Accountancy targets unclaimed manufacturing tax breaks

Sussex-based Carpenter Box, a chartered accountant and tax advisor has launched a new specialist manufacturing team to promote uptake of manufacturing tax breaks.

Carpenter Box is focused on helping businesses in the South East, but is part of a national group of accountants called MHA.

Carpenter Box’s newly dedicated resource for manufacturing firm will offer advice on R&D tax claims, capital allowance claims and the patent box scheme as well as providing assistance with funding bids, mergers and acquisitions and general audit and accounting activities.

Chris Coopey, head of the Manufacturing Group at Carpenter Box and also head of the pre-existing Manufacturing Group across MHA, explained: “It is clear from the Manufacturing Report compiled by MHA, to which Carpenter Box contributed, that a lot of manufacturers would benefit from our help.

“The development of new products and techniques are critical to manufacturers and engineers and yet only 17% are intending to make a claim for R&D tax relief this year.”

Mr Coopey said that MHA and Carpenter Box has also found that 49% of manufacturers are not aware of how Patent Box legislation could benefit their business.

“It’s clear we have a lot of work to do,” to educate manufacturing businesses said Coopey.

In addition to creating the new internal team, Carpenter box is working with external partners to launch a Sussex Manufacturing Forum. This is due to be inaugurated in September.