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Autumn Budget 2024 Commentary: T&L Sector

Menzies

Menzies LLP - A leading chartered accountancy firm. The recent Budget has painted a mixed picture for the Transport and Logistics sector. Our Transport & Logistics Team have summarised the key changes that will impact the T&L Sector.

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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.

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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

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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%

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Mixed reviews on the Autumn Statement from the Transport & Logistics sector

Menzies

Menzies LLP - A leading chartered accountancy firm. It was a mixed Autumn Statement from the Chancellor, which was clearly geared towards capital intensive industries and attracting investment into the UK whilst including some welcome measures which could benefit the Transport & Logistics sector.

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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.

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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

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