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Murray Patt named as a leading influencer by the ICAEW for the second year running

Murray Patt, founder of Hale-based accountants Alexander Knight & Co, has been named as one of the UK’s leading accountancy influencers for the second year running by the ICAEW as part of its annual #ICAEWRoar campaign.

The top UK online influencers were chosen using a formula tailored to emphasise quality over quantity. Using its values of integrity, objectivity and respect for others as a starting point the algorithm is unique to ICAEW.

The ICAEW focused on UK-based individuals tweeting and discussing accountancy related topics such as accountancy, tax, budget, assurance, insolvency, audit and finance.

The regulatory body also used a social media listening tool to pull data relevant to specific keywords, looking at a metrics comprising of audience retweets, author tweets, sentiment, visibility and relevance.

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

“I’m delighted to have been named for the second year running. Social media is a fantastic tool to promote the positive work that good accountants do for their clients and it also provides an opportunity to network with peers and prospects.  

“Importantly it also engages young people who are looking to enter our profession and develop their career as an accountant. I’d like to thank the ICAEW for this accolade and the innovative way it has measured and evaluated all the influencers.”

You can follow Murray Patt here on Twitter and connect with him here on Linked-in. Read more on the ICAEW’s website here.

 

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Autumn Statement 2022

You can download our summary of the Autumn Statement 2022 by clicking below:

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Alexander Knight & Co Supports Addams Family Musical at Sale Waterside

As keen supporters of the arts and theatre, we are delighted to be supporting the Addams Family musical at Sale Waterside running from 8th – 12th  November 2022.

Alison Spier, head of marketing at Alexander Knight & Co, said:

“We are pleased to support this incredible show and display our advert in the official programme. We can’t wait to see it and we wish the best of luck to everyone involved.”

The Addams Family musical presents America’s darkest family in a comedic light and it is suitable for all ages.

You can buy tickets from the official website here.

You can also follow the show on Instagram @juniorstage.80.

 

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UPDATED (AGAIN!) MINI BUDGET 2022

Following changes to Government policies since the original ‘Mini Budget’ we’ve updated our Mini-Budget Report. You can download it here.

 

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10 year anniversary!

Read more
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Employee Owned Trusts (EOTs)

Employee Owned Trusts

In 2022, we’ve seen an increase in the number of clients looking to sell their business to an Employee Owned Trust (EOT). This reflects the national trend for owner-managers looking to sell their business in this way.

Employee owned businesses are ones that are totally or significantly owned by their employees.

The economic contribution of employee ownership in the UK is significant and is growing according to the Employee Ownership Association.

“Employee ownership delivers 4% of UK GDP annually. Employee owned businesses achieve higher productivity and greater levels of innovation and are more resilient to economic turbulence. They also have more engaged, more fulfilled and less stressed workforces.” – Employee Ownership Association

If you are an owner-manager and want to explore all your exit options – then it would be sensible to include an EOT in your thought process. 

The sale of your company (or the majority of its shares) to an employee ownership trust (EOT) brings about certain tax reliefs for owners and employees. 

As a result of a sale to an EOT, employees of the company will become beneficiaries of the EOT and may receive tax free payments from it. 

Advantages of Employee Owner Trusts (EOTs) 

  • Owners can sell their shares free of Capital Gains Tax and on an uncapped basis. In addition, the employee-owned company can offer income tax free bonuses to the employees of up to £3,600 per year.
  • The deal can be structured to enable a smooth gradual exit for the business owner. This is helpful where there is vendor finance as part of the sale consideration and owners are dependent on the successor management team to generate profits to pay this.  The owner can continue in executive or non-executive roles and/or can be given veto rights in relation to key decisions without putting tax reliefs at risk.
  • For many business owners selling to an EOT, employees will be the business’s biggest asset. Employee job security is increasingly important for owners who want to protect their legacy and hand over to a trusted team. A deal like this gives confidence to employees that their position is valuable. 
  • There can often be high levels of employee engagement where employees actually have a stake in the business and an employee-owned company can often have a more positive culture than one that’s been sold to a third party. This sense of ownership can help the transaction progress in a positive manner.

Selling your business

Selling your business is a major life event and it is important that you have the right team of advisers on board to help facilitate it. 

Most business owners only complete one corporate finance deal in their life – so it’s essential to do it right. Our specialist advisers at Alexander Knight & Co play a key role in helping you to do this.

We realise that every transaction is unique and multi-faceted, with many moving parts. But we never lose sight of the fact that you, as an individual, are at the front and centre of the entire process.

And we pride ourselves on communicating with our clients in plain English so they fully understand every step of the transaction journey from the first to the last.

We have wide-ranging experience in preparing all types of businesses for sale in the most tax efficient way – including Employee Owned Trusts. 

Speak to Murray Patt now to explore your options.

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Julie & Jacob join Alexander Knight & Co

We are thrilled to confirm the expansion of our team with the arrival of Julie Gee and Jacob Dally at our office in Hale.

Julie is an experienced payroll professional and will handle all payroll related processes for our clients.  She will also support clients to onboard new employees with payroll, HMRC compliance and employee benefits.

Jacob has joined us as an Assistant Accountant and will supports our senior colleagues to deliver accountancy services to our client base of entrepreneurs. He will also assist with preparing returns, client queries and client services.

We are delighted to welcome Julie and Jacob to our team!

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Alexander Knight & Co: The first accountants in the UK to attain the prestigious ESGmark®

We are delighted to have become the first accountancy firm in the UK to attain the prestigious ESGmark® which independently demonstrates our commitment to ESG principles. 

ESG stands for Environmental, Social and Governance. It considers the sustainability and ethical impact of a company in relation to its employees, customers and community.

Alexander Knight & Co has undertaken a rigorous process to evidence its working practices and outlined a sustainable plan for the future. As a result, we have become the first accountancy practice in the UK to be accredited with the ESGmark®

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

“Doing business in 2022 is about more than making a profit. Increasingly, our client base of entrepreneurs want their business to make a positive impact on the environment and society. Investors too, now use ESG criteria to make decisions about which companies to back.

“We’re proud of this accreditation, we feel passionately about it and we are delighted to be part of the ESGmark community. Now, as responsible business advisors we also have a duty to guide our clients on making the right decisions today and in the future.

“That’s why we’re talking to our clients about ESG and outlining the huge benefits a proactive approach can bring.

“Consumers and clients are demanding change. We believe that company directors  who make a conscious effort to implement best practice in terms of ESG will be winners. It is no coincidence that there is a strong correlation between ESG performance and financial performance.”

Julia Fawsley Grant, Head of Content and Communication at ESGmark, said:

“We were so impressed with Alexander Knight & Co’s clear commitment to Environmental, Social and Governance principles and we are delighted to welcome them to our community as the first accountants in the UK to attain the ESGmark.

“At ESGmark we believe that the reporting and transparency that form part of everyday business for accountants, will be key to implementing more stringent impact- and ESG-reporting for companies across all sectors in the long run. It’s wonderful to be part of Alexander Knight & Co’s journey as they lead the way.

“Business owners who start their own ESG journey will see positive benefits for their  business,  people and their local community for the long term. By committing to their own ESG principles business owners can all make a difference.”

Alexander Knight & Co was founded by experienced accountant Murray Patt in 2012 and provides accountancy services to businesses from across the region and beyond. The firm is currently on a growth curve and is recruiting for roles at its office in Hale.The firm is also a member of MGI Worldwide, a global accounting network.

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Murray Patt named ‘leading UK accountancy influencer’ by ICAEW

We are pleased to announce that Murray Patt, founder of Alexander Knight & Co has been named as one of the UK’s leading accountancy influencers by the ICAEW as part of its annual #ICAEWRoar campaign.

The top UK online influencers were chosen using a formula tailored to emphasise quality over quantity. Using its values of integrity, objectivity and respect for others as a starting point the algorithm is unique to ICAEW.

Methodology

The ICAEW focused on UK-based individuals tweeting and discussing accountancy related topics such as accountancy, tax, budget, assurance, insolvency, audit and finance.

The ICAEW’s values of integrity, objectivity and respect for others were applied to the tone of voice of the tweets and retweets, determining the data it included in its metrics.

Working with Falcon it used a social media listening tool to pull data relevant to specific keywords, looking at a metrics comprising of:

  • Audience re-tweets;
  • Author tweets;
  • Positive and neutral sentiment
  • Visibility and audience relevance.

Algorithm

The #ICAEWROAR algorithm values quality over quantity. Placing more emphasis on topical engagement of the authors’ tweets than the amount they’ve tweeted, the algorithm considers everything from visibility, relevance and tone of voice, to reaction and audience engagement Read more on the ICAEW’s website here.

Congratulations to everyone who made the list!

You can follow Murray Patt on twitter here: https://twitter.com/MurrayPatt

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Spring Statement 2022 – a summary for business owners

The Chancellor, Rishi Sunak, delivered his Spring Statement yesterday which was keenly anticipated by business owners who find themselves challenged by the ‘cost of living crisis’. The context of delivering such a statement with the situation in Ukraine looming large in global consciousness meant it was not the time to introduce more tax rises (other than those previously announced) and worry the UK population even further.

We’ve put together a guide for you which you can download below covering all the key points from yesterday’s statement.

We also draw your attention to the following five issues to keep under review for you and your business:

  • The alignment of personal allowances and NIC thresholds is helpful and is part of HMRC’s plan to simplify tax – and all employees can benefit.
  • An increase in the employment allowance to £5k (from £4k) is also appreciated by our clients.
  • A 5p reduction in fuel duty, for those who haven’t already switched to electric vehicles, is good.
  • Whilst there was some concern (in advance of his speech) about potential changes to other taxes such as R&D rules, again the timing of this was not appropriate, and therefore it is unchanged.
  • The Chancellor indicated that there would be a future income tax reduction to 19% (from 20%) – but I wouldn’t see this as a certainty – more to do with winning votes in the future.

DOWNLOAD OUR SUMMARY HERE OR CLICK ON THE IMAGE BELOW.

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