The challenges facing the UK manufacturing sector are many, varied and well documented; whether they arise from Brexit or the problems of Covid-19 and lockdown, the sector is currently experiencing uncertainties unseen for many years.
A recent survey found that output grew in August at its fastest rate since May 2014 indicating recovery following the coronavirus lockdown. This improvement was suggested to have been as a result of an upturn in domestic demand and also signs of recovering exports.
However, the sector is still well below its pre-coronavirus size and firms continue to lay off workers at a rapid rate as they adapt to the new economic situation.
Furthermore, the bounce-back is expected to slow over the Autumn as companies adjust to the new financial climate.
In light of this somewhat gloomy forecast, what should manufacturing companies be doing to strengthen their position?
At Thomas Westcott and through our membership of the world-wide Prime Global group of accountancy practices we can offer clients in the manufacturing sector a broad array of experience and assistance including:
1. Design and implementation of accounting systems.
2. Preparation of management accounts.
3. Advice on all areas of taxation including VAT, Research and Development, capital allowances and tax-efficient remuneration strategies amongst others.
4. Human Resources
5. Health and Safety
7. Financial planning for key staff members through Thomas Westcott Chartered Financial Planners.
8. Financial accounting and audit services
9. Through Prime Global, access to experts in other countries.
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