Demonstrating MHA MacIntyre Hudson’s Commitment to the Continuing Success of the Manufacturing Sector
I have spent many years working closely with manufacturing businesses providing advice and support as they navigate the issues and challenges they face in an ever changing business landscape. At MHA MacIntyre Hudson, we are working hard on a number of different things that I feel make a demonstrative difference to the businesses we work with and I wanted to highlight three.
Helping to put money back into the hands of manufacturers - Recently, we have completed a number of claims for clients with regard to research and development. Here are a couple of examples; for a small company, turning over £4m, we successfully achieved a claim that resulted in £183k in cash coming back into the business. For a large company, a £19m turnover business, we achieved a cash credit for £379k. This kind of cash injection can transform a business and allow them to re invest. It is a significant boost to cash flow and, if correctly identified and processed, be a generous but also under used relief.
Sharing best practice by talking to each other
MHA held a roundtable, at the end of November, along with our friends and fellow patrons, Lloyds. The attendees included clients and a "who’s who" of Midlands manufacturing; Charles Addison (Made in the Midlands COO), Paul Cadman (Futura Design and recently named in The Manufacturer’s list of the 100 most influential people in manufacturing), Rachel Eade, MBE, (MAS), Paul Faulkner (Birmingham Chamber of Commerce), Chris Greenough (Salop Design and Made in the Midlands Council President), Richard Halstead (EEF), John Howard (Howard Bros Engraving), Peter Mathews (Black Country Metal Trading) and Gary Taylor (BNI). During the forum we talked about the pressures facing manufacturing businesses today which helped us to emphasise the huge positives being seen across different companies. No discussion about manufacturing can take place without a focus on the skills gap, the apprenticeship levy, the forthcoming EU referendum and devolved powers for the region. What is clear from these roundtable events is the collective willingness to co-operate on the big issues and to speak with one voice to push and promote the cause of manufacturing to wider stakeholder groups and to emphasise the great work being done.
Learn from others in the sector
Early in February, again with Lloyds, we took a group of manufacturing companies to JLR at Castle Bromwich. The visit included a tour of the F type production line. This was not only an opportunity to thank our clients and to show them first hand how one of the world’s most successful manufacturers goes about their business but a networking opportunity too. They heard from Mike Mychajluk, supply chain & external engagement at JLR, and the opportunities that exist for the wider supply chain.
The recurring theme of this article is the provision of information. We only know what we know and it’s important that we, as accountants, tax advisers, patrons and members of the professional community, spread word of the support that is out there for manufacturers - we believe passionately in that.
To discuss any of the observations raised in this article don't hesitate to call Chris Barlow or send us an online enquiry.