Manufacturing And The 2014 UK Budget

UK Budget MFGEarlier this month the UK Government released the Budget for the coming years in which Chancellor of the Exchequer George Osborne said investment and exports were up "but Britain's got 20 years of catching up to do" He said it was a Budget for "makers" and "doers" as well as savers.

This is why we are giving you the lowdown on what you as manufactures (makers) can take out of the budget and benefit from.

The Government announced that they will be increasing direct lending to UK businesses to promote exports which will be doubled to £3bn and interest rates on that lending will be cut by a third.

This means that those of you who focus on exporting your products outside the UK could be in line and take advantage of reduce rate lending to expand your business this may be used for anything from widening your market, employing new staff or upgrading to the latest technology in terms of software.

Enterprise Zones

In concern of those of you working within Enterprise Zones you will be pleased to know that the discounts you receive on business rates have been extended for three years alongside enhanced capital allowances to help you lower your business costs.

So for anyone that is working within an Enterprise Zone make sure you take a look at how you can benefit from these measures over the next three years.

Energy Costs

As for energy costs it was announced that measures will be bought in to help cut up to £7bn from manufacturing energy bills. These changes will provide a welcome relief to business large and small throughout the UK's manufacturing sector and reward those who invest in energy efficient technologies.

However, if you wish to lower the energy that you use and your waste materials then we can help you with our vast array of software with built in energy saving facilities and assistance such as AutoCAD, Revit and Autodesk design suites as well as Autodesk Green Building Studio.

Research and Development

As manufactures you are more than likely researching and developing your products all the time to move forward and innovate but this can be costly. To help reduce your company or organisation's tax bill the Government are increasing R&D tax credit rising from 11% to 14.5%.

However you could be lowering your costs even more if you are still creating physical prototypes by adopting the revolutionary approach of Digital Prototyping. This involves transferring your existing workflow to a digital process therefore eliminating the need for creating prototypes, saving you time and money.

If you would like to find out more about this method then register for our Annual Inventor User and Digital Prototyping 2015 Launch on 24th April at the Ageas Bowl. You will discover how you could benefit from transforming the way you work.

Finally, the Government are doubling the investment allowance to £500k per annum which will be a great incentive for you to invest in new equipment and technology and with the reduction of carbon tax to reduce energy costs to £18 a tonne it further helps you as a manufacturer cut costs.

Overall the 2014 UK Budget seems to be a positive boost for businesses in the manufacturing sector; whether you are looking to expand your exports or cut your energy costs make sure you take advantage of the Government measures.

To talk to us about investing in new software or implementing Digital Prototyping in your organisation or business call us today on 023 8086 8947 or request more information.

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