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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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Alexander Knight & Co: The Podcast

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!

 

 

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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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Mini-Budget 2022 – An analysis

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.

Download our Mini-Budget 2022 Summary

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Graduate trainee position available at Alexander Knight & Co

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.

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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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