile connectivity is set to get faster and more reliable with the steady rollout of 5G across the country during 2020. As well as being much faster than previous ‘G’s, it is also set to open up lots of new business opportunities for entrepreneurs. One interesting consequence of the introduction of 5G is that the battery life of mobile phones is now being touted as being up to 10 times longer.
2) Public reviews
Public user-generated reviews will play an increasingly powerful role on your business fortunes during 2020. Google reviews, Facebook reviews and Trustpilot reviews are all being pushed heavily in internet search engines and star ratings will increasingly appear alongside mentions of your business online. It’s important to get a proactive strategy in place now to make sure you are generating plenty of positive online sentiment about your business and encouraging your clients and customers to give you five-star reviews.
3) Remote working
Remote working and collaborative working spaces will continue to increase in popularity. Formerly the preserve of freelancers and one-man bands, SME’s are now seeing the benefits of increased productivity when enabling and empowering their workforce to work from home or in a collaborative working space with other companies. More and more office space will become dedicated to the concept of collaborative working and local authorities in particular will be encouraging this use to fill up vacant buildings on the high street.
4) Going global
Internationalism will be a major focus for businesses of all sizes during 2020. After three years of uncertainty about Brexit, businesses have realised that expanding their international links will stand them in good stead, no matter how things turn out with Brexit. Expect to see more companies developing international connections, launching new offices and agreeing joint ventures with companies across Europe and the rest of the world.
5) Speedy decisions
Faster decision making. Business owners who can make speedy (and correct) decisions will always be the ones who succeed more than the rest. This has always been the case but the trend during 2019 of delaying decisions about expansion, investment, exiting or acquiring new companies may come to an end in 2020. Companies in our own client base at Alexander Knight & Co are planning to make big and bold decisions they feel are right for their business. We predict more corporate transactions next year and we’re excited about what this means for our entrepreneurial client base in the year ahead.
If you are reviewing your current arrangements with your existing accountants please call us on 0161 980 8788.
