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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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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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Our special delivery for Barnardo’s

Murray Patt accountant makes special delivery to Barnardos

We were pleased, alongside our friends Gresham Wealth Management, to bring some some much-needed Christmas cheer to children at Barnardo’s in Wythenshawe.

Alison and Murray dropped off boxes of presents, including food and toys for girls and boys, which will be distributed this week to vulnerable families supported by Barnardo’s in Wythenshawe.

Ragen Fallon, team manager at Barnardo’s Children’s Centres, said:

“We are delighted to receive these gifts which will go some way to bringing some festive cheer to some of the most vulnerable youngsters in our local community. We appreciate the support of local businesses like Alexander Knight & Co.”

We are very happy to support this important charity and we are pleased to bring smiles to the faces of youngsters who receive amazing support from the hard-working staff, volunteers and other donors.

R&D Tax Credits update 2017

Many of our clients are benefitting from the current R&D tax credits regime and this will continue.

It’s disappointing that the increase in R&D tax credits has only been extended to large businesses – rather than SMEs. However, the chancellor has confirmed a renewed campaign to alert SMEs to the fact R&D tax credits exists and we welcome this.

For more details about how to claim R&D tax credits for your business please speak directly to Murray Patt on 0161 980 8788.

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Alexander Knight & Co advises football startup business in Manchester

Mi Hiepa Scout advised by Alexander Knight & Co

We’re delighted to be advising Manchester-based football technology startup Mi Hiepa Scout, an innovative company bringing virtual reality (VR) into the professional game.

Mi-Hiepa Scout has launched the world’s first virtual reality technology aimed at rehabilitating injured footballers and scouting new talent.

Top clubs, physiotherapists and sports scientists have been involved in the development of the product, which is being rolled out this season.

Premier League clubs

Premier League clubs are already looking at the system, created by Mi-Hiepa Scout, and its founders hope that it will also be used to improve current players and scout for players in the future.

The company’s proprietary limb tracking mechanism enables the system to track the movement of a player’s feet and shins independently in 3D space. With no need for handheld controllers to move feet, accuracy and immersion in the virtual reality experience is first class.

Joint venture

The company was created as a joint venture by leading Manchester developers Mi and sports data experts Hiepa and we’ve been appointed as their accountants and will be assisting the company moving forwards.

Adam Dickinson, Production and Development Director of Mi-Hiepa Scout, said:

We’ve been delighted with the reaction by football clubs in the professional game. We’re operating at the elite level of sport and clubs are keen to explore any advantage they can bring to their squad.

For the first time, coaches, managers, scouts and sports directors can produce rapid, standardised, measurable and comparable results from talent pools that may have been previously unmanageable.

Our system helps get players better mentally and physically through individual training drills.

From a talent spotting perspective, it provides an objective, sterile environment, meaning all players have exactly the same conditions and can be compared equally. A youngster could go through our tests in thirty minutes and you would get objective data about their ability and performance. You could test 1,000 players a week as a first point of filter.

One of the problems many clubs are trying to solve is player engagement during rehab after an injury has occurred. This product certainly does that while providing valuable data for players, coaches and club performance analysts.

Strong credentials

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

The professional world of sport is increasingly looking at technology to amplify the recovery time of injured athletes. The management team at Mi-Hiepa Scout has got strong credentials and connections in the world of football and there is no doubt that the growth plans for the business are impressive. We’re delighted to be advising the team.

Gary Black of Manchester law firm Freeman Fisher, who is advising the company, said:

It’s great to see a local company making huge waves in the VR world within the sporting arena. Manchester is already known as being one of the leading cities in sporting success and Mi-Hiepa Scout is making sure that our city is seen as the leading city when it comes to technology in sport.

If you are a startup business in Manchester – and wish to be formed as a joint venture initiative between investors and/or other companies – speak to Murray Patt at Alexander Knight & Co. 

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Alexander Knight & Co advises on tax as Travis Perkins acquires Stockport business

TFS acquired by Travis Perkins

We were pleased to advise the owners of a successful Stockport-based business when it was acquired by a major PLC on their tax liabilities.

TF Solutions, (TFS) is one of the UK’s leading air conditioning and refrigeration distributors and was recently acquired by the country’s largest builders’ merchants, Travis Perkins.

The purchase enables Travis Perkins to expand its offering through the sale and supply of air conditioning units. Our specialist tax role on the deal was highlighted by North West Business Adviser magazine – you can read all about the deal here.

Tax advice on deal

TFS was founded in 2001 and distributes a range of refrigeration and air conditioning products from three sites in Stockport, Burton on Trent and Dunstable. It will continue to trade as TF Solutions following completion of the deal.

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

We were delighted to provide our client with the tax advice on this transaction and expect them to go from strength to strength as part of one of the most trusted brands in the building materials marketplace.

Andrew Cherrill has been confirmed as the new managing director at TF Solutions. He said:

We fully intend to continue operating as we have always done giving our customers a service level which is second to none in the industry. The acquisition deal will allow us to grow as a company and expand that service.

Frank Elkins, CEO of Travis Perkins’ Contracts division, added:

“TF Solutions have an extremely strong identity within the air conditioning and refrigeration market.”

The business currently employs 48 people at its three branches trading across the whole of the UK.

Speak to us to get specific tax advice before you agree any kind of deal. You need to know how to minimise the level of tax you will pay when you sell your business.

 

 

A new website

Welcome to our new website.  We thought long and hard about what we wanted our website to do and say. Then, we talked to our clients to see what they wanted. We hope you like it. We’ve kept it clean and simple and improved the usability of it.

Everything from the layout, the copywriting and design elements are all intended to convey our own personality and highlight the key things that our clients need. It’s easier to find our contact details, find out more about our approach and our people.

As well as being more efficient at the back-end (which means it’s simpler and faster for us to update) it’s also built with ‘Google love’ in mind. This means it’s quicker than our previous site and should be found ore easily on the search engine results pages. It also works on multiple devices, so it works just as well on your iPhone or iPad as your PC or MacBook.

Businesses have to evolve. If you stand still your competitors will seize the advantage. Having a modern, accessible web presence is important to our practice. It means clients can more easily get what they need, prospects and professional advisors can see what we’re all about in an instant. It’s also better for our future employees as we grow our business – to give them insight into our culture and approach to work.

Read more

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