article thumbnail

TRANSPORT & LOGISTICS SECTOR CHALLENGES

Menzies

Menzies LLP - A leading chartered accountancy firm. Strategic divestments could help to raise the funds needed to invest, which may in turn help to minimise corporate tax liabilities by creating an opportunity to claim R&D tax relief. Business owners in the sector should harness data and manage cash flow carefully.

article thumbnail

Spring Budget 2024 – Transport and Logistics Sector Commentary

Menzies

Menzies LLP - A leading chartered accountancy firm. TAX INCENTIVES Whilst the further reduction to Employees NIC is part of a wider strategy to encourage people back to work will be welcomed by individuals, it wont change the costs for business owners. In fact, with national minimum wage jumping up 9.8%

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

IS YOUR Transport & Logistics COMPANY MISSING OUT ON R&D TAX RELIEF?

Menzies

Menzies LLP - A leading chartered accountancy firm. The relief is only available to companies subject to corporation tax. SMEs obtain an additional tax deduction of 130% of the qualifying R&D expenditure, meaning: Profitable companies paying tax. An SME who is tax paying will save £24.70

article thumbnail

Tax relief on energy efficient vehicles

Menzies

Menzies LLP - A leading chartered accountancy firm. This means that transport and logistics companies will be able to benefit from 100% relief on the purchase of energy efficient vehicles. Speak to your advisor early in the process so that the timing of any capital spend on vehicles can be reviewed and tax reliefs maximised.

Tax 52
article thumbnail

Reflecting on a year of Plastic Packaging Tax (PPT)

Menzies

Menzies LLP - A leading chartered accountancy firm. Government Consultations A technical consultation recently took place in May 2023 to consult on draft regulations which amend how a business claims a Plastic Packaging Tax credit in certain circumstances. Rate From 1 April 2023 the PPT rate has increased to £210.82

Tax 52
article thumbnail

Autumn Budget: T&L Wish List

Menzies

Menzies LLP - A leading chartered accountancy firm. Read Mark Perrin’s wish list for the Transport and Logistics sector, for the upcoming 2023 Autumn Budget. Enhanced tax incentives for SMEs investing in greener fleets would be welcome. What are our recommendations?

article thumbnail

What If you can’t pay your self assessment income tax bill on time

Menzies

Menzies LLP - A leading chartered accountancy firm. If you find in this time of uncertainty that you are unable to pay your self assessment income tax liability, there is help at hand. How you contact HMRC will depend on how much tax you have to pay (see below). Once you are happy please complete the process.