MHA confirmed as the official Audit, Tax and Advisory Sponsor for Manufacturing & Engineering Week
MHA will be the official Audit, Tax and Advisory Sponsor for Manufacturing & Engineering Week, an exciting new event designed to bring together the best of British innovation with companies looking for new solutions. As a nationwide firm of chartered accountants, tax and business advisers, MHA provides a full range of financial and business services to enterprises and individuals'to help them grow and achieve long-term success. We caught up with partner Chris Barlow, Partner and Head of MHA Manufacturing & Engineering to ask what he thinks makes Manufacturing & Engineering Week different and how MHA's financial/tax advice can assist manufacturing and engineering companies.
- Why has MHA signed up as a sponsor for the show?
At MHA, we have a strong commitment and interest in the manufacturing and engineering sector. We work with family-owned businesses, SMEs and international businesses in the sector as accountants and business advisors helping to plan for their future. We have also, for many years, produced reports which take a pulse of the sector, and which have been presented to Government to help bring much needed focus on the sector.
When we saw the Expo, we felt it helped address the needs of the manufacturing and engineering sector ' supporting innovation and technology and helping equip businesses with the knowledge they need to compete in today's landscape.
That's exactly what we at MHA do best, supporting businesses in the sector with their everyday accounting and advisory, so we felt this represented a great opportunity through the numerous workshops and business clinics that we are hosting at the event (topics listed below).
- What are the key challenges of tax and finance for manufacturing and engineering companies?
The past few years have been particularly challenging for businesses in the sector. It is now more important than ever to comply with the changes in legislation and to adapt business processes accordingly:
Supply chain issues and ever- increasing prices have, unfortunately, become the norm, and worsened by Brexit and the Pandemic. This is alongside the various VAT and duty changes that come into effect during this year, having major impacts on importers. Additionally, businesses are finding the Plastic Packaging Tax challenging to understand and comply with the changes in reporting that the regulations demand.
Manufacturers also need to start planning for the proposed corporation tax changes in 2023. The removal of the super deduction, the reduction in the annual investment allowance and the increase in corporation tax rate all occurring at the same time will have a significant impact on future tax charges and consequently cashflow.
It is really important that businesses seek advice to make sure they understand and remain compliant with the latest regulations.
- How can MHA help companies to address their tax and finance issues / challenges?
We spend time getting to understand your business, what you are trying to achieve and what challenges you are facing. We then work alongside you to guide and equip you through tax and financial issues whether that be the raft of tax legislation or selling your business.
- What do you hope / would you like to achieve from sponsoring the show?
Advising businesses on how to compete in today's market is all too important - and that's what we do best. We want to equip manufacturing and engineering businesses with the knowledge they need to thrive, helping them manage their tax position and comply with the changing regulations which will help to safeguard their futures, remain competitive and equip them to look at their future strategy.
We invite businesses to join us at our numerous Workshops and Q&A Business Clinics at the event and invite conversations from those looking to better understand key topics of'' Customs and International Trade, R&D, Tax and Corporate Finance.