Manufacturing current issues

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Our experts are aware of current developments in the manufacturing and engineering sector and through our proactive approach, we inform our clients of any issues that may affect them.

Research and Development (R&D) tax relief
R&D tax relief is a widely available, but often overlooked relief. There has been an unprecedented rise in the number of companies successfully claiming R&D tax credits, with the Government pushing the incentive through increased rates and relaxed qualifying conditions. Yet, many manufacturing and engineering businesses still do not realise that they have qualifying R&D projects. To claim this generous tax relief, you don’t have to work in a lab and wear a white coat; you may be surprised how broad the qualifying conditions are.

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A shortage of skills
Arguably one of the biggest challenges facing many manufacturers and engineers 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 fill in the years up to 2020 as people retire or leave manufacturing.

Similarly, forecasts also suggest that the UK needs to more than double the number of qualified engineers if it is to meet the likely demand in the years up to 2017. With the age profiles of the sectors also rising, it is crucial you seek sound and proactive advice from specialist manufacturing & engineering accountants.

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On 23rd June 2016 the UK voted to leave the European Union. From the argument over selling bendy bananas to the threat of an emergency Budget, the EU referendum campaign has undoubtedly had its share of the headlines over the past couple of months. The biggest headline now though is of course that the UK has voted to leave the EU.

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Is 3D printing the future of manufacturing?
As the cost of the technology continues to fall, 3D printing now has the potential to fundamentally change the economies of scale for the smaller, pioneering companies, opening up considerable opportunities for innovation and growth. High-end, larger manufatcurers are already creating protects to personal specifications and seeking rapid product development using the technology. As the technology makes pace in the market, it is important manufacturers, small and large, consider the potential future implications of 3D printing.

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To find out more about how one of the leading firms of accountants in Sheffield, Doncaster and Northampton can help you, please contact one of our specialists. We believe in long-term client relationships and understand the importance of meeting to establish that you like us and we like you. This is why we offer all new clients a free initial meeting which will enable you to have a discussion about you and your business issues.