Manufacturing

The Midlands used to be known as the “Workshop of the World” and manufacturing is still going strong in the area.

Manufacturing companies in the region are key drivers for job creation and innovation as part of a sector responsible for a tenth of the value of all goods and services produced in the UK.

The automotive industry has been a constant presence locally, with famous names such as Morgan, MG, Aston Martin and Jaguar Land Rover all made in the West Midlands.

JCB has been a manufacturing heavyweight in construction and agricultural machinery in Staffordshire since 1945, while Kidderminster is renowned for its carpets. Aga cookers has had a factory and foundry in Shropshire since the 1940s and still employs 350 people.

At Nicklin LLP, we have particular expertise in working with manufacturing clients in the Midlands, who benefit from our extensive tax, accountancy and business development expertise. Our services include:

  • Research and development (R&D) tax credit claims: we help clients recover R&D tax credits for their innovative work to advance science and technology. As well as assisting with claims, we can advise on improving record-keeping so that all eligible expenditure is claimed for
  • The Patent Box initiative: Patent Box allows companies to pay 10 per cent corporation tax on worldwide profits arising from patents and other intellectual property (IP). We can provide expert advice on all aspects of Patent Box, including its interaction with R&D tax credits
  • Corporate finance: for manufacturing businesses considering major projects or changes, including through buying or selling a business, raising additional finance for investment or growth or preparing for a change in leadership through succession planning
  • Comprehensive tax advice: alongside tax compliance services, we can assist manufacturing clients on strategic planning to maximise corporate tax efficiency, for example by making the most of capital allowance claims for investment in plant and machinery and tax-efficient remuneration
  • VAT: we will ensure that businesses remain compliant with the VAT regulations while minimising their liabilities. In addition to providing guidance on VAT registration and the tax implications of everyday business matters, we can also advise on special schemes, cash accounting and flat rate schemes.

We can also assist with issues including budgeting, cash flow management, credit control, business structures and restructuring.

Manufacturing is a sector with unique commercial, accountancy and tax requirements. Instruct us to act for you, and rest assured that we will understand your business model and look after your best interests. We will be pleased to provide referees, from other manufacturing businesses who we already act for, if you require.

For more information on how we can assist manufacturing businesses in the West Midlands, and further afield, call our Halesowen office on 0121 550 9916 or our Worcester office on 01905 330399.