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Flying high with our drones

Accountants using drones to complete audit work

We are proud to be the first accountancy firm in the region to make use of drone technology in audit work for clients.

We have introduced a fleet of drones to undertake verification work for our audit clients who have large or dispersed sites where traditional auditing methods prove difficult or very labour intensive.

Our team is now being trained to fly the drones and the benefits of this approach for our clients are significant.

Drones for audits

We have been testing the use of drones in the audit process for several months now and the results have been successful. Many clients can benefit from the use of this innovative technology. Clients are increasingly seeing them as less of a novelty item and more of a useful business tool.

They are also proving extremely helpful in assessing physical risk before completing audit work in tricky locations.

We hope that by using technology like this, as well as testing other forms of Artificial Intelligence (AI), we can pass the benefits on to both our staff and our clients.

Murray Patt flies one of the drones we are using for some of our audit clients.

Artificial intelligence

Accountants have been using technology for many years to improve what they do and deliver more value to clients. However, it is important for our profession to keep exploring new methods of working as technology, particularly Artificial Intelligence, develops at such a rapid pace.

Drone technology is under the spotlight and new legislation due to be introduced in November 2019 will give police officers the power to land and seize drones. It will also require users to produce a licence.

We firmly  support this new legislation to make sure that drones are used in a safe and responsible way. We are confident that these policies will continue to enable businesses to derive the benefits from this emerging technology

If you are looking for new accountants to audit your business – speak to our team now.

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Making tax digital

From 1st April 2019, if you are VAT registered and have a turnover of more than £85,000 then the making tax digital (MTD) scheme for VAT will be mandatory.

If you are eligible you must join the scheme and if, for whatever reason, your turnover falls below the £85,000 threshold you must stay on the scheme and cannot revert to the old way of submitting returns – unless you deregister or become exempt for MTD.

If you qualify then you will need to change the way you file your VAT return with HMRC starting for your VAT period starting after the 1st April 2019:

  • If your VAT quarter end is March then your first MTD submission will be June 19
  • If your VAT quarter end is April then your first MTD submission will be July 19
  • If your VAT quarter end is May then your first MTD submission will be Aug 19

The new regime means that HMRC will receive the same VAT return information as before, but it needs to be sent by an API (electronic) link to HMRC and can’t be typed in manually via online services.

VAT frequency and payment deadlines will remain the same as will eligibility for VAT special schemes.

When filing your return, the transactions that make up the return need to be kept digitally, this can be done using an accounting software package or by using spreadsheets.

Some software accounting packages that are up to date will have the API link required already in (SAGE ONE for example) so you will just need to send your return via the software package.

However, some older versions and spreadsheets won’t have this capability and therefore two options are available:

  • Upgrade your software for the latest version with the API link. This may not be practical, or possibly cost prohibitive.
  • Use our software to send the data to HMRC. We have already invested in the new software to enable our clients to maintain their existing VAT return process in a compliant way.

If you have any questions about ‘making tax digital’ and what it means for your business, speak to Jane Marquez in our team and she will help you make the transition.

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Tax specialist Clare Bradbury joins Alexander Knight & Co

Clare Bradbury and Murray Patt of Alexander Knight & Co accountants

We are delighted to have boosted our team of accountants in Hale with the appointment of experienced tax specialist Clare Bradbury.

Clare is an experienced tax specialist and will advise our SME clients on tax planning issues as well as guiding company directors on tax issues during and after a corporate transaction. During her career she has worked at EY, KPMG and Mazars in Manchester.

There is high demand for specialist tax advice in the region and we are delighted to have appointed Clare to our team. We are confident that our clients, who range from fast-growth businesses to seasoned entrepreneurs will be well served by her specialist tax skills.

Clare Bradbury (pictured above with our founder Murray Patt) said:

I’m delighted to join the team and I’m looking forward to working with our clients to make sure their tax position works effectively for their business at whatever stage it is at in its lifecycle.

Clare Bradbury, tax specialist at Alexander Knight & Co.

Welcome to the team Clare!

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Budget 2018: our take

Today’s headlines are all about the ‘end of austerity’, income tax cuts and the Chancellors ‘sense of humour’ from the dispatch box – but we’ve done a breakdown of the key things you need to know as a business owner following yesterday’s budget.

There were some interesting changes to the tax regime which we feel are worth highlighting, including some that were somewhat of a surprise:

The upsides: 

The annual investment allowance (AIA) has shot up to £1m from £200k with effect from January 2019. Provisionally for two years, this is a great improvement and will facilitate lots more tax planning and investment for our clients with plant and machinery and other capital-intensive businesses.

A 2% tax allowance on the cost price of commercial buildings will (hopefully) stimulate more owner occupier acquisitions so if you are looking to buy commercial premises there is a clear incentive to do so under the new regime. If you are thinking of buying your commercial property, talk to us about the effect of this allowance.

The uplift in personal allowances and the higher rate tax threshold from 6th April 2019 are modest, but greatly appreciated by all our clients and their staff. Put simply:

  • The personal allowance threshold, the rate at which people start paying income tax at 20%, to rise from £11,850 to £12,500 in April – a year earlier than planned.
  • The higher rate income tax threshold, the point at which people start paying tax at 40%, to rise from £46,350 to £50,000 in April.

The downsides:

R&D tax relief is to be restricted for loss making businesses and will be linked to three times the PAYE/NIC paid by the company.  This may stifle investment in creative industries in particular. We’ll be keeping a close eye on the impact of this for our growing portfolio of creative and digital clients.

Entrepreneurs’ relief will be subject to a holding period of 2 years (currently 1 year) for disposals made after 6th April 2019. This means that careful planning should be undertaken by those businesses considering an exit in the future. Some of our clients who are seeking to exit their business should pay close attention to this and make sure they speak to our team about the impact of this.

And finally…

In summary, we will be working with our client base of entrepreneurs to ensure that the changes introduced in yesterday’s budget work positively for them and where there are downsides, working to minimise the impact.

For a more detailed breakdown of all the issues from Budget 2018, you can see our detailed budget summary page here.

If you have any concerns with anything you have read about the budget and what it means for you or your family, don’t hesitate to contact Murray and the team.

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Watch our new video

We are very pleased to reveal our new video. It features some of our brilliant team, our office and gives you an insight into our culture and approach to working with our clients. We hope you like it.

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Award: ‘Best Accountancy Practice’

talk of manchester awards 2018

We are very happy to have been nominated by our clients, peers and the Manchester business community for ‘Best Accountancy Practice‘ in this year’s Talk of Manchester Awards 2018.

We have always supported entrepreneurialism in Manchester and we are proud to be considered the ‘accountants for entrepreneurs’ in the region.

The team at Alexander Knight & Co is rapidly growing and our reputation is such that we are getting increasing levels of referrals from existing clients, other advisers such as law firms and a number of banks. All these people can trust that we will look after their client and be more than just ‘another accountancy firm’. It’s t his approach that has seen us get shortlisted for this award.

You can see everyone who is shortlisted in all the categories and our team would be very pleased if you took a minute to vote for us in the ‘Best Accountancy Practice’ category. Thank you to everyone who has voted for us so far – it is very much appreciated!

Vote for us here.

 

 

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Tyrers Coaches appoints Alexander Knight & Co as new accountants

Tyrers, the Chorley-based coach and travel operator has appointed us as its new accountants as the business gears for even more growth following a record year.

S. Tyrer & Son was established in Adlington in 1972 by Bob Tyrer. Bob had been a coach driver for more than 30 years and started his own business at the age of 58, with one vehicle: a Bedford with a Leyland engine on a Plaxton body.

Over the years his fleet expanded to five vehicles before he passed away in November 1992 when family members carried on the business.

The firm’s main booking office is still based in Adlington on Chorley Road and its garage is on Cowling Brow in Chorley where it now operates more than 80 vehicles.

Turnover last year grew by 20% compared to the previous year, topping £6m. The management team is confident of more growth as it plans further investment in new vehicles and premises over the next 18 months.

Clients include Bolton Wanderers, Preston North End, NST Educational Tours, as well as local authorities and schools.

Richard Buckle, managing director of Tyrers Coaches, said:

We had a good year last year thanks to growth in the number of new contracts we secured with schools, private companies and growth in the number of UK excursions booked by customers.

“We are delighted to appoint Alexander Knight & Co, who are experienced in acting for other successful coach operators, as advisers to our business as we plan our next phase of growth.

Tyrers is an historic family-owned business whose vehicles are instantly recognisable across Lancashire. The business is growing organically and perfectly located to serve Manchester, Bolton, Preston, Wigan, Blackburn.

The importance of reliable management information cannot be understated as the business seeks to enhance its trading position and make new investments over the next eighteen months.

We are delighted to have been appointed as their new accountants.

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Alexander Knight & Co arrives in Hale

We’re pleased to confirm that we’ve now officially moved to prestigious new office space in the heart of Hale, Cheshire.

Our practice, launched by Murray Patt in 2012, had outgrown its old premises near Manchester Airport and our new location will be a springboard for even further growth.

As well as launching the office, at Westgate House on Hale Road, we are also unveiling our new sponsorship of Hale Railway Station as well as revealing a clutch of new client wins.

Alexander Knight & Co provides tax, audit and management accountancy services for a range of businesses across the region. Our growing client base also includes international companies seeking specialist advice on doing business in the UK. New clients include Gresham Wealth Management and Thomas Storey Fabrications Group.

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

We are excited to reveal our new office space in Hale village. Our old office, near Manchester Airport, served us well since we launched the practice back in 2012. Since then, we have grown our client base, staff numbers and our services.

We’ve also developed as a business and we see our new home as a physical embodiment of where we are now and where we are heading as a practice.

Our new, professional surroundings are perfectly in tune with our culture and better suited to our clients and staff. Not only is the location convenient and easy to access it’s also a stone’s throw from amenities in Hale village and Altrincham town centre for our staff.

We’ve had a very successful year and we are looking forward to maintaining our growth during 2018 as we seek to expand our team and client base of entrepreneurs across the region.

Accountants for entrepreneurs

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We’re moving!

accountants in hale

We are excited to reveal that our new office premises from March 26th will be in…Hale!

Our old office, near Manchester Airport, has served us well since we launched the practice back in 2012.

Since then, we have grown our client base, staff numbers and our services.

We’ve also developed as a business and we see our new home as a physical embodiment of where we are now and where we are heading as a practice.

Our new, professional surroundings are perfectly in tune with our culture and better suited to our clients and staff.

Not only is the location convenient and easy to access it’s also a stone’s throw from amenities in Hale village and Altrincham town centre for our staff. It’s less than 300 yards from Hale railway station where, if you look carefully, you ‘ll soon see our fantastic new advertising campaign.

We are having great fun getting to know our new neighbours which include Handelsbanken, Gillespies and Strategic North.

We will be only too pleased to see you at our new office and you are very welcome to come and see us at any time.

Look out for our ‘launch cocktail’ event very soon…

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Say hello to…Daniel

We are pleased to have appointed Daniel McKeown as an accounts senior here at Alexander Knight & Co.

Joining Alexander Knight & Co is a natural progression for Dan who has spent his entire career advising successful entrepreneurs in the SME market.

Like many of our clients, we are on a positive growth curve and since the start of the year we have picked up a range of new audit clients as well as specialist tax work from international firms trading in the UK.

In addition, we’re also moving into new, bigger and better office space in the heart of Hale village to accommodate future growth plans.

We are delighted to have appointed Dan to our growing team and we’re confident that our clients, who range from fast-growth businesses to seasoned entrepreneurs will be well served by his skills.

Dan McKeown, accounts senior at Alexander Knight & Co, says

I have a passion for advising entrepreneurs and I’m looking forward to working with my new colleagues and the fantastic array of clients we have here at Alexander Knight & Co.

 

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