The UK is the 11th largest manufacturer globally and there has been vibrant growth within this sector in recent years, with a strong focus on innovation.
The uncertainty facing this sector remains high and this, combined with the rise in production costs and workforce recruitment and retention issues, means it is essential to have a team of specialist manufacturing accountants to assist you in running and developing your business.
We have developed a wealth of accounting/tax experience and insights into acting for manufacturing clients, who typically require a mix of our services such as:
- Assisting you to make your book-keeping system Making Tax Digital compliant.
- Preparing your annual statutory accounts and submitting a minimum disclosure filleted set onto the public record at Companies House.
- Submitting your annual business tax returns to HMRC (CT600 company return), including, where relevant, maximising claims for.
- Research & development tax relief.
- The patent box initiative.
- Capital allowance claims on CapEx.
- Completion and submission to HMRC of the directors personal self-assessment tax returns.
- Before submitting these tax returns to HMRC, taking out tax investigation insurance to mitigate the potential extra professional fees that would arise if HMRC open a tax enquiry into one of your tax returns. Key risk areas for such an enquiry in this sector:
- R&D tax relief,
- Ensuring you are eligible for Enterprise Investment Schemes, to attract outside equity investors.
- Book keeping and management accounting.
- Company secretarial duties, to maintain your statutory registers and filings on the public record ay Companies House.
- Assisting you achieve acquisitive growth through a business acquisition.
- Optimising your business credit rating.
- Tying in and incentivising your key managers through issuing EMI share options and/or growth shares.
- Tax planning.
- Bench-marking your turnover growth.
- Business turnaround advice.
- Company pre year end planning.
- Advising you in relation to sourcing grants and debt finance.
- Asset protection advice for your business premises.
- Valuing your business,
- Business exit planning, perhaps enabling you to retire early.
Our Manufacturing Group meet on a regular basis throughout the year, with representatives from across the firm discussing current matters impacting the sector as well as ensuring advisers are up to date with recent legislative changes and best practice.
Our Tax Group “A Brief Guide to…” publications:
- Annual Investment Allowance | Enterprise Investment Scheme Relief | Individual Savings Accounts | Making Tax Digital | Off-payroll Working | Patent Box | Pension Death Benefits | Personal Tax Account | Research & Development Tax Relief | Seed Enterprise Investment Scheme | Stamp Duty Land Tax | Tax Year End Planning | Trusts
Get in touch with your local office and speak to one of our specialist manufacturing accountants, to see how we can add value.
We offer a free initial consultation to potential new clients.
Whitings guided us in setting up the day to day accounting systems and have since looked after the annual accounts and tax matters.