Accountants for Manufacturing Business

Accountants for Manufacturer business

GM Professional Accountants continues to reinforce its commitment to aiding manufacturing businesses, leveraging the expertise of our specialized accounting team. We understand the operational challenges faced by manufacturers, including financial constraints, stock costing complexities, and the need for margin maximisation. Our experienced team assists in policy-making and decision-making processes, helping to mitigate risks associated with various stock costing systems.

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We offer comprehensive advice on employment aspects, negotiate favourable banking arrangements, and manage debtor invoice financing. Our deep understanding of these areas ensures optimal dealings with financial institutions and other stakeholders. Furthermore, we provide corporate guidance in research and development, allowance maximization, exit strategies, succession planning, and remuneration extraction.

For businesses with international operations, our membership in GM Professional Accountants International enables us to provide seamless cross-border services through a global network of independent accountants.

Our services include business acquisitions advice, Duty and VAT expertise, and a range of manufacturing accountancy services such as R&D intellectual property tax relief, banking reviews, M&A strategic advice, tax compliance, and payroll management.

We cater to a diverse clientele, from large international conglomerates to small owner-managed companies. Our offices in London, Manchester, and Essex position us ideally to serve various businesses across the UK.

In addition to our specialized services, we emphasize the importance of compliance with regulatory requirements like Companies House and Corporation Tax filings. For Companies House, we assist with the submission of Confirmation Statements and annual accounts. For instance, a company incorporated on January 15th, 2024, must file its Confirmation Statement by January 29th, 2025, and its first set of accounts by October 15th, 2025. These filings are crucial for maintaining company legality and transparency. More information about Companies House requirements can be found on the UK Government’s website.

For Corporation Tax, we ensure timely submission of the CT600 form. A company with an accounting period ending on December 31st, 2024, must file its Corporation Tax return by December 31st, 2025, and pay any owed tax by October 1st, 2025. Accurate and timely filing of these documents is critical for compliance and financial health. Detailed guidance on Corporation Tax is available on the UK Government’s website.

At GM Professional Accountants, our goal is to provide comprehensive support to manufacturing businesses, ensuring compliance, and facilitating efficient financial management. Our team is dedicated to handling these essential tasks, allowing you to focus on growing your business.

Introducing Allowable Expenses

In 2024, we are also emphasizing the importance of understanding and maximizing allowable expenses for manufacturing businesses. Allowable expenses are costs that a business incurs in its day-to-day operations that can be deducted from its income to reduce its taxable profit. Examples of allowable expenses for manufacturing businesses include:

  1. Raw Material Costs: The cost of materials used in the production process.
  2. Utilities and Rent: Expenses for utilities and rent for the business premises.
  3. Machinery and Equipment: Costs of purchasing and maintaining machinery and equipment used in manufacturing.
  4. Employee Salaries and Wages: Salaries, wages, and related benefits for employees involved in production.
  5. Research and Development Costs: Expenditures on R&D activities aimed at improving manufacturing processes or developing new products.
  6. Insurance: Business insurance premiums.
  7. Marketing and Advertising: Costs incurred in marketing and advertising products.
  8. Transport and Travel: Costs related to business travel and transportation of goods.
  9. Professional Fees: Fees paid for legal, accounting, and other professional services.

Understanding which expenses are allowable and how to accurately report them is crucial for maximizing tax efficiency. Our team at GM Professional Accountants provides guidance and support in identifying and claiming these expenses.

Office Locations and Contact Information

With offices in London, Manchester, and Essex, GM Professional Accountants is well-positioned to serve businesses across the UK. For further information or to discuss how we can assist your manufacturing business, please reach out to our team of specialists.