Tax, audit and accounting services for businesses in the manufacturing, technology and innovation sector.
The manufacturing and technology sector is highly competitive out-performing others in the UK. These businesses therefore demand proactive and innovative approach that can keep pace with this strong and growing industry.
At Bishop Fleming, our specialist manufacturing, technology and innovation team works in partnership with over 250 clients in the sector from entrepreneurial inventors to publically funded projects and manufacturers with international interests and multi-national distribution centres. Clients range from eco-friendly tyre-recycling businesses and not-for-profit renewable energy projects, to car manufacturers and welding/fabrication companies to brush distributors and producers of freeze-dried micro-organisms. This variety gives us valuable insights into a wide range of businesses, allowing us to acquire broad expertise and experience and so no matter what size, stage or type of business you operate, we can provide a service that is tailor-made to meet your needs and fulfil your objectives.
Sapa Profiles UK Ltd acquired the entire issued share capital of Holden Aluminium Technologies Ltd on 1st April 2014. Bishop Fleming was retained by Sapa to prepare the year-end accounts. These accounts formed the basis of the transaction. Bishop Fleming prepared and completed both the accounts and tax computation for the company under tight timescales. The standard of work from Bishop Fleming was of a very high standard as was their responsiveness to questions and turning round adjustments. I would have no hesitation in using Bishop Fleming for future transactions. James Tate, Finance Director of Sapa Profiles UK
Any business that invests, develops or innovates a product or process could be eligible for Research and Development Tax Credits (R&D). R&D tax relief is the government’s largest funding source for businesses in the UK and despite the name, aims to reward businesses based on innovation to encourage investment in technology. However, it is estimated that only 1% of UK companies are claiming their entitlement to R&D tax credits.
Bishop Fleming is highly experienced in advising companies on their eligibility to R&D tax relief and making claims on their behalf. R&D tax credits are a complex area which not only applies to a product itself, but also the services or processes surrounding the product should not be overlooked. A successful R&D claim could significantly reduce corporation tax payments meaning more cash in your business to fund further investment in innovation.
The Patent Box allows companies to elect to apply a 10 percent rate of corporation tax from 1 April 2013 to profits attributable to qualifying patents, whether received as a royalty or embedded in the sales price of products. The regime will also apply to other qualifying intellectual property rights such as regulatory data protection (also called ‘data exclusivity’), supplementary protection certificates and plant variety rights. Other non-qualifying profits in these companies will continue to be taxed at the main rate.
Whatever the issue, Bishop Fleming has substantial knowledge and experience of advising on international trade issues. We have many international clients that rely on us to ensure that they not only remain compliant with regulations, but are also made aware of the numerous planning opportunities available. With Bishop Fleming as your advisers, you can deal internationally in confidence without it being a big deal.
Tax planning for businesses and individuals 2018: Download our guide here.
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Download the Finance Directors’ – summer 2017 Update here.
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Posted by Gary Mackley-Smith on October 29, 2018
Autumn Budget 2018 announcements made on 29 October. The first Budget to be held on a Monday since 1962 may well be Philip Hammond’s last (we’ve said that before), as there could be some scary consequences ahead from Brexit, and […]
Posted by Bishop Fleming on October 24, 2018
In the third of our thought leadership pieces ahead of the Budget on 29 October 2018, we take a look at what the Chancellor could do for the large business sector. We sat down with Bishop Fleming […]