Tag Archives: tax

Accountancy & Accounts, Finance and Banking, News, Tax

HURST expands with new private client tax service

Independent accounting and business advisory firm HURST has launched a private client tax service to enhance its offering to business owners, entrepreneurs and high net worth individuals.

Karen Chadwick, who has 30 years’ experience in the field, has joined HURST as a partner to lead the new offering.

She has moved from Azets, where she was a tax partner. She previously worked at firms including Deloitte, KPMG and CLB Coopers.

During her career, Karen has gained a wealth of personal and trust tax compliance and advisory experience and technical knowledge, particularly in the areas of trusts and inheritance tax.

She said: “HURST is on an impressive and ambitious growth trajectory, as a strong, independent north west accountancy firm whose team delivers a first-class service to a varied client base as well as contacts and intermediaries, backed by a strong, cohesive and close-knit management team.

“The partners have recognised there is a need and demand within the firm’s tax service line for a dedicated private client tax offering, and I am thrilled to take up the opportunity to lead it.

“I’m excited to be part of the firm’s journey and to complement the existing partner group and HURST’s skilled and ambitious team to assist with the future development and growth of the practice.

“I look forward to applying my experience and technical knowledge to help clients achieve their personal and family wealth objectives now and in the future.”

HURST’s managing partner Tim Potter said: ““As the firm cements its position as the number one independent north west firm working with owner-managed businesses in the £5m-£100m turnover space, we have taken the decision to enhance our offering with a new service to support our high net worth clients with inheritance tax, trusts and complex personal tax matters.

“This is an exciting development for HURST and we are delighted to welcome Karen to the fold. We expect her vast experience and knowledge to be in high demand from our enviable client base of high net worth individuals.”

HURST focuses on advising entrepreneurial owner-managed businesses across all sectors. Clients include Kinaxia Logistics, M&I Materials, Beechfield Brands, Duerr’s, Oliver Valves, Lancashire County Cricket Club, Krones UK, Creamline Dairies, Scapa Group and Hyde Group.

The firm recently moved its head office to a new flagship development in Stockport to accommodate its growing team, taking 11,000sq ft at 3 Stockport Exchange, the latest phase of a £145m project by Muse Developments and Stockport Council.

HURST had been based since 1996 in Tiviot Dale in Stockport town centre, but outgrew the premises. The firm aims to grow from 120 staff to around 170 over the next three years.

Business, FInance, Pensions

Employers must evaluate Excepted Group Life Assurance arrangements in the lead up to the abolition of the LTA, says Quantum

Quantum Advisory, the leading independent financial services consultancy today urged employers to reevaluate Excepted Group Life Assurance arrangements in the lead up to the abolition of the Lifetime Allowance (LTA) on 6 April, voicing concern that many do not have a full understanding of the potential tax charges going forward.

Graham Yearsley, Principal Consultant at Quantum said: “Many employers have implemented Excepted Group Life Assurance arrangements for their employees, these group life schemes are trust based and provide for a lump sum to be payable in the event of death in service.  As they are not registered pension schemes, they have become very popular with high earning employees as they are not tested against the current LTA.

“Whilst lump sum death in service benefits will no longer be tested against the LTA, members of a Registered pension scheme from 6 April 2024 will be tested against the new Lump Sum & Death Benefits Allowance (LSDBA). As the LSDBA will be subject to the deduction of relevant benefit crystallisation events, of which an authorised lump sum death benefit is one such event, any excess death in service lump sum above the new LSDBA will be taxed at the recipient’s marginal tax rate which could reach 45%. This will make a big difference to both employer and employee.”

Yearsley added: “There is clearly still a need for Excepted Group Life Assurance and it’s very concerning that employers may not understand the potential tax charges associated before making a decision on who should continue to be insured in that arrangement. This could lead to significant issues going forward. Employers must evaluate all potential tax charges soon and decide if they are still fit for purpose as an option for their employees.”

For more information on Quantum Advisory visit www.quantumadvisory.co.uk

Accountancy & Accounts

ACCA welcomes HMRC move to require tax agents to belong to a professional body

Regulation needs careful consideration to ensure fairness and proportionality for taxpayers and agents

 

Leading global accountancy body ACCA (the Association of Chartered Certified Accountants) has welcomed the step by HMRC to look to only work with tax agents who are members of recognised professional bodies. Although ACCA is clear that the proposal would need to be carefully implemented to ensure that taxpayers, agents and Exchequer benefit and we do not see a spiral of increased cost and non-proportionate regulation.

 

Glenn Collins, head of technical and strategic engagement, ACCA UK, said: “The idea of HMRC looking to work only with agents who are members of a recognised professional body has been raised by ACCA over many years. It has long been recognised that HMRC has issues with some agents it deals with who act in an unprofessional manner. This step is designed to deal with this problem.”

 

Collins said: “While the move would be broadly welcomed by ACCA members it is imperative that this is done in a cost effective manner. Such a move should increase the quality of tax advice which taxpayers receive and provide greater assurance to HMRC.

 

“However, HMRC will have to be clear and careful on how it defines professional body so those with clear accountability, and public benefit remit backed by clear and transparent standards are included. We will carefully support and advise HMRC to ensure the greatest possible competition and choice in the tax advice market for taxpayers while ensuring an appropriate degree of regulation and protection for taxpayers.

 

“HMRC needs to see that these professional bodies – such as ACCA – appropriately regulate and monitor their members across a range of activities including tax advice. Equally importantly taxpayers – both businesses and individuals – must not see an increase in the cost of their tax advice at a time when they are struggling with a sluggish economy and rising costs on many other fronts.

 

“Overall, ACCA believes this move could help improve trust and confidence in the tax system, reduce pressure on HMRC services and protect taxpayers. ACCA looks forward to working closely with HMRC and other professional bodies to ensure this lates regulatory move is applied proportionately, fairly and at pace.”

 

Editor’s note

 

ACCA also believes that this move could help to rebuild trust with stakeholders which we have consistently called on HMRC to do. See our letter to the Chancellor ahead of the March 2024 Budget https://www.accaglobal.com/uk/en/cam/spring-budget-24.html

 

 

Economy & Jobs News, Tax

The Spring Budget 2024 sees tax cuts and a continued push to unlock pension investment potential

In this year’s Spring Budget, the Chancellor Jeremy Hunt focused on tax cuts made possible through reported progress in the UK economy and to encourage growth in the next few years.

Where pensions are concerned, the Chancellor reiterated messaging over the last few months from the Mansion House reforms and Autumn Statement on targeting value for money for pension scheme members and encouraging pension funds to drive further growth in the UK economy.

Reduction in National Insurance contributions

The government announced plans today to reduce the basic employee rate of National Insurance contributions (affecting approximately 27 million people) from 10% to 8% with effect from 6 April 2024; a further decrease from the recent shift on 1 January 2024 from 12% to 10% and the lowest the rate has been set since the early 1980s.

From an employee benefits angle, this will make salary sacrifice arrangements (where employees can make National Insurance savings on certain benefits) a little less attractive for employees.

Simon Hubbard, a Principal Consultant at Quantum Advisory, said:

“Further reductions in National Insurance contribution rates will be welcomed by many. The change, at face value, indirectly makes saving into a pension less attractive for employees where contributions are paid before the deduction of tax and National Insurance through an arrangement known as salary sacrifice. This change reduces the National Insurance that employees save by using such an approach. 

“These tax cuts must be viewed alongside the freeze on income tax thresholds until 2027. Given this, we expect that salary sacrifice arrangements will remain the most efficient way for employees to pay their pension contributions and there is no impact on the National Insurance savings made by the employer.

“Cuts in National Insurance will only benefit income earned through work, so pensioners will not benefit in the same way that employees do.”

Disclosure and value for money for DC Schemes and LGPS arrangements

The government reiterated planned changes in disclosure requirements for defined contribution (DC) pension funds, such that funds will need to publicly state their level of UK investment and compare their performance level against other schemes (at least £10bn in size).

Where it is determined that schemes are providing relatively poor returns for members compared to that provided elsewhere, schemes may not be allowed to take on new members.

There will separately be revised reporting guidance for Local Government Pension Scheme (LGPS) Funds from April 2024, such that a summary of asset allocation, including UK equity investment, as well as providing greater clarity on pooling will need to be disclosed.

Simon Hubbard, a Principal Consultant at Quantum Advisory, said:

“The announcement from the government will help concentrate DC pension funds on delivering the best returns for members whilst encouraging further investment in the UK economy. We welcome the aim to target good investment returns for every member. Careful consideration will need to be given in the coming months on how to encourage this for DC schemes whilst allowing funds to invest in long-term growth assets that may be volatile in the short-term.”  

Abolition of the Lifetime Allowance

The Lifetime allowance (LTA) is being removed from 6 April 2024 following the Spring Budget announcement last year; a move that is hoped to alleviate pressure on the NHS as well as other industries to prevent early retirements from experienced individuals.

HMRC have since referenced that there will continue to be a fixed cap on tax-free cash sums of £268,275 (25% of the current LTA) and a fixed cap of £1,073,100 (the current LTA) on the total tax-free cash sums that can be paid to an individual.

Simon Hubbard, a Principal Consultant at Quantum Advisory, said:

“The abolition of the LTA will, as a whole, simplify the pensions industry and encourage more to save for retirement and work for longer. It remains to be seen whether this policy will change if there was a new government following the imminent General Election given the Labour party’s opposition to the abolition of the LTA.”

State Pension

The government has committed to applying the triple lock to the State Pension for 2024-2025, such that it will increase from £10,600.20 pa to £11,502.40 pa.

Simon Hubbard, a Principal Consultant at Quantum Advisory, said:

“The triple lock guarantee for 2024/25 (which the Labour Party has also committed to retaining) will ease pensioner fears, particularly given the recent years of high inflation. Whilst this news will be welcomed, wider issues remain with the functionality of the State Pension, which is becoming increasingly more expensive in real terms due to current birth / death rates. We expect there will be further discussions around the State Pension following the election.”

Pension ‘Pot for Life’

The government is continuing to consult on plans to allow individuals to choose one provider to hold their pension pot throughout their life; aiming to improve outcomes for savers as well as convenience of access.

Simon Hubbard, a Principal Consultant at Quantum Advisory, said:

“We look forward to the government providing further detail on the lifetime provider model they have set out, noting that challenges with economies of scale will need to be carefully managed.  This will help people who change jobs frequently or who have multiple jobs at any one time, because under the current system some workers can end up with a large number of small pensions which can be difficult to manage and to keep track of.”

ISAs

The government announced the launch of a new British ISA which will allow individuals to invest £5,000 tax-free cash per year in UK assets in addition to the current ISA allowance of £20,000. The government intends this to help the UK economy grow.

About Quantum Advisory

Established in 2000, we are an independent, owner-managed actuarial and employee benefits consultancy that provides straight-talking, no-nonsense advice to employers and pension scheme trustees.  We design, maintain and review pension schemes and related employee benefits so that they operate efficiently and effectively.  We also help communicate these benefits in a straightforward way so that employees understand their real value.

 

Simon Hubbard

Principal Consultant

Quantum Advisory

Appointments, Finance and Banking, Finance News, News

Duo gain promotion in HURST’s tax team

Independent accounting and business advisory firm HURST has announced two promotions in its tax team.

Sam Ryan, who joined HURST in 2022, has been promoted to tax manager. He works with clients on a range of matters, including transactions, due diligence and restructuring.

Liza Whiley, who moved to HURST in 2021, has become an associate tax manager. She has a dual role, covering personal tax advisory and research and development.

HURST partner Liz Gallagher, head of the tax team, said: “Sam and Liza are integral to the success of our tax advisory department and have both contributed significantly to what will be our best-ever year.

“As a firm, it’s important that we recognise their hard work and dedication as they progress their tax careers with us.

“In addition to reflecting their individual contributions to the business, their promotions underline our commitment to helping colleagues actively develop their careers with us.

“On a personal level, I’m delighted that Sam and Liza have made these important career steps with HURST and I and look forward to working with them as we go forward to the next phase of our firm’s growth.”

HURST focuses on advising entrepreneurial owner-managed businesses with turnover of £10m and above across all sectors. Clients include Kinaxia Logistics, M&I Materials, Beechfield Brands, Duerr’s, Oliver Valves, Lancashire County Cricket Club, Krones UK, Creamline Dairies, Arighi Bianchi, Scapa Group and Hyde Group.

The tax team promotions follow a raft of recent promotions in HURST’s business services team. Four of those five individuals began their careers with the firm as trainees.

HURST is due to move its head office to a new flagship development in Stockport in the spring to accommodate its growing team.

The firm is taking 11,000sq ft at 3 Stockport Exchange, the latest phase of a £145m project by Muse Developments and Stockport Council.

HURST is taking a 10-year lease and will occupy the entire fifth floor at the building. It has been based since 1998 in Tiviot Dale in Stockport town centre, but has outgrown those premises.

The new HQ will give the firm scope to expand from 120 staff to around 170, which it aims to achieve over the next three years.

News

A Guide to VAT Registration for Your Business

Value Added Tax, or ‘VAT’, is a tax based on the value of goods or services. As a ‘self-assessed’ tax, it is the responsibility of the taxpayer – the business owner – to ensure they are accounting for VAT correctly on all relevant transactions. A transaction is within the scope of UK VAT if it concerns a supply of goods or services made in the course or furtherance of business that takes place in the UK and is made by a taxable person (an individual or company who is registered for VAT).

Below, the experts in business tax at The VAT People outline what VAT is, the registration threshold, when you should register your business and how, the advantages to registering before hitting the threshold, the records you need to keep and how to submit them, as well as expert advice on tailoring your VAT compliancy to your clientele.

Managing your business’s VAT registration correctly

VAT is an important consideration for all businesses; mistakes can cost time and money to correct, so ensuring you are acting in accordance with your obligations from the outset is crucial. In the event errors are made, these may be subject to a VAT penalty regime which runs from 0% to 100% depending on the nature of the error, although showing that reasonable care has been taken to get VAT right reduces potential penalties.
When should I register my business for VAT?

Should the value of a business’s taxable supplies exceed the value of £85,000 in a rolling 12-month period, or in the next 30 days alone, the business will be required to register and account for VAT on taxable supplies. Registration can be sought via an online application, or by submitting a VAT1 form.

What are the VAT rates I should know?

There are currently 3 VAT rates in effect in the UK;

The standard rate of VAT (20%)
The reduced rate (5%)
The zero-rate (0%)

Supplies can also be classified as exempt from VAT – the value of exempt goods/services are excluded when calculating whether a business has exceeded the VAT registration threshold. If a supply cannot be defined as being liable to the reduced or zero rate, or being exempt, it is by default a standard-rated supply. Zero-rated supplies are still considered a taxable supply and should the value of zero-rated supplies made exceed the relevant threshold, VAT registration will be required.

A VAT 1 form can be found on the gov.uk website; VAT1 Application for registration. VAT registration can also be applied for online – for example, we at The VAT People are able to apply on behalf of clients via our agent’s government gateway, or a client can apply online themselves by creating a government gateway account – more information regarding this can again be found on the gov.uk website, at How to register for VAT.

The VAT liability of supplies is outlined in three schedules of the VAT Act 1994, which are:

Schedule 9 – exempt supplies Value Added Tax Act 1994
Schedule 8 – zero-rated supplies Value Added Tax Act 1994
Schedule 7A – reduced-rated supplies Value Added Tax Act 1994

There is no list of standard-rated supplies as this is by exception. As such, if a supply of goods or services is not shown within the above schedules it will likely be subject to the standard rate.

The VAT due on a business’s supply of goods or services is known as its output tax. Conversely, VAT incurred on purchases is classified as input tax and is recoverable to the extent that it is incurred in the course of making onward taxable supplies. As such, input tax relating to the provision of exempt supplies is irrecoverable (as this is not considered a taxable supply for VAT purposes).

How do I submit my business’s VAT returns?

VAT-registered businesses are required to submit quarterly VAT returns (although these can be submitted monthly in certain circumstances) to report the output VAT (VAT on sales) charged during the relevant period. This is offset against input tax (VAT on purchases) incurred within the same period and in instances where input tax exceeds output tax (for example where sales made are primarily zero-rated), the difference is paid to the taxpayer by HMRC. Where a VAT return is submitted late or payment of VAT is made late, the trader may be liable to a default surcharge.

Should I voluntarily register my business for VAT?

A business trading below the VAT registration threshold may voluntarily register. The main benefit to doing so would be to recover input tax incurred, although output tax must be accounted for in the normal way. Therefore, consideration should be given to the commercial implications of doing this, particularly where customers and not VAT registered (i.e., consumers), and this additional VAT element will represent an irrecoverable cost.

In terms of record keeping, a registered person must provide their customer with a VAT invoice within 30 days of the tax point of the supply (this is the date a supply is made for VAT purposes) and should contain the following information;

Invoice number;
Date of supply;
Date invoice issued;
Supplier’s name, address and registration number;
Recipient’s name and address;
Description and quantity of goods/services;
Amount being charged;
Rate of VAT applicable;
Total amount being charged;
Rate of discount, if offered
Copies of sales invoices issued by the business should be held within their records.

Furthermore, purchase invoices (showing the above information) should be retained, particularly where a claim for input tax is being made via a VAT return. If the business does not hold a corresponding purchase invoice, it is unable to claim input tax incurred.

My clients are based outside of the UK; does this matter?

The sale of goods/services to customers located outside the UK is subject to a different VAT treatment depending on the location of the customer, the type of supply and its value. This can be a complex area to navigate and therefore, should supplies be made outside the UK, please seek further advice to ensure VAT is accounted for correctly.

The VAT People is a VAT consultancy firm that works with a wide range of businesses in providing comprehensive advice on thorny VAT issues across all sectors and we are well-known and highly regarded by the profession. We have helped countless businesses of all sizes, in all industries, remain VAT compliant and strategise ways to optimise their VAT processes.

Accountancy & Accounts, News, Tax

How to Give Your Staff a Tax-Free Christmas Bonus

December is often a time when businesses look to give back to their employees and celebrate the company’s success over the last year. The most common way to do so is through a Christmas bonus, usually in the form of some extra cash, but this is not always the best way to get the most from your money.

Cash bonuses paid by businesses are subject to Income Tax, which means that anyone who receives a bonus will not benefit from the full value of your Christmas gift. If you give goods with a cash value, these will also be subject to a tax liability that will reduce their value in most cases. These factors can make it difficult to decide how much to offer as a bonus, and may lead you to ask whether you can give a Christmas bonus without incurring this tax liability.

Thankfully, there is a way. By using the trivial benefits exemption to offer staff (including company directors) bonuses in the form of gift vouchers, you can avoid any tax liability for the business and for the recipient and let your staff enjoy the full value of a well-earned Christmas bonus.

Here, the expert chartered accountants at Sherlock & Co will explain how the trivial benefits exemption works, the restrictions that apply, and what businesses need to do in order to take advantage of this exemption in time for Christmas.

How can I make sure gift vouchers qualify as tax-free bonuses?

Gift vouchers are among a number of possible items that may be considered “trivial benefits” under tax law. Unlike cash bonuses or goods, trivial benefits are not subject to Income Tax, although there are some conditions that you must meet when giving vouchers to ensure that they qualify as trivial benefits.

If the gift vouchers meet all of the following restrictions, it will be considered a trivial benefit:

– Each voucher must cost a maximum of £50
– The voucher must not be a cash voucher or be exchangeable for cash
– The recipient must not be entitled to the voucher through the terms of their contract
– The voucher cannot be given as a reward or performance incentive
– The voucher cannot be provided as part of a salary sacrifice arrangement

Not only are vouchers that meet these conditions free from any Income Tax liability, but their cost is a tax-deductible expense for the business. It does not matter where you buy the voucher from, so you are free to pick something your staff will like. You might choose a popular high-street shop, an online outlet, or a voucher that they can spend in multiple places to allow them to choose for themselves.

Are there limits to how many vouchers I can give?

There are no limits on how many vouchers you can give, but there are some limitations on how many staff members and directors can receive. For employees, there are very few restrictions and they can enjoy essentially unlimited trivial benefits each year (that meet the above conditions), but they cannot receive more than one per day.

For directors of companies with five or fewer shareholders, there is an annual limit of £300 per tax year on the trivial benefits they can receive. These businesses are referred to as “close” companies and this £300 limit extends to anyone who lives in the same household. Nevertheless, this means that directors can enjoy up to six £50 gift vouchers each year without incurring any additional tax liability.

For these reasons, vouchers that qualify for the trivial benefits exemption can be a good way to offer bonuses throughout the year. What is more, trivial benefits are discretionary, which means that you do not have to give them to every employee. You can give to one employee, a group, or your entire staff – just remember, you cannot give them in recognition of hard work without incurring a tax liability and this may be more difficult to prove if you give them to only a few select recipients.

With all of this in mind, we hope that you take advantage of the trivial benefits exemption and give a generous, tax-free Christmas bonus to your staff this year.

News

Tax Systems Announces the Appointment of Bruce Martin as Chief Executive Officer

Tax Systems, the tax software supplier to accountancy firms and corporates, has announced the appointment of Bruce Martin to the role of CEO, post a 12-month succession planning programme. Martin joined Tax Systems as Chief Finance Officer in 2021 and was promoted to MD and CFO in February 2022. He now succeeds Gavin Lyons as CEO, who remains with the business as a strategic advisor and Board member.

In his role as MD, Martin has been instrumental to the business; delivering excellent financial results, overseeing the development of a new cloud platform as part of a strategic move to become a Software-as-a-Service (SaaS) provider, building out the senior management team and ensuring the business continues to deliver an exceptional customer experience.

Prior to joining Tax Systems, Martin was CFO/COO at Arrowpoint Advisory, an international mid-market M&A advisory firm. Before that, he was Head of FP&A and Operations at eFront. As he steps into the role of CEO, he will be replaced by Tax Systems’ Head of Finance, Adam Feigin, who is promoted to Group Finance Director. Feigin will also join the leadership team.

“Tax Systems is a special place to work. The large and expanding market opportunity, together with the impending launch of our new business model into a pure SaaS provider with a new to market, purpose-built platform, marks this out to be a very exciting journey,” commented Martin. “This transformation will cement our place as market leader in the UK and Ireland and will create the springboard for exciting future growth (plans of which are already underway). We pride ourselves in pushing the tax compliance industry to evolve with changing technology capability and doing our bit to reduce the well-documented tax gap. We have lots to do and I am eager to lead our team on this exciting journey!”

“Bruce has made a significant impact on the leadership team and our business since joining in 2021. We are delighted to appoint him at this key point in the Company’s evolution and we are confident he will lead us well during this period and beyond,” commented Mark Rogerson, Chairman of Tax Systems. “As a Board, we are extremely grateful to Gavin Lyons who has led the Business with considerable success as Co-Founder and CEO over the last six years and are truly delighted to be continuing to work with him and benefit from his support and guidance in the years ahead.”

News

Accounting firm HURST strengthens tax advisory team with two recruits

Accounting and business advisory firm HURST has strengthened its tax advisory team with two new recruits.

Chartered tax adviser Sam Ryan has joined HURST from Crowe UK as an associate tax manager. He will be using his expertise to advise clients on a range of matters, including transactions, group restructuring and succession planning.

HURST has also welcomed Joseph Bourke to its tax team as a graduate trainee. He recently graduated with an accounting and finance degree from Manchester Metropolitan University.

Liz Gallagher, head of HURST’s tax advisory team, said: “We are really pleased to welcome these two talented individuals to the firm and in particular to our tax department.

“Due to the rapid growth in our client base, both in terms of numbers and sophistication, we are experiencing an ever-increasing demand for high-quality taxation advice, and we are constantly on the lookout for new additions to our highly-experienced team.”

Joseph is the latest graduate to join HURST’s training programme, following the arrival earlier this year of Ewan Lawson, Tirath Panesar and Miles Redgrave as trainees in the business services department.

Meanwhile, Jack Skilton has joined the HURST Digital team on a full-time basis after being seconded from the business services team. He joined HURST in 2017 as a trainee chartered accountant.

HURST created its specialist digital team in 2018 to support companies in embracing technology to drive improved performance and efficiency. It is led by Jo Gibson, a partner in the firm’s business services team.

The digital team works with owner-managed companies across the UK to review their operations and implement bespoke digital strategies, including making better use of data, new business reporting methods and the integration and automation of processes. The team also helps businesses to meet the requirements of the government’s Making Tax Digital legislation.

HURST, which is celebrating its 40th anniversary this year, focuses on advising entrepreneurial owner-managed companies with turnover of £5m and above.

Clients including leading entrepreneurial businesses such as Kinaxia Logistics, M&I Materials, London Lash, Beechfield Brands, Duerr’s, Oliver Valves and Delamere Dairy.

Appointments, News

Trio promoted at accountancy firm HURST

Accounting and business advisory firm HURST has promoted three rising stars to associate manager level.

The trio are Oliver Cross and Ellie Wild in HURST’s business services team and Jack Moore in the tax team.

Oliver was recruited to the practice in 2017 as an audit senior while Ellie joined as a graduate trainee accountant in 2015 and qualified two years later. Jack joined HURST in April last year as a tax senior.

HURST partner and director of practice development Simon Brownbill said: “Joining us early in their careers, Ollie and Ellie have become invaluable members of the team, and we welcome their promotion to management positions.

“In a short period of time, Jack has really impressed us with his skills and knowledge. We see his promotion as recognition of his stellar performance, and the central role he will play as the team continues to grow and develop.

“These promotions reflect our ongoing commitment to promoting talented individuals within the firm and giving them the opportunity to further their careers with us.”

HURST, which is celebrating its 40th anniversary this year, focuses on advising entrepreneurial owner-managed companies with turnover of £5m and above.

Clients include leading entrepreneurial businesses such as Kinaxia Logistics, M&I Materials, London Lash, Beechfield Brands, Duerr’s, Oliver Valves and Delamere Dairy.

Meanwhile the firm has also recruited three trainee accountants to its growing team.

They are Ewan Lawson, who has a maths and economics degree from the University of Strathclyde, Tirath Panesar, who graduated in accounting and finance at the University of Leeds, and Miles Redgrave, who has an astrophysics degree from Loughborough University.

In another development, Mimi Weir-Bennett has taken on a new role at HURST as its dedicated HR and quality associate. She joined the practice as a personal assistant in 2015, then moved to its HR and business support team.

Mimi’s new role will see her support and promote best practice across the firm.