Unlocking Opportunities: Grants & Tax Credits for UK Manufacturers

Recent reports indicate a positive manufacturing outlook, but grants and tax credits can help overcome any investment barriers. UK manufacturers are confident and plan to increase investment, leading to improved order books and output. However, concerns remain about the gap between order book growth and output, potential delivery delays, and the shortage of skilled staff.

To address these challenges, embracing automation is crucial. Automation reduces reliance on unavailable staff, enhances productivity, and takes advantage of growing order books. Grant funding, such as Innovate UK’s Made Smarter program, offers financial assistance and expert advice for implementing automation projects. Companies should also explore local authorities’ funds for job-generating or job-protecting projects. Overcoming technical challenges in integrating new technology may qualify for R&D tax relief. Capital allowances are another tax relief opportunity, with a full first-year expensing introduced for plant and machinery purchases between 1 April 2023 and 21 March 2026.

– Originally written by Sandy Findlay, Visiativ’s Partnership Director.

Read the full article here posted by PPMA.