Overview of the Manufacturing Industry
Do you know that in 2022, the United Kingdom was the ninth-largest manufacturing country in the world? Of all the manufacturing industries in the UK, food manufacturing is the largest one. While many industries are successfully bouncing back post-Covid, the UK manufacturing industry is still grappling with several challenges. Some of these are the high cost of labour, fierce global competition, supply chain disruption, skill shortage and the increasing need for compliance with the Government’s emphasis on reducing carbon footprint. This means investing your money in material substitution and procuring climate-considerate equipment.
With the UK economy already expected to shrink in the coming year, this is tough. As a manufacturer, you must be extremely careful about your financial decisions and expenses. Also, you have to put sincere efforts into reducing your overall tax liabilities so that you can have enough funds to overcome the above challenges successfully. Hence, there is a need to hire skilled accountants from our accounting firm. Our accountants know about the areas impacting the manufacturing industry and can help you maximize your profitability in the long term.
How We Help Manufacturing Industries
As a reputed accounting firm, we at CoreAdviz help manufacturing industries cut costs, improve savings, and transform processes. Our team consists of skilled accountants with years of experience catering to the needs of companies in the manufacturing industry. We know that accounting for a manufacturing company is a little different from other companies as it has inventories of finished goods at multiple locations throughout its supply chain.
We believe in a proactive approach and keep ourselves updated with the evolving developments of the manufacturing industry so that we can help you evade any difficulties. If you are about to start a manufacturing business, our accountants can offer ample support for setting up your business, cost accounting, tax compliance, bookkeeping, etc.
Apart from these services, we also help manufacturing industries focus more on streamlining their processes by improving revenue recognition, reducing late payments, inventory management, and so on. We know that nowadays, manufacturing companies are investing in new technologies and are facing financial problems which can be overcome by experts who are good with numbers. So if you are a new manufacturer or an experienced one, you must consider hiring our accountant!
Services
360 Degree Accounting for Manufacturing Businesses
Our accountants are meeting the diverse needs of entrepreneurs engaged in the manufacturing business in and around London. We offer a range of accounting services to offer a 3600 accounting solution at an affordable monthly package. Some of our services to the manufacturing industry are as follows:
Payroll Management
While running a manufacturing business, managing the staff payroll is one such task that you may find very time-consuming. We manage the same effortlessly by automating the task and thus save time incredibly!
Cash flow Statement
For every business, cash flow statements are very important and manufacturing businesses are not an exception. With our expertise, we are highly accurate in calculating the cash flow from operations and investing activities.
Cloud Bookkeeping
It takes a lot of time to keep track of financial data. Also, the task is not easier! We at CoreAdviz understand the same and offer cloud bookkeeping so that your income and expense details can be stored digitally, and for the same, we have the best accounting tools.
Tax Planning
A manufacturing company has to deal with a number of different taxes like VAT, payroll taxes, corporation taxes, and so on. With our efficiency and experience, we are committed to reducing your tax liabilities and maximising your savings.
We help you get registered as self-employed with HMRC within 3 months from the date of establishment.
We help you pay Class 2 National Insurance Contributions @ £3.05 per week. This is paid on yearly basis with your tax bill.
We also take care of Class 4 National Insurance Contributions which is computed @ 9% if your income is in between £9,501 to £50,000. Also, income exceeds £50,000 then an additional 2% is charged.
Many a times, clients have requested us to differentiate between their personal income and business income. So, we can help you setup a business account as well.
Needless to say, we help you in filing your taxes correctly on time through self-assessment tax.
We do the digits you live your Lifestyle
Accounting for eCommerce package starts at £45 per month
Our Guidance on the “To do list”
As accounting consultants for an eCommerce business, we would suggest you with the following
Standard accounting procedure
The inflow of funds can be recorded when a bill is raised or the actual amount is received. Maintain a single standard throughout
Keep your invoices organized
Invoices play an important role in determining your tax liability. Keeping them organized and chronologically minimizes the changes of computation errors.
Keep your tax records handy
Tax invoices and receipts of the last 5 years are required to be preserved. In case the HMRC wants to verify data, they will ask for previous receipts.
Know your company’s status
As an entity your taxation will depend on your size. If your eCommerce is a private limited company, then its taxation policy will be different from self-employed and partnership.