Why choose Duncan & Toplis?
Having worked for many years with a wide range of manufacturing and engineering clients, our specialist team have first-hand experience and understanding of the current issues within the sector.
Our proactive approach and expertise means that we are able to keep clients one step ahead of the issues that may affect them. These include:
Annual Investment Allowance
The Annual Investment Allowance enables UK businesses to write off 100% of the cost of newly acquired assets such as plant, machinery, equipment & commercial vehicles in the first year of ownership. The amount of the allowance has been subject to regular changes since its introduction in 2008 and is currently increased to £1m for 2 years from 01 January 2019. As manufacturing is a capital-intensive industry, this increase in the AIA threshold significantly helps productivity, but timing of expenditure is important for tax planning and therefore businesses are advised to seek advice from a specialist in tax planning for the sector.
Research and Development Tax Credits
Are you aware of the Government’s Research and Development (R&D) tax credit scheme, designed to encourage innovation by providing financial incentives to companies engaged in innovative activities in the fields of science and technology? If your company is involved in developing new technology and products, seeking solutions to technical issues or seeking further efficiencies and advances in existing processes, then you may well be undertaking eligible R&D activities that will qualify for the tax incentives available. A vast number of manufacturers are yet to claim for R&D tax credits.
Shortage of skills and succession plans
Due to the nature of the industry, the need for highly-skilled workers is at an all-time high, and the existing gap between the level of qualified workers entering the industry and actual demand is only set to increase. To accommodate this, succession planning is required to ensure that jobs are filled as employees retire from the profession over time. For this reason, it is important that manufacturing and engineering organisations seek proactive advice from an accounting firm that understands the complexities within the sector, to ensure that the right planning is in place to address such major issues.
For advice on export and import issues at this uncertain time, our membership of Kreston International, enables us to extend our services across borders. Whether you need an answer to a foreign tax question or advice on opening an overseas subsidiary, the close relationships we enjoy with our Kreston counterparts will ensure you receive a timely response.
We’re here to help
Our services spanning the manufacturing and engineering sector range from audit/assurance and tax returns, to payroll and financial management.