Our team has analysed yesterday’s budget and we have now produced our 2021 Budget Report which covers off all the main issues you need to know as a business owner. Click below to download.
Rishi Sunak, the Chancellor, has confirmed some key changes that will impact you and your business. We are analysing the detail of the changes and we will update you very soon on what it means specifically for your business.
We feel that the Chancellor has listened to the concerns of business owners and their professional advisers and whilst the Treasury needs to balance the books, the good news is that the main tax rise (corporation tax) isn’t effective until 2023.
The ‘super deduction tax break’ (see below) looks very interesting and we will be looking more closely into this to see where our clients can benefit. Capital Gains Tax (CGT) rules appear to remain unchanged – but we will be checking the detail of the official budget report today.
The top 5 things you need to know today are:
1) Furlough extended until October 2021
This measure is helpful if your business needs ‘breathing space’ to enable your business and staffing levels to normalise steadily as the economy revs up after lockdown The scheme tapers with a 10% contribution expected by employers in July – and a 20% contribution in August and September. Speak to us for help in processing your new furlough claims accurately.
2) Corporation tax increase
Corporation tax will rise to 25% (up from 19%) in April 2023 – but only for firms with profits of more than £250,000. A new, ‘small profits rate’ will be established at 19% (as it is now) for firms with profits up to £50,000. In addition, the rate of 19% will taper up steadily to 25% for companies with profits above that level up to £250,000.
3) New ‘Recovery Loan’ Scheme
A new loan scheme (separate from bounce-back loans and CBILS) is being launched, of which 80% will be underwritten by the Government for lenders). We will be looking closely at who can apply, how the rates will work and what the lending criteria will be. So far we know that the loans range from £25,000 up to £10m and firms have until the end of the year to apply.
4) Super deduction tax break
A new super deduction tax break has been launched for firms that will reduce their tax bill by 130% of what they spend on investment. It’s a significant change to current capital allowances legislation. We will be checking this area very carefully.
5) Last orders…
Want to buy your local pub? A new £150m Community Ownership Fund will give you the chance to buy into endangered pubs, sports clubs, theatres, music venues and even post office buildings. Under the fund, which will open in the summer, community groups will be able to bid for up to £250,000 matched-funding to buy local assets to run as community-owned businesses. Bids are to open later in the year. Cheers!
New skills have been acquired by all business owners during the past twelve months. Entrepreneurs are a resilient bunch and many have successfully been able to evolve their businesses and their skillsets during the pandemic. In many sectors, they are beginning to thrive again or at least, as the vaccine is being rolled out, starting to feel more positive about the future.
Therefore, the mindsets of many business owners have turned from ‘survival mode’ to ‘growth mode’ as they tentatively seek to expand their teams to enable them to thrive in the looming post-Covid business climate.
For most people, business growth is synonymous with hiring new people.
Recruiting in a pandemic certainly presents its challenges. We talk to many business owners who say the way they hire people will have to change if they are to attract the best staff not only during lockdown but afterwards too.
On the one hand, it’s easier and more convenient than ever before to undertake interviews and assessments via tools like Zoom and Teams.
Attracting candidates digitally through social media and the ease of applying for jobs on platforms like Linked In means that, in theory, it should be simple to attract people to roles that need to be filled. Recruitment agencies can also play a positive role if they are fully tuned into the candidate you’re looking for and can articulate it well to the ‘marketplace’.
On the other hand, some people are reluctant to make the move from their existing employers in these times of uncertainty and competition is fiercer than ever before for the right candidate.
Alexander Knight & Co is a typical example of a business that is growing and hiring during 2021. We’re currently looking for a Newly Qualified Accountant to join our team (if you know somebody suitable please do feel free to send an email to alison@alexanderknightaccountants.co.uk).
It’s an attractive role -plenty of opportunity for the right candidate to succeed in a supportive environment, along with flexible working arrangements on a hybrid basis from our Grade A office space in Hale village. Despite us only just starting the search we’re in the fortunate position of having strong interest in the role already and we are happy to take our time in selecting the right candidate.
Some businesses, however, aren’t as fortunate as us and don’t have the luxury of time and/or the magnet of being an ’employer of choice’ in their marketplace. It’s these types of business that will have to work harder than ever before in modernising their recruitment process in order to attract good candidates in 2021.
If there’s one piece of advice I’d offer, based on my experience of running a business and working with many successful entrepreneurs, it would be that it is far better to wait for the right person to add to your team than recruit in haste and regret it for a long time afterwards. Taking care to select the right person for the job will pay dividends further down the line as we emerge from lockdown.
Accountants in Hale
Since launching Alexander Knight & Co in 2012, we have developed a reputation for being the “accountants for entrepreneurs” & our client base includes some of the leading private (and publicly- listed) businesses in the UK & Europe.
We are now looking for an Newly Qualified Accountant to join our fast growing team in 2021. This is a senior position within our team, ideally suited to you if you are professional looking to fast track your career to management level & beyond with your next career move.
The multi-disciplinary structure at Alexander Knight & Co means that this role is flexible and we are happy to tailor it to meet your skills and career aspirations if you’re the successful candidate. Initially, we see the role as focusing on audit and accounts but it will certainly evolve over time.
Essentially the role involves:
– Working proactively in the best interests of our clients & delivering a high quality audit & compliance service.
– Working both independently and in collaboration with other members of the team.
– Reporting directly to senior colleagues, including the founder of Alexander Knight & Co
Specifically, you should have confidence in your ability to:
– Plan and lead on complex audits – both remotely and on-site ✅
– Coordinate across different disciplines within the Alexander Knight & Co team ✅
– Deliver complex assignments through to completion ✅
– Prepare and report on group consolidated accounts both in FRS & IFRS ✅
– Liaise with overseas parent company auditors & advisers ✅
– Share knowledge across the wider audit and tax teams ✅
– Oversee the “onboarding” of new clients ✅
– Recommend positive courses of action for our clients to support them to grow their business & meet their compliance objectives ✅
– Act as a role model for junior members of staff, helping to develop their own skill sets and supporting them to deliver audit assignments professionally, on time and on budget ✅
Prospects
About Us
We are a modern, progressive and forward-thinking accountancy practice & are always looking to develop our practice to best suit the needs of our brilliant team & incredible, loyal clients. A boutique-style firm (ie focusing on advice for owner managers & experienced entrepreneurs), we have developed a reputation as a specialist in working at board level alongside our owner-managed clients.
Largely located in the North West of England (including international clients with UK subsidiaries based in the region), our client base has grown substantially during the past twelve months – thanks to our good reputation for delivering high quality work & having a friendly, proactive approach to accountancy.
We are well connected as a practice & we have excellent professional relationships with other professional advisors, including law firms, financial advisors & banks who recommend clients to us on a regular basis.
We are also active members of MGI Worldwide – one of the world’s largest accounting networks – which enables our team to be universally connected & enjoy working relationships with other members across the globe.
We are based at our own Grade A office in Hale village (Hale Road). We are proud of our modern, vibrant premises & feel that this investment in our surroundings helps to promote a positive & professional culture for our clients & staff & other professional contacts in Cheshire & Greater Manchester who we work with regularly.
We offer a supportive & flexible approach for all our colleagues. Currently we are operating on a “hybrid” basis – a sensible mix of home-working & office-based working which is an agile approach appreciated by our staff & clients. It also enables our team to manage their own work-life balance & support their families during these times. Having been impressed by the success of this, we are passionate about retaining this culture into 2021 & beyond.
Accountants in Hale
We are looking for a bookkeeper to join our team of accountants in Hale, Greater Manchester.
Our clients are entrepreneurial businesses mainly based in Greater Manchester and Cheshire.
Key Responsibilities:
The ideal candidate will have solid experience working within a similar role, experience with Xero and Sage will also be preferable, you will also have good IT and communication skills. We offer very flexible working practices – currently a mix of office-based (in our Grade A office space in Hale village) and home-working.
Send your CV and a covering letter to:
alison@alexanderknightaccountants.co.uk
Accountants in Hale
The role: Apprentice Accountant
Alexander Knight & Co is a leading accountancy and audit practice based in Hale, Greater Manchester. We have a strong, positive and entrepreneurial culture, reflected in our impressive client base.
We are growing and we’re hiring now. We pride ourselves on recruiting the best people so that our clients can be assured they’re in safe hands. We are now looking for an apprentice accountant – at either L3 or L7 – to join our team at the start of 2021. We have a good track record of helping the next generation of accountant develop in their career.
Jack joined us as an apprentice and is now progressing in his career as an accountant.
Read Jack’s story here – he joined us as an apprentice and he’s now progressing a successful career in accountancy at Alexander Knight & Co.
What you’ll get if you join us as an Apprentice Accountant:
Supportive, friendly and flexible working environment.
Grade A office in the heart of Hale village.
Regular training and career development.
Competitive salary + flexible benefits.
The successful candidate’s duties will be varied, and office/client based. Our clients are spread across the Greater Manchester and Cheshire area and in some instances the apprentice will be expected to travel to see clients independently.
Key responsibilities will include:
• General accounting and office duties – and checking and analysing client invoices
• Drafting financial statements
• Assisting with personal and business tax
• Credit control
• Updating and creating spread sheets and using computerised accounting software
• Basic costing duties
Desired skills
• High level of numeracy and literacy essential
• Computer literate with experience of Microsoft Word, Excel and PowerPoint, plus excellent keyboard skills
• Accurate and analytical approach, paying attention to detail
• Strong communication and organisational skills, plus effective time management and attention to detail
Personal qualities
• Must be professional with a smart appearance
• Punctual, hardworking and keen to learn and progress within a professional environment
• Enthusiastic, self-motivated but conscientious and able to work both independently and as part of a team
Desired qualifications
The successful candidate must have achieved:
plus
Send your CV and a covering letter to:
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We are proud supporters of our local community. That’s why we’ve now confirmed a new sponsorship arrangement with our leading local media publication, Altrincham Today. If you live in Altrincham, Hale, Bowdon, Hale Barns and Timperley – you’ll be seeing us frequently during the remainder of 2020 and into 2021.
Many people have used the opportunity of lockdown or redundancy to start a new business during the past few months.
If you’re thinking of setting up a business, you’ll probably be looking forward to doing things your way without pressure from managers and directors trying to get you to do things which make no sense.
Being in charge of your own destiny – even in these challenging times – can be thrilling and rewarding for people with an entrepreneurial mindset and the right accountant.
Rushing into starting a new business can be tempting – it can’t be that hard, can it? Yes, of course it is possible to start straight away with no planning or thought – however, the most successful businesses are those that have considered the detail of what they need to set-up.
That’s where we come in. After all, we were a start-up once! That means we understand what you’re going through.
Once you’ve decided on the finance you need and the premises you’ll be working from it’s a good idea to think about business structure.
Predominantly, business owners tend to set themselves up as a sole trader or limited company. It’s important you make this decision with our help as it can affect your take home pay after tax.
Our team will assist you with:
