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Manufacturing News

Manufacturers and engineers need a high level of technical expertise and skill - so do their accountants

UK automotive driving the manufacturing sector

The UK automotive sector is in a period of sustained growth, overcoming challenging export conditions, investing highly in research and development and leading the way to the long term future success of the whole UK manufacturing sector. Research from The Society of...

Manufacturing 2016 Budget review and analysis

Welcome to our manufacturing 2016 Budget review Following a year in which the Chancellor had a pre-election Budget in March, a surprise summer Budget in July and an Autumn Statement in November, on 16 March the Chancellor delivered his first Budget of 2016. In the...

Small business 2016 Budget review and analysis for SMEs

Welcome to our small business 2016 Budget review On 16 March, the Chancellor delivered his first Budget of 2016. In the lead up to the 2016 Budget there were a number of potential measures which many small business owners may have been hoping for, including an...

Tax Rates and allowances 2016/17 – summary and details

Tax Rates and Allowances 2016/17 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2016/17 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

2015/16 year-end tax planning advice for owners and individuals

2015/16 year-end tax planning advice Would you like the opportunity to reduce the taxman’s take from your own and your family’s income? If so please continue on to read our year-end tax planning advice. Carrying out an annual review of your tax affairs could...

Important PAYE and employment tax changes 2016 that you need to know

Are you ready for the fothcoming PAYE and employment tax changes? There are some very important changes to PAYE and employment tax rules due to come into effect from April 2016. It is important that as an employer you are aware of these changes and, if necessary, have...

SME manufacturers ‘missing out’ on £25bn

Could SME manufacturers be making more money than they are? The Exact 2015 SME Cloud Barometer – an independent research study of almost 3,000 SME leaders across the UK, the US, France, Germany, the Netherlands and Belgium – has indicated that small and medium-sized...

Possible benefits of 3D printing in UK manufacturing

Rapid advancements in 3D printing have led to UK manufacturers exploring the use of the technology in production, but what really are the possible benefits of 3D printing? In this article we look at customisation, cost, flexibility and speed to market. Firstly, 3D...

Ongoing transportation projects to improve UK links

The Chancellor, George Osborne, has promised to continue to make significant infrastructure improvements a key focus over the next four years through committing billions of pounds to improving the UK’s transportation links. In this article we look at some of the...

Making R&D claims easier for smaller and medium companies

The government views investment in research and development (‘R&D’) as a key to economic success. It is therefore committed to encouraging more smaller and medium sized (‘SME’) companies to claim R&D tax relief. Claims by SMEs for enhanced tax deductions have more...

New Advanced Assurance scheme for R&D tax relief claims

HMRC have introduced a scheme whereby small companies will be able to seek Advance Assurance on whether the research and development (R&D) they are carrying out qualifies for R&D tax relief. The scheme came into effect from November 2015 and will provide greater...

Manufacturing Autumn Statement 2015 review

On 25 November, the Chancellor delivered his latest Autumn Statement. In a year which has already seen two Budgets - which have both brought challenges and opportunities to the manufacturing sector - manufacturers were perhaps understandably tentative, yet optimistic,...

Big small company accounting changes ahead

Are you ready for the changing landscape of small company accounting? Over the next year or so the statutory accounts that small companies have to prepare and send to Companies House are changing because of revisions to the Companies Act and some connected changes to...

The decline of the British steel sector

The British steel sector has seen prices half in the last 12 months as it falls behind in an industry which is dominated by China. In the last 6 weeks alone a number of steel manufacturers have announced job losses as they look to cutback steel production in the UK....

Where are the drivers of the future for transport & logistics?

Just 2% of all HGV drivers are under 25 - where are the drivers of the future for transport & logistics? It is fair to say that over the last few years there has been a shortage in the number of young drivers entering the transport & logistics sector. A report...

Over £11.4bn in R&D tax relief now claimed

£11.4bn in R&D tax relief now claimed - are you missing out? HMRC has now published its most recent R&D tax relief statistics (2013/14), and the picture remains very positive. The statistics show that companies - both SME and multinational alike - are continuing to...

Manufacturing outlook – challenges and opportunities

Welcome to our manufacturing outlook 2015/16. Manufacturing remains one of the key sectors within the UK and I think it’s fair to say we should be upbeat about the future. The picture remains largely positive and it is not particularly surprising that so many...

Small business outlook 2015/16

Welcome to our small business outlook 2015/16. Although not all small businesses have seen an improvement in their financial performance in the last 12 months, the picture is largely positive. The UK economy thrives on small businesses and, generally speaking, they...

Owning a property via a company – big tax changes!

Last month, at the annual HLB International Audit & Tax Conference in Amsterdam, I spoke to member firms about the current real estate developments in the UK from a tax perspective. There have been some big changes recently, including Stamp Duty Land Tax (SDLT), the...

Chancellor gives Annual Investment Allowance certainty

The Chancellor announced in the Summer 2015 Budget that the Annual Investment Allowance will be set permanently at £200,000 from 1 January 2016. He has previously said that this would be included in the Autumn Statement, but this earlier announcement provides welcome...

Manufacturers to increase focus on innovation?

UK manufacturing executives see innovation as a pivotal part of their strategic focus going forward, according to the KPMG Global Manufacturing Outlook 2015, a survey of 386 senior executives, released earlier this month. Key takeaways from the report: 50% of...

Planning for capital expenditure in the next few months

For many businesses the prospect of obtaining a 100% tax deduction for the cost of plant and machinery purchased by the business is attractive. Announcement from the Summer 2015 Budget The Chancellor announced in the Summer 2015 Budget that the Annual Investment...

Prompt payment discounts and VAT

If you offer a discount to your customers for prompt payment, the VAT treatment has become quite tricky. For many years UK legislation has allowed suppliers to account for VAT on the discounted price offered for prompt payment even when that discount was not taken up....

Manufacturing skills shortage: retaining key employees

Arguably one of the biggest challenges facing many manufacturers is the shortage of qualified, highly-skilled employees. With a shortage already building, a recent report published by the Government office for Science forecast that there will be thousands of jobs to...

Is 3D printing the future of manufacturing?

3D printing could be the key element in determining whether or not many manufacturing businesses will flourish or fail in the future. Research indicates that 3D printing is revolutionising manufacturing as we know it, which will see companies being able to fulfil...

Tax Rates and allowances 2015/16 – summary and details

Tax Rates and Allowances 2015/16 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2015/16 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

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