New ad campaign in Altrincham Today
We are delighted to offer you a look at our latest advertising campaign in Altrincham Today!
R&D Tax credits…a reminder!
Murray Patt, founder of accountants Alexander Knight & Co says changes made by HMRC to the popular ‘R&D Tax Credits’ scheme are a reminder to check if your own business qualifies.
R&D Tax Credits are designed to encourage UK companies to invest in ‘research and development’. Correctly administered they can reduce your tax bill or you can claim payable cash credits as a proportion of your R&D expenditure.
Since the scheme was launched, our team has claimed back thousands of pounds for clients. The successful claims we’ve made on their behalf range from £5,000 to hundreds of thousands of pounds.
In my experience, too many businesses across the UK are missing out on this valuable tax break worth hundreds of millions of pounds.
Shifting criteria
The R&D scheme is part of the Government’s drive to boost innovation. It means that businesses investing in the research and development of new products and processes get a tax deduction on qualifying expenditure, including staff wages, materials, overheads, software and utility bills, as well as the ability to claim cash back from HMRC.
The scheme is under continuous review and significant changes were recently introduced – and there are more changes to come.
The rules and qualifying criteria for the scheme can be complex for inexperienced claimants in terms of identifying what kind of business expenditure actually qualifies. This is particularly true in cases where clients employ or subcontract work overseas.
For example, the Government soon intends to implement a new change whereby only R&D activity being performed in the UK (subject to specific exemptions) will qualify. This will come into effect from 1 April 2024.
A new digital application process became mandatory this summer where project and expenditure details need to be supplied in a specific format as well as a variety of other administrative changes.
The government have helpfully extended the scope of what costs can be claimed as qualifying R&D expenditure and this includes artificial intelligence (AI) an area in which more of our clients are investing and exploring the possibilities.
Do it properly… and professionally!
The key to making a successful claim is to correctly identify what expenditure qualifies, when it was spent and record it accurately for HMRC in the newly updated prescribed manner.
The process can be complex which is why we have a specialist R&D tax credits team managing the claims to a successful conclusion on behalf of our clients. You can read more on the official guidance issued by the Government here.
If you want to understand more about how your business can claim ‘R&D tax credits’ email Murray Patt (murray@alexanderknightaccountants.co.uk) or call me on 0161 980 8788.
Growth at Alexander Knight & Co
We are delighted to have bolstered our team of accountants in Hale with the arrival of Cameron and Abi.
Cameron Ellams joins the Accounts & Audit team from Beever & Struthers. Abi Thomson enters the accountancy profession from a teaching background.
Alexander Knight & Co was founded in 2012 and is a member of MGI Worldwide, the global accounting association.
GaraDry wins prestigious award
An innovative product design company is celebrating today after scooping a prestigious international business award from King Charles.
His Majesty The King approved the Prime Minister’s recommendation that Lancashire-based GaraDry should receive the King’s Award for Enterprise in the International Trade category this year.
The newly renamed King’s Award for Enterprise celebrates outstanding achievements by UK businesses and is internationally recognised. The 2023 awardees were officially announced today, marking Queen Elizabeth II’s birthday.
Ashley Smith, 43, who founded the company in 2009, has now received an invitation from His Majesty the King to visit Buckingham Palace later this year to celebrate his company’s achievement.
Based in Ormskirk, Lancashire, GaraDry designs, manufactures, and sells the world’s largest range of threshold seals for residential garage doors and commercial doors. You can order these brilliant products directly from their brilliant website which stocks the a huge range of garage door seals.
The innovative GaraDry garage door seals and flood barrier kits are designed to form a watertight seal between a garage door and the floor. The threshold seal also prevents leaves, dust and debris from being blown under to ensure a clean and dry garage all year round. The garage door threshold seals also act as a defence against rodents, insects and reptiles.
The 43-year-old, who has a degree in Industrial Design from the University of Central Lancashire, launched his first online business in 2005 selling garage door spare parts which still trades today.
This experience saw him dealing with customers frustrated with the limited options available for them to prevent water entering their garage. This led to him spotting a gap in the market to create his unique product range that prevents rainwater and debris seeping under garage doors and into commercial warehouses.
Innovative design for garage door threshold
Innovations included adding safety features, such as yellow extruded lines on all its products, multiple sizing options and using robust environmentally friendly materials. The firm also supplies its own brand adhesive developed specifically for the product range. GaraDry also introduced the first flood barriers for garages that can be driven over. All the products are protected by design registrations.
Growing company
The company is actively recruiting, employs 11 people, and has grown its sales dramatically in the last three years. Overseas sales now account for 33% of its UK business. It now exports its range of products to more than 40 countries including most European countries and as far away as Australia.
GaraDry opened a subsidiary in the USA in 2017 (GaraDry LLC), to handle strong interest from Americans in the products and launched a fulfilment centre in Tennessee to ship transatlantic orders quickly. A warehouse was also set up in Germany in 2022 to fulfil all EU orders and smooth the challenges of Brexit.
Ashley Smith, managing director of GaraDry, said:
“I’m delighted and humbled for our company to receive this accolade. It means the world to our team and receiving this acknowledgement from the King only encourages us even further to grow our business and continue designing innovative products manufactured in Great Britain.
“As well as people wanting to protect the contents of their garage, businesses see the benefit in keeping the products they store in industrial units clean and dry all year round and this B2B market has opened up opportunities for us all over the world. Safety is another driver for them because water on a warehouse floor is a slip hazard. Our products also protect expensive machinery which is at risk of rusting or cardboard which will get ruined by rain.
“The fact I started the business with a £1,000 inheritance from my uncle proves that a large amount of funding is not always needed to start a business and to be successful. Drive and determination are often equally, if not more important. I hope this encourages other entrepreneurs to aim high even if they might only have limited resources to start with.
“I started the business from my mother’s home in Ainsdale and used the shed and garage as my stockroom and my bedroom as my office. I’m thankful to my Mum for supporting me during that early phase.
“We’re all truly humbled by this award and hope it can inspire other people to pursue their business dreams.
“We are excited about the future. We will continue to work hard and expand geographically and create new jobs here in Ormskirk. We also have a new innovative product range which is under development which we hope to bring to market this year.”
Staff loyalty and family values are key to the growth of the business. Christopher Davies, the company’s first member of staff is now the General Manager and has been with the company for 13 years. Ashley’s wife, Helen joined the company in 2011 and is currently the Company Secretary.
Murray Patt, founder of Alexander Knight & Co, added:
“We are all absolutely delighted to see our client acknowledged by The King as a leading business in the field of exporting innovative British-made products all over the world. There is huge demand for the GaraDry range of garage seals and we are delighted to be their accountants and support them in their growth journey as they continue to innovate, open new markets and create new products.”
See uk.garadry.com
MGI Talent
Some of our colleagues attended the MGI Talent Meeting in Brussels, Belgium.
The Talent Meeting is a unique opportunity to build your network, learn about MGI, listen to and debate professional issues and have fun.
The meeting was held on 31 March 2023 at Crown Plaza Brussels Airport Hotel, Belgium.
Chat GPT in business
Small businesses often operate with limited resources, which can make it challenging to compete with larger, more established companies.
However, with the rise of artificial intelligence (AI), small businesses can now leverage advanced technology to increase their efficiency, reduce costs, and improve customer satisfaction – to make them more competitive.
ChatGPT is one such AI technology that can help small businesses and has gained worldwide attention since a free version of it was recently released. Some of our clients are already seeing its benefits.
Put simply, ChatGPT is a conversational AI tool that can engage in natural language conversations.
It can be integrated into a website, social media account, or messaging platform, allowing customers to interact with a business in a personalised, conversational manner.
This technology can help small businesses in several ways, including:
- Improving customer service: One of the biggest benefits of ChatGPT is that it can provide immediate, personalized responses to customer inquiries. By using natural language processing (NLP), ChatGPT can understand and respond to customer queries in real-time, which can help businesses provide better customer service.
- Reducing response time: ChatGPT can handle a large volume of customer inquiries simultaneously, which means that customers don’t have to wait in long queues to get their questions answered. This can help businesses reduce their response time and improve customer satisfaction.
- Providing 24/7 customer support: ChatGPT is available 24/7, which means that businesses can offer support to their customers at any time, even when their physical location is closed. This can help businesses increase their availability and reach a wider audience.
- Saving costs: By automating customer service, small businesses can save costs on hiring and training customer support staff. ChatGPT can handle most customer inquiries, which means that businesses can use their resources more efficiently.
- Increasing sales: ChatGPT can also be used to generate leads and drive sales. By engaging customers in personalised conversations, businesses can build a relationship with their customers and increase their chances of making a sale.
- Enhancing marketing efforts: ChatGPT can be used to enhance marketing efforts by providing personalised recommendations, content and targeted messaging.
Overall, as AI technology continues to advance, it’s likely that more SMEs will turn to tools like ChatGPT to improve their operations and stay competitive in their industries. We predict that AI will play an increasingly important role as the technology develops and it becomes more mainstream.
This article, for example was written using it!
Contact me to discuss your accountancy requirements on (0161) 980 8788 or email murray@alexanderknightaccountants.co.uk
Thank you
We’d like to say a massive “THANK YOU” to many of our clients who have retained us for more than TEN years. We’re really pleased that this loyal client base is comprised of businesses within a wide variety of industry sectors including:
- Civil engineering
- Digital marketing
- Manufacturing
- Electrical engineers
- Corporate Finance
- Legal
- Childcare
- Transport & Logistics
- Media
- Wholesaler
- Retail
- Technology
- Property
Thank you for your ongoing support – it means the world to our team!
Alexander Knight & Co advises client in multinational transaction
We were pleased to advise the directors and shareholders of our client Pace Rehabilitation on its successful sale of the business to a multinational company.
Global health-tech company Ottobock has acquired Pace Rehabilitation, one of the top independent providers of prosthetic and rehabilitation services in the UK which is now part of a unified organisation with nationwide coverage.
Pace Rehabilitation was established in 2003 by a small team of experienced clinicians and has provided an integrated approach to the treatment of people who have sustained limb loss or serious limb injury over the past 20 years.
Operating from clinics situated in Amersham, Bredbury and Glasgow, its teams of clinicians help patients to improve their overall quality of life and enhance their mobility.
Alexander Knight & Co was pleased to advise the management team of Pace before, during and after the transaction with our accountancy and tax services.
Speaking upon the conclusion of the deal, Phil Yates, Managing Director of Otto Bock Healthcare said:
“We are thoroughly delighted to complete the acquisition and excited to welcome Pace Rehabilitation and their successful team to the Ottobock Family. Their endeavour aligns perfectly with Ottobock’s own mission to empower people to regain or maintain their freedom of movement.”
Toby Carlsson, Managing Director of Pace Rehabilitation, said
“We look forward to joining forces with Ottobock and benefiting from the opportunities that come with being part of a strong international organisation. We now join a network of clinics within a company that has a long-standing track record of bringing new and innovative products to the market. It is great news for all our stakeholders, and we are excited for the future.
“We are pleased with the support and guidance we have received from our accountants, Alexander Knight & Co. The team was incredibly proactive throughout the process and played a key role in ensuring this transaction went smoothly.”
Murray Patt of Alexander Knight & Co, said:
“This deal makes perfect sense for both parties strategically. It brings together like-minded organisations with a shared vision of empowering people who have sustained limb loss.
“It is always pleasing to see clients develop and grow their business to the point where they are in a position to join forces with other organisations. We are delighted for both parties with the outcome of this deal.”
Pace Rehabilitation’s team of 40 people consists of consultants, therapists, allied health professionals, technicians, and support staff, who are all now part of the Ottobock Family.
To read more, see here.
Apply now: Undergraduate Placement 2023-24
As a modern, progressive practice, Alexander Knight & Co is always on the lookout for future talent.
Applications are now open for Accounting undergraduates to join our dynamic team – on a 9 or 12-month paid placement as part of their degree course – and discover what it’s really like to work in public practice.
Gain hands-on experience, build a network of contacts and get advice from our expert mentors. If you perform well, you could be given the opportunity to join one of our Graduate training programmes that will help you kick-start your professional career.
At Alexander Knight & Co, you’ll discover a culture that nurtures individuality and an environment where everyone is supported to reach their potential.
Our placement programme allows you to experience working in the accounting and business advisory team alongside current trainees and experienced members of the firm. You’ll get involved in client work from the start and get the chance to learn about different types of businesses from varying industry sectors.
This hands-on early experience is invaluable as you take the next steps in your career. You’ll also benefit from on-the-job training from more senior members of the team and gain access to our internal training courses that will help you develop in the role.
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.
3 A-levels A*-B (or equivalent)
Predicted degree 2:1 or higher
THE 3-STEP APPLICATION PROCESS
- Review of your CV and a brief covering letter.
Please send this to Alison Spier (alison@alexanderknightaccountants.co.uk)
(Only successful candidates will receive a reply)
- An invitation to an interview & integrated competency test
- Acceptance onto our 2023 Undergraduate Placement
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.
Graduate Experience Programme 2023
If you are a recent graduate looking for a career in accountancy you can apply to join our graduate experience programme.
As well as providing you with the opportunity to add valuable work experience at our leading accountancy practice to your CV, you’ll also gain practical and personal skills in a professional accountancy-based setting and potentially, even get the opportunity to become one of our permanent graduate professionals.
We welcome applications from graduates who meet the minimum criteria (set out below) from the full range of academic disciplines. This scheme is not just designed for people who have accountancy/business/finance qualifications.
We firmly believe that the accountancy firms of the future will have a blended approach to the skills they offer to their clients. We are a diverse employer and welcome applications from graduates from a wide variety of backgrounds.
Our two-week paid graduate internship gives you the opportunity to immerse yourself in the AK&Co culture and offers you the perfect springboard for success as an accountant in 2023.
If you are passionate about pursuing a career in accountancy and you are fascinated by the prospect of working with – and on behalf of – our growing client base of successful entrepreneurs and business leaders – apply now.
MINIMUM REQUIREMENTS
- A 2:1 degree at a UK university
- 3 A-levels (A*-B)
- 9-7 in Maths & English at GCSE level or equivalent
THE 3-STEP APPLICATION PROCESS:
- Review of your CV and a brief covering letter
Please send this to Alison Spier (alison@alexanderknightaccountants.co.uk)
(Only successful candidates will receive a reply)
- An invitation to a meeting to discuss your career aspirations
- Acceptance onto our Graduate Internship.
A date will be arranged for you to join us for two weeks.
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.
