Facebook - Birmingham Business Twitter - Birmingham Business Instagram - Birmingham Business
https://www.kangandco.co.uk https://info.rhinooffice.co.uk/istheofficedead

Midlands manufacturers urged to act on exports

Following figures released recently by the Office for National Statistics (ONS), which show that the demand for UK goods and services is growing across the globe, national audit, tax, advisory and risk firm, Crowe, identifies this as an opportunity for manufacturers to take their ideas and products out to global markets.

The ONS figures show that UK exports continued to increase, up by 2.7% to £634.1 billion in 2018. Exports to non-EU trading partners in 2018 hit a new record high of £345.1 billion – demonstrating a growing appetite for British goods and services outside of the UK.

UK exports to India are increasing at the fastest rate among the UK’s top non-EU trading partners, with exports up by 19.3%. This was followed by Japan (7.9%), China (4.6%) and Canada (4.2%). While the UK’s trade with the rest of the world has been increasing, the share of UK exports to the EU over the past ten years has declined by nearly 5% to 45.6%.

Johnathan Dudley, Crowe’s Midlands managing partner and national head of manufacturing, says businesses should make the most of this positive news for UK exports and outlines the tax incentives available to many businesses.

“There are huge incentives in the UK to innovate, particularly through the Patent Box tax relief regime, but too many manufacturers are put off by its complexity.”

The Patent Box regime was introduced in the UK in 2013 to promote innovation and research and development. The scheme provides a tax incentive to businesses to make profits from their patents by reducing the tax on those profits.

Johnathan Dudley said: “By electing in to the Patent Box, an innovative company can achieve a significant long-term reduction in its corporation tax bill.”

He added that the recent Jaguar Land Rover (JLR) copyright win is another rallying call to UK manufacturers.

“Many business owners and directors have, until now, viewed JLR’s court case with apprehension. They have taken the view that applying for a worldwide patent and seeking to embed the maximum protection for their products and processes is costly to set up and to enforce, and JLR’s battle in China has not helped east this assumption. However, a worldwide patent should be seen as a mark of quality in the goods and services that UK businesses provide.

“The conclusion of this case reaffirms the fact that UK products and services are in demand and well respected across the world, and now is a prime time for UK manufacturers to consider entering global markets.”

Pictured: Johnathan Dudley - Crowe’s Midlands managing partner and national head of manufacturing


Logistics provider acquires Birmingham firm

Support from HSBC UK seals the deal

4th April 2019

JLR to build new electric cars in Birmingham

Announcement hailed as 'fantastic news' for the region

5th July 2019

Expert-led advice seminar on offer

Business owners will hear range of exit options

19th February 2019

Paradise takes shape in city's largest building project

Patience of residents and businesses has been appreciated

28th August 2019

Investment Fund reaches £50 million milestone

Cash handed out to more than 150 firms

19th June 2019

New catering concept launched at NEC

In-house caterers create three uniquely-styled eating areas

9th September 2019

Birmingham makes the top ten

Research reveals it's one of the UK's fastest growing cities

27th March 2019

Birmingham makes the top ten

City is rated fourth best for tech businesses

16th April 2019

Midlands businessman wins top award

Managing director is named Director of the Year

27th June 2019

Airport unveils new airside food outlet

Franchise opens its doors in Birmingham

8th April 2019

Finance will help drive marketing sector forward

Digital landscape offers endless opportunities for firm

19th August 2019

Digital tech SMEs receive support

Campaign will lift region's small businesses once again

15th March 2019

Outgoing Law Society President joins law firm

New non-executive director will help to deliver strategic vision

2nd September 2019

Multi-million grant to develop wireless charging platforms

Electric propulsion experts at the heart of revolution

2nd August 2019

Railway on board with Sadler's Brewery

Launch of Last Train Home pale ale

26th September 2019