1813 Club and Premier Members
Use tax breaks to help prepare for post-Brexit future
Manufacturers should take advantage of all available tax breaks and incentives in order to put themselves in the best position they can for post-Brexit and the onset of the fourth industrial revolution (i4 or Industry 4.0). That’s the view of Johnathan
Dudley, head of manufacturing at business adviser Crowe UK. Mr Dudley said that despite the
spotlight being on tax avoidance and evasion, the UK tax system also rewarded innovation. For example, where there were
advances in science or technology, companies could claim enhanced corporation tax relief for the associated costs. There are also research and
development (R&D) tax credit schemes designed to encourage innovative companies and provide a reward in the form of cash payments or reduced corporation tax liabilities. This form of funding is a lifeline
for many companies, while others use the tax saving to reinvest in their businesses or fund further research and development. In statistics from HMRC for tax year ended 31 March 2017, around
40,000 companies made a claim for R&D tax credits, of which around 12,000 were from manufacturing companies. While this is a high proportion,
many more companies could make a claim. Valid claims can include advances in products, but also in the processes that create those products. Eligible companies can claim up to a 33 per cent return on qualifying costs, which is an attractive return for any company. The tax system also rewards
companies that have patents. Where income is generated from patents registered in the UK and some other countries, the profits derived from exploiting those patents can have an effective corporation tax rate of 10 per cent, known as ‘the patent box’. However, the statistics show that
not many companies claim this relief. The UK corporation tax rate is currently 19 per cent and unless there are changes in legislation it will reduce to 17 per cent from April 2020. The patent box is therefore still a very attractive proposition and is something that all manufacturing businesses should consider. Mr Dudley said: “Manufacturers
Manufacturers must use tax relief to help innovate: Johnathan Dudley
need to innovate for success. This is more important as we look to the uncertain future. Taking full advantage of the tax reliefs and incentives offered by the UK government should be something that all innovative manufacturing companies are doing. “We have been talking a lot to manufacturers over the last year or
New recruits are hot property
Property consultant Pennycuick Collins has appointed two new team members to its residential management team. Andrew Winstanley has joined
the firm as a senior property manager and Chloe Ross has been recruited as a property administrator. Head of residential property management Lyndsey Cannon- Leach said: “These are important appointments for our business as we have experienced a rapid period of growth in the last 18 months. “Andrew and Chloe share the
firm’s passion for building strong client relationships and we know that our clients will benefit greatly from these new roles.” Andrew Winstanley said:
“Pennycuick Collins has an excellent reputation in the market place. “I am excited to be joining such
an ambitious business at this exciting stage of its developments, also to use my knowledge of this sector to benefit our clients.”
Chloe Ross and Andrew Winstanley
so about upskilling for i4, the name given to the current trend of automation and data exchange in manufacturing technologies. Industry 4.0 is also referred to as the fourth industrial revolution. “Making maximum use of the
annual investment allowance must surely be a strategic imperative for successful manufacturers.”
Quiz night raises £3k for charity
Law firm Sydney Mitchell has raised more than £3,000 for charity after holding a quiz at The Studio, Birmingham. The winner of the
event – now in its 11th year, was a team from Cornwall Street Barristers, runners up was No. 5 Chambers and in third place was Eastcote Wealth Management . Sydney Mitchell partner
Karen Moores (pictured) said: “We look forward to the quiz each year and it is great to see so many regular supporters coming year after year. It was great fun and raising money for two fantastic causes, Buddy Bag Foundation and Age UK Solihull.” Sydney Mitchell has offices
in Birmingham city centre, Sheldon, Shirley and Sutton Coldfield.
April 2019 CHAMBERLINK 39
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