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.
Following changes to Government policies since the original ‘Mini Budget’ we’ve updated our Mini-Budget Report. You can download it here.
We’re excited to be busy working on a short series of podcasts featuring our clients, business associates and interesting people from the world of business. Sheldon Bean of Beanstalk Telecom was kind enough to be our first interviewee – and the result was a brilliant recording which we’ll publish soon.
If you’d like to feature on our podcast series – please let Alison Spier know (alison@alexanderknightaccountants.co.uk) – and we’ll arrange a date for recording in our office!
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.
Kwasi Kwarteng the Chancellor, revealed a so-called Mini-Budget on Friday – and we’ve already analysed what it means for you and your business. We will be looking more closely at the impact of changes and guiding our clients specifically for their business situation over the next few days. The top 3 things you need to know today are:
1) Corporation tax increase cancelled (for now).
The planned introduction of a 25% corporation tax rate has been abolished. Therefore the rate of corporation tax will remain at 19%.
2) Top rate of income tax abolished
The 45% income tax rate has been abolished and those paying that will fall within the 40% rate instead. Further, as a result of this, dividend tax rates will revert to 7.5% and 32.5% next year (from 8.75%, 33.75% and 39.35%).
3) Basic rate of income tax cut to 19%
From next April, the basic rate of income tax will be cut from 20% to 19%. This will mean 31 million people will be better off by an average of £170 per year, according to the Treasury. It is pleasing to see efforts being made to tackle the cost of living crisis.
Given the above points there is some scope to consider tax planning in advance of these changes. Please contact Murray to discuss further.
Download our free guide to the Mini Budget by clicking here – or on the image below.
Are you a graduate looking for an opportunity to start your career in accountancy?
- Have you recently graduated or are graduating within the next 12 months – ready for a Summer 2024 start?
- Would you like to join an accountancy practice that will support you to progress the first steps in your career?
- Apply now to join our growing team based in Hale, Greater Manchester.
Alexander Knight & Co is a modern, progressive and forward-thinking accountancy practice. We are committed to ongoing training and development in order to best serve the needs of our brilliant team and incredible, loyal clients, with a reputation for delivering high quality work through a friendly proactive style of accountancy.
Our client base is large and varied across a number of sectors both locally and nationally and we are active members of a renowned global accountancy network. We promote a positive and professional culture within our company and offer a supportive and flexible approach to working which is appreciated by both our staff and clients.
Candidate Requirements
Polite & professional manner.
Smart appearance.
Bright & articulate – able to engage with colleagues & clients appropriately, with ease & confidence.
Enthusiastic, self-motivated & keen to learn & progress within a professional environment.
Punctual, reliable, responsible, conscientious & trustworthy.
High level of numeracy & literacy essential.
Excellent organisational skills & consistent, accurate & analytical working methods.
Effective time management, strong communication skills & a high level of attention to detail.
Able to work independently & as part of a team.
5 (preferably 7) good GCSEs (grades A*-C/9-6) to include Maths & English ideally at the highest levels (A/A*/8/9)
2 A-levels (or equivalent)
Degree (2:1 or above)
Prospects and Benefits
- Real potential for fast- track career progression.
- Full support for completing studies and achieving career ambitions through staff training – on the job and external course provision.
- Competitive salary
- Agile, flexible approach to working, with opportunities for a hybrid basis i.e. a mix of remote and on site.
- Modern, vibrant working environment, centrally located and within walking distance of both a village and a town.
- Parking, excellent transport links.
Disclaimer
Alexander Knight & Co is an equal opportunities employer and no terminology in this advert is intended to discriminate on the grounds of a person’s gender, marital status, race, religion, colour, age, disability or sexual orientation.
All candidates will only be assessed in accordance with their merits, qualifications and abilities to perform the role expected. Only successful applicants will be invited to the next stage consisting of an interview and assessment. We look forward to receiving your application via email to alison@alexanderknightaccountants.co.uk. You can read more about our practice here.
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!
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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