Grant McKnight Blog

  Chancellor unveils business support measures Rishi Sunak this afternoon announced new measures to support businesses in his “winter economy plan” including an extended jobs support scheme. The main points in the Chancellor’s House of Commons statement were: Job Support Scheme Six-month scheme starting 1 November. To be eligible, employees work a minimum of 33 per cent of their hours. For the remaining hours not worked, the Government and employer pay a third of their wages each. So employees working 33 per cent of their hours will receive at least 77 per cent of their pay. All SMEs eligible, larger only where turnover fallen through crisis. Open to employers even if they haven’t used furlough scheme. Employers can claim support scheme and CJRS bonus. VAT Deferral Businesses who deferred their VAT will no longer have to pay a lump sum at the end of March next year. They will have the option of splitting it into smaller, interest free payments over the course of 11 months - benefit...

Sutton accountant scoops Future Faces award A chartered accountant from Sutton Coldfield firm Grant McKnight has been crowned the Future Face of Finance at the Future Faces Awards. Jo Drinkwater (pictured) claimed the award at last Friday’s online ceremony, which was beamed from Chamber House in Edgbaston. It was one of 10 sector awards to be announced on the night, while disability rights activist Shani Dhanda was crowned the overall Future Face of Greater Birmingham. Jo was also this week appointed to the Sutton Coldfield Chamber's executive committee. Chris Brewerton, head of the Sutton Coldfield Chamber of Commerce, said: “The Sutton business community is delighted for Joanna on her win at the Future Faces Awards. “Professional services form an important part of the local economy, especially the finance sector, and it’s great that Jo is leading the way, not only in Sutton but across Greater Birmingham. “It’s been an exciting journey for her since starting at Grant McKnight and ...

  Royal Town's Chamber elects new president 02 September 2020 Phil Arkinstall will today become the third president of the Sutton Coldfield Chamber of Commerce. The managing director of video production firm Ark Media is to be confirmed as successor to Katie Hale at the Chamber’s annual general meeting. Katie, who has served as president for the past two years, during which time she launched her EcoPledge sustainability initiative, will become the Chamber’s honorary chair. Phil, who was born and raised in the Royal Town, said: “I am delighted to have been elected as the president of the Sutton Coldfield Chamber of Commerce and I am looking forward to getting started in the role and work with the fabulous business community we have here in Royal Sutton Coldfield.  “I would like to pay tribute to our previous president Katie Hale for doing a fantastic job over the last two years, particularly her work in setting up the successful EcoPledge which has been adopted by a number of o...

HMRC have just issued some fresh policy guidance, dated 13 August 2020, on their collection of debts.  How HMRC treats customers who have a tax debt. Note that HMRC says here that: 'There is no standard Time to Pay arrangement. We discuss a customer’s specific financial circumstances, look at what they can afford to pay, and then use that to work out how much time they need. There’s no upper limit on the amount of time that someone can have to pay, but we will look for customers to repay their debt as quickly as possible while maintaining affordable payments.' How HMRC supports customers who have a tax debt In it they say: ''We start by asking business customers about their company’s financial position. As with our individual customers, it’s really important that we have an open and honest conversation to understand what the business can afford to pay. Business finances are often complex, so we ask our business customers to calculate what they feel they can afford to p...

  Partnership with R&D tax credit specialists R&D Tax North West Ltd We have some exciting news! We’ve agreed a collaborative partnership with R&D tax credit specialists R&D Tax North West Ltd. This will allow us to expand our capability to offer full support for businesses seeking tax relief for their research and development activities. @NickBiden from R&D Tax North West will look after the R&D tax relief application process, while we look after our client’s tax planning and financial accounting. This joint approach will enable us to provide a technical level of insight from a consultant known to have a keen eye for innovation. Nick has worked on many high-profile projects, including nuclear (MofD), renewable energy and the water industry. Trained as a mechanical engineer, he has a detailed knowledge of industrial engineering, which includes project management and producing feasibility studies. Many businesses do not realise that some of their activities ...

Business is booming for accountants who embrace new technology Positive disruption is good for the industry, Sage survey indicates       (Image credit: Pexels) Bookkeeping professionals are becoming more tech savvy in the face of increasing pressures from inside and outside their businesses, new research has claimed. Business accounting software  giant Sage surveyed of 3,298 accountants across the globe, finding that clients often expect them to offer an increasing range of  digital services  in place of, or alongside more traditional bookkeeping practices. As a result, accountancy businesses are being required to invest in expanding their capabilities, with 82% saying that clients are demanding more business advice and consultancy services. At the same time, 87% of those surveyed agreed that their customers expect more flexibility and better service without an increase in rates. Have a look at the  best accounting software The  best tax soft...

Hi, my name is Cieran and I study Accounting and Finance at the University of Leicester. On my first day of starting my internship at Grant McKnight, I was quite apprehensive of what to expect however, from when I stepped foot inside the office, I was greeted with a warm welcome by everyone at Grant McKnight and this made me feel at ease immediately. Immediately, I was shown the ropes of how Grant McKnight operates and the different types of cloud accounting software they use. I knew I had to learn to at least navigate these softwares quickly because Grant McKnight is a paperless firm and therefore all of their work is online, thus making it crucial to learn it right away. Later on in the week, I had the privilege of observing an initial client meeting and learnt how Grant McKnight builds a relationship with a new client. With initial client meetings, I learnt that most of the time it is about listening to the client's past and presents ventures and getting to know them from there....