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Sector Focus


Growth prompts recruitment drive


A clutch of new clients and consistent growth has led to an accountancy firm launching a recruitment drive for both experienced accountants and graduates. Birmingham accountancy


firm Moore Stephens is looking to make four additions to its tax team, which has grown its revenues by 25 per cent year on year for the last four years and is aiming to recruit a mix of experience and youth to help continue this trend. The team extended its focus


to areas such as profit extraction, restructuring, acquisitions and disposals, while continuing growth in relation to research and development (R&D) tax relief, which gives innovative companies a valuable cash boost. There are two places for


senior professionals to join the Moore Stephens business tax team, in a manager and senior executive role, as well as two more positions up for grabs for graduates, which will have a focus on R&D.


Finance Sector Focus The latest news from the sectors that matter to business Keep your student debt


An awful lot has been written and said about student debt – and while there seems no argument that people are graduating with eye-watering levels of debt, should they be in a rush to repay this? Most people would probably immediately


answer ‘yes’ – but according to financial adviser Close Brothers Asset Management, who have an office in Coventry, that’s not necessarily the right answer. According to the Institute for Fiscal


Studies (IFS), graduates from English universities have the highest student debt in the developed world, with the average student likely to rack up £57,000 in debts during their degree. Despite that, student debt repayments


are not necessarily the huge burden on young graduates that everyone thinks they are, according to Close Brothers’ Jonathan Neale (pictured), a chartered financial planner. For starters, he said, loan repayments do not start


until graduates earn £25,000 a year. At that point, they have to pay back nine per cent of the income they earn that is over the repayment threshold. Graduates who earn less than £25,000 during their careers won’t have


to pay back anything, although interest will continue to accrue on their loans. In addition, the debt is only for a fixed term and is


wiped out after 30 years, or in the event of the borrower’s death. On this basis – hopefully due more to the former – the IFS says that 83 per cent of graduates will never repay all their debts. And for most graduates, who will never realistically pay off their loan or anything near it during the term, it does not make sense to repay the loan in full at an early stage. The exception is when a student is likely to earn at least £45,000 soon after graduating, and as doctors,


accountants or lawyers can expect to enjoy a high income for the rest of their career. So by paying off their debt sooner rather than


later, or even not taking out a loan in the first place, they avoid interest and capital payments. However, if they take a career break, or switch to a


less-pressured job on a lower salary, they effectively go back to repaying interest and not capital – which means any additional capital they have repaid on top of their standard repayments will have been unnecessary.


THAMES WILLIAMS is a firm of qualified accountants based in the Jewellery Quarter, Birmingham. We specialise in working with Sole Traders, Small Businesses and Start-Ups by providing a full range of modern accounting services, tax savings solutions and business consultancy.


Our approach is non-traditional and personal.


Helping our clients achieve their short, medium and long-term objectives with our knowledge and expertise. Future-Proofing our clients for changes seen or unseen down the road.


57 Frederick Street Birmingham B1 3HS


t: 0121 798 9805 e: hello@thameswilliams.com w: thameswilliams.com 60 CHAMBERLINK October 2018


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