The last three months have been dominated by politics and largely, from our discussions, manufacturers have concentrated on production and operations, leaving investment and other strategic decisions until after the general election and Brexit.
Our winter edition of Manufacture looks at the outcome of our recent outlook survey and key topics impacting the manufacturing sector at present.
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Our inaugural Manufacturing Outlook report, drawn from our survey, examines the key concerns facing the manufacturing industry today and highlights the opportunities and challenges many people face in the day to day running of their business.
HMRC’s crackdown on the use of the Personal Service Company (PSC) applies equally to all workers who provide their services through a PSC or other intermediary to large and medium-sized businesses. The implications of changes to off-payroll working need to be assessed before the April 2020 deadline of IR35.
The UK has seen a 9% decrease in productivity over the last 10 years, whilst most other countries saw an increase. The use of robotics within the manufacturing sector may be one way to close the gap between the UK and its competitors.
Statistics show that some innovative manufactures have been able to claim cash from HMRC twice over, firstly from R&D tax credits and secondly from patent box reliefs. It is always worth checking to see if it can benefit from the free cash available by claiming R&D or patent box benefits.
Our recent research with the University of Portsmouth found that global losses due to fraud equates to £3.89 trillion annually. Losses to fraud have increased drastically over the last decade. Fraud and cybercrime can significantly damage businesses both financially and in terms of their reputation meaning it’s key that precautions are put in place.
There is an
ever-increasing need for manufacturers to provide environmentally friendly
products, to do so sustainable choices must be made at every stage throughout
the supply chain.
There are a number of changes to EU VAT law that took effect from 1 January 2020. Due to the recent focus on Brexit, many UK businesses trading in and with EU Member States may not be aware of changes that are relevant to them.
Download the report [pdf]