On Tuesday 25 April, we delivered our webinar specifically tailored to the manufacturing and engineering sectors. We were delighted to be joined by Director of Policy and External Affairs at the East Midlands Chamber, Chris Hobson.
Chris delivered a session looking at the economic performance and prospects for businesses in the region, taken from metrics derived from the Chamber’s quarterly economic survey. The outcome was a surprisingly positive start to 2023 on indicators including UK and overseas sales and orders, workforce, investment in machinery, and training. Although inflation remains to be the biggest concern among businesses in the area, pricing pressures are gradually easing, with improved capacity in the economy. Despite this, the manufacturing sector remains frustratingly behind this positive curve in some areas, with recruitment woes still featuring highly. The increase in corporate taxation is also a growing concern.
We were also joined by head of VAT Christine Newitt, who delivered a high-level overview of the newly implemented Plastic Packaging Tax including its definitions, scope, returns, and payments, and what’s on the horizon for the tax including the Extended Producer Responsibility (EPR). Christine also shared some helpful examples of how the tax applies along the supply chain. Speaking from her experience of having helped clients register for the new tax and unraveling the legislation involved, Christine explained that by and large we are still very much in the awareness stage.
Finally, Jennifer Barby, assistant tax manager delivered a whirlwind tour of Research and Development Tax Relief, and the reliefs that are claimable, definitions, and a run-through of the recent and upcoming changes to the schemes in light of the government’s objective to both simplify the system and crack down on abuse of the scheme.
If you have any questions about any of the issues covered in the webinar we’d be delighted to help. Please don’t hesitate to get in touch.
You can watch the webinar below.