Manufacturing & Technology

News & Blog

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Building a stable foundation for your business.

In spite of globalisation and increased competition from low cost base countries, the UK continues to be a centre of excellence in precision engineering, technical innovation and niche manufacturing.

Thomas Westcott have established a specialist Manufacturing and Technology team, developing a bespoke set of services designed to navigate the pitfalls of finance within the industry, including:

Outsourcing

Could some of your back office accounting functions more effectively be outsourced? We can:

Look at processes in isolation (payroll, VAT Returns, processing transactions and bookkeeping)
Deliver a package of outsourced functions to fit your requirements
Prepare regular, meaningful management accounts to help you run your business more effectively

Raising finance and securing grant funding

Securing the right funding at the right time is crucial for any business. We can advise on and assist with all aspects of raising finance, including:

Bank finance
Asset based lenders
Equity investors (business angels or venture capitalists)
Grant eligibility

Business plans and financial modelling

Any business looking to grow should have a business plan. We can assist you with the business planning process, converting your plans into financial projections and in turn assessing your likely financial requirements.

International

Considering exporting to extend the market for your product? We are members of PrimeGlobal, the third largest association of independent accounting firms in the world, which has a presence in 95 countries. We can provide access to expertise and contacts to help support your international expansion.

Taxation

As well as core tax compliance services, ensure you maximise the benefit of various tax reliefs, including:

Capital allowances
R&D Tax Credits
Patent Box

Strategic advice & business support

We help you identify and deal with issues your business may face through its lifecycle. Fulfilling the role of non-executive directors to our clients, we bring years of business experience to the table, both in this sector and in other fields.

Reward and incentive schemes

We all face a struggle to keep our best people. Have you considered giving your key people an equity stake in the business? We can advise you on structuring such an incentive scheme in a tax efficient manner.

Personal tax and wealth planning

Are your personal affairs in order to ensure you reach your personal financial goals in as tax efficient manner as possible? Our tax planners, in conjunction with our colleagues at Thomas Westcott Chartered Financial Planners, ensure both owner and business are taken care of.

Succession and retirement planning

Is the time approaching for you to extricate yourself from the business? Thomas Westcott can help with:

Succession to family members
Selling the business (to a management team or third party buyer)
Ensuring this is done in a tax efficient way

Related Contacts

Related Insights

Blog

Topic: Manufacturing and Technology

When is a van not a van? When it is a Kombi!

14 October, 2020

Last year, in an article called Company van tax: when is a van not a van?, I explained that in a recent tax case both the First Tier and Upper Tier Tribunals had found in favour of HMRC when concluding that a VW Kombi van was a car and not a comme...

Blog

Topic: Manufacturing and Technology

The Manufacturing Sector - an update

24 September, 2020

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.

News

Topic: Coronavirus, Manufacturing and Technology

Reverse charge postponed

09 June, 2020

HMRC have announced that the implementation of the VAT Domestic Reverse charge for CIS Construction services is to be postponed for a second time to 1 March 2021.

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For further information, please contact:
Shona Godefroy FCCA Managing Partner

For further information, please contact:
Mark Tibbert BFP FCA Partner and Head of Tax

For further information, please contact:
Chris Hill FCA Partner

For further information, please contact:
David Cresswell ACA Partner

Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales, details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C001091748, and details of all audit regulations can be accessed at www.icaew.com/regulations. A list of members can be found under Legal Notices. Thomas Westcott has offices in Axminster, Barnstaple, Bideford, Bridgwater, Burnham on Sea, Crediton, Exeter, Holsworthy, Honiton, Ilfracombe, Okehampton, Plymouth, Seaton, Somerton, Tiverton, Torquay and Weston super Mare.