Discover how UK businesses can benefit from FX forward contracts to manage currency risk, improve financial planning, and support international growth. Plus avoid the losses and pain that the vast majority of SMEs suffer because they do nothing about it.

Joe Nellis is economic adviser at MHA, the accountancy and advisory firm.

Manufacturing is at a crossroads. While negative headlines often dominate the conversation, there has been a growing sense of confidence emerging within the sector. Menzies and the CICM hosted a roundtable discussion at the Principality Stadium in Cardiff, which brought together key individuals in the industry to discuss the challenges and potential solutions shaping the future of manufacturing. Three key themes were discussed: recruitment and retention, supply chain challenges, and the growing threat of fraud. One of the primary concerns addressed in the roundtable was recruitment and the retention of skilled staff. There has been a shortage of skilled workers, which has become increasingly evident as traditional career paths in construction and engineering have become less in demand. Many manufacturers struggle to replace a workforce that is aging, with the retirement of experienced employees leaving a considerable gap in skills. Furthermore, the impact of Brexit has meant that there has been a steady decline in returning European workers, which strengthens the challenges faced with staffing.   Another significant concern was the decline of apprenticeships. Many businesses have chosen to shift towards in-house training rather than relying on external apprenticeship schemes, especially as training facilities in Wales remain few and far between. Some firms are having to send trainees further afield for the required skills development. This, alongside the evolving workplace expectations, has evidently reshaped employment trends. Employees are continuously prioritising work-life balance over overtime and financial incentives, which makes retention more challenging as a result. In South Wales, a lack of clear career pathways for young people has led to lower retention rates among the 16-24 age group. Roundtable participants agreed that to attract and retain talent, manufacturers must strengthen their employer branding by offering flexible work policies, fostering social engagement initiatives, and providing clear career progression opportunities.   Supply chain difficulties were another key area of discussion during the roundtable. The post-Brexit landscape has increased reliance on European suppliers, leading to greater instability and uncertainty. Many businesses have also become increasingly more dependent on China, which has therefore, contributed to an increase in carbon footprints and disruptions caused by major holidays and logistical delays. Roundtable attendees emphasised the further supply chain risks posed by public sector contracts, which require businesses to conduct careful due diligence in order to minimise potential issues. In response to these uncertainties, manufacturers are needing to reassess their supply chain strategies to build greater resilience and adaptability.   Fraud and cybersecurity emerged as ongoing threats within the manufacturing industry, as highlighted by many roundtable participants. Businesses are facing an increased rate of getting targeted by highly developed phishing scams and AI-driven cyberattacks, which inevitably leads to financial losses and operational disruptions.  Despite the growing risks, cybersecurity awareness remains low in countless organisations, making them open to attacks. Roundtable attendees agreed that to combat these threats, manufacturing firms must apply tight security measures, educate their employees on potential risks, and invest in advanced cybersecurity technologies to safeguard sensitive information.   Despite the challenges and threats discussed, there has been remarkable developments within the manufacturing sector. Young talent is entering the workforce, bringing fresh and innovative ideas as well as enthusiasm. Countless businesses have successfully adapted to Brexit-related disruptions, demonstrating flexibility and resilience in their supply chain strategies. Companies that survived the aftermath of COVID-19 have come out stronger, with more streamlined operations and improved efficiencies. Collaboration across industries have also expanded, fostering knowledge-sharing and driving innovation.   The Welsh manufacturing sector continues to operate well in exports, specifically in high-tech industries. Moreover, emerging investments in environmental, social, and governance (ESG) initiatives, as well as advancements in science and technology, are leading the way for astounding transformation. These developments indicate a promising future for manufacturing, as long as businesses continue to embrace innovation and adaptability.   Looking forward, the manufacturing sector must stay proactive in addressing its challenges while capitalising on opportunities for growth. By embracing technological advancements, redefining recruitment strategies, and fostering a culture of resilience, businesses can navigate the developing landscape successfully. The discussions at the CICM roundtable highlighted the importance of collaboration, forward-thinking strategies, and a commitment to continuous improvement. With the correct approach, the manufacturing industry can thrive in an ever-changing economic environment.

Purchasing property at auction can be an exciting and potentially cost-effective way to invest in real estate. However, it also carries its own set of risks and complexities. Whether you're a seasoned investor or a first-time buyer, it's essential to be fully prepared—especially when it comes to securing auction property finance.

Niels Bohr — “Prediction is difficult, especially if it’s about the future.”

How best to navigate the complexities of the current tax and investment landscape in a volatile economic environment?

Spring Statement March 2025 Chancellor of the Exchequer, Rachel Reeves, held the Spring Statement on Wednesday 26 March 2025. In the run up to the event, the Chancellor stated that she ‘remains committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending changes and, in turn, to support the government’s growth mission’. The Chancellor did meet her commitment that there would be no major tax announcements, but tax is only one side of the equation. The other is spending, and the Spring Statement confirmed a number of the measures recently announced, namely: • Cuts to the welfare state • Cuts to the civil service • Increase in defence spending There were also announcements about the rollout of the Making Tax Digital (MTD) for Income Tax project which are covered later in this document.

Recent reports have shown that around 17,000 British citizens owned approximately 22,000 properties in Dubai as of Spring 2022. However, data suggests that only 1,900 UK tax residents reported let property profits from a Dubai property in their 2021/2022 tax returns. Given that many of these property owners will have let out their properties rather than kept them solely for private use, many of these individuals will likely have had tax reporting requirements in the UK. If you're UK tax resident and own, or have owned, property in Dubai, it's important to consider whether you need to disclose your let property profits to HMRC.

Thinking of buying a commercial property? This guide breaks down commercial mortgages in a friendly, easy-to-understand way. We'll cover what they are, how to qualify, and key things to consider, helping you navigate the process with confidence.

With the UK government revising company size thresholds from 6 April 2025, businesses should assess how these changes could impact their financial reporting and regulatory obligations.

South East businesses looking to expand overseas can now navigate the financial complexities of international trade by tapping into a global support alliance through Carpenter Box accountants.

Commonhold was introduced as a fairer alternative to leasehold, giving homeowners full ownership of their property and shared spaces. However, despite its advantages, mortgage lenders remain reluctant to finance commonhold properties. This article explores the key reasons behind their hesitation, including market uncertainty, financial risks, and legal concerns, and whether future reforms could change the landscape.

If you're looking to integrate sustainable energy solutions into your energy management plan, Power Purchase Agreements (PPAs) offer a great opportunity to drive decarbonisation without the need for significant upfront capital investment in infrastructure. However, securing these long-term contracts requires expertise and careful handling.

Managing debt can be a challenge. There’s one simple strategy that can save you thousands of pounds in the long run. This strategy is overpaying your loan. Whether it’s a mortgage, business loan, or property finance, paying more than the minimum required each month can be advantageous. You can reduce the interest paid over time. It also helps in clearing the debt faster.

Joe Nellis is economic adviser at MHA, the accountancy and advisory firm

South East businesses accounted for 11% of administrations in 2024 – the third highest region in the UK – according to analysis by Sussex law firm Mayo Wynne Baxter.

Changes to employer national insurance (NI) announced in the Budget will add over £900 in business costs annually to the average £33,000 wage in the Brighton and Hove area, according to Sussex and South East accountancy firm Carpenter Box.

Mayo Wynne Baxter’s trusts and tax team has doubled in size in the past 30 months – reflecting the increasing demand for specialist legal services across the South East and strengthening the full-service law firm’s ability to provide tailored advice to its growing client base.

Unlock AI's potential for your business with retrAIn: join our workshops and learn how to tackle your unique challenges!

For those interested in a career in accountancy, Sussex and South East firm Carpenter Box is holding a Trainee Scheme Open Evening in November at their main office in Crescent Road, Worthing.