tax Archives - Tyrepress

Budget 2021: Corporation tax up, but business rates frozen – what it means for tyre businesses

The Covid-19 pandemic may have caused the biggest financial crisis of a generation as well as record spending and borrowing levels, but economic highlights aren’t as bad as was expected and UK Chancellor of the Exchequer Rishi Sunak isn’t raising taxes as fast as feared. Here, Tyres & Accessories takes a look at the main points pertaining to the tyre business and specifically: the furlough extension, the corporation tax increase, continued business rates holiday, and the introduction of freeports.

3rd March 2021/by Chris

New UK Global Tariff sees tyre duty reduced from 4.5% to 4.0%

Pexels

The UK Department for International Trade has announced a new UK Global Tariff (UKGT). Announced on 19 May 2020, this replaces the EU’s Common External Tariff on 1 January 2021 at the end of the Brexit Transition Period. As it pertains to the tyre business, while there are various categories, the announcement basically means the new UKGT sees tyre duty reduced from 4.5% to 4.0%. Camel back rubber for use in retreading stays at 0%, while duties cushion industrial tyres are reduced to 2.0% from 2.5%.

19th May 2020/by Chris

VRA adds its support to BVRLA’s new WLTP consultation campaign

Legislation, UK News

The Vehicle Remarketing Association has added its support to the British Vehicle Rental and Leasing Association’s response to the current Government’s Worldwide Harmonised Light Vehicle Test Procedure (WLTP) consultation. Sam Watkins, chair at the VRA, said that her organisation shared the BVRLA’s concern about how the potential, negative impact on the company car sector could have widespread repercussions.

15th February 2019/by Andrew

IGA provides ‘making tax digital’ guidance to independents

News

The Independent Garage Association (IGA) will ensure that independent garages are able to comply with the new Making Tax Digital for VAT legislation by publishing a self-help ‘Garage Guide to Making Tax Digital for VAT’ handbook.

14th February 2019/by Andrew

Chancellor delivers pothole budget

Premium, UK News

While many have been talking about chancellor of the exchequer the right honourable Phillip Hammond MP’s decision to increase the personal allowance threshold from £11,850 to £12,500 in April 2019, for those of us connected to the automotive and transport industries this year speech is probably best described as a pothole budget. True Hammond has raised personal allowance threshold and has raised the point at which people start paying higher rate tax (40 per cent) to £50,000, but the automotive industry was hoping for much more clarity and even support the wake of a Brexit-fuelled, uncertainty ridden market context.

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30th October 2018/by Chris

Tax bill: Nokian Tyres wins appeal

Company News

A decision has been made on the 89.2 million euros that Nokian Tyres was ordered to pay in additional taxes and punitive tax increases for the 2007 to 2010 tax years. Finland’s Administrative Court has entirely overturned the tax reassessment decisions made by the country’s Board of Adjustment and has additionally ordered the Tax Administration to pay Nokian Tyres 40,000 euros in legal costs.

14th May 2018/by Stephen

Chancellor’s tax relief for cleanest vans requires further detail – KPMG

Legislation, UK News

The chancellor of the exchequer, Phillip Hammond, has announced a reduction in tax for the cleanest vans in his Spring Statement. Introducing the measure, he said the government wanted to “help the great British white van driver go green.” Analyst KPMG responded that more detail is needed to allow vehicle manufacturers to develop products to take advantage of the tax reduction.

13th March 2018/by Andrew

Chancellor freezes fuel duty in 2018 budget speech

UK News

The headline news from chancellor Phillip Hammond’s latest budget is that Stamp duty is to be abolished immediately for first-time buyers purchasing properties worth up to £300,000. Those first-time buyers purchasing properties over this amount won’t pay stamp duty on the first £300,000. However, there was less to say with regards to the automotive industry and business in general.

Nevertheless, the fuel duty rise for petrol and diesel cars scheduled for April 2018 has been scrapped. At the same time car tax for new diesel cars not meeting latest standards is to rise by one band next year. The good news for businesses reliant on deliveries is that this particular tax hike will not apply to van owners.

22nd November 2017/by Tyrepress Editors

Nokian Tyres charged 59 million euros extra tax in Finland

Company News, International News

Nokian Tyres plc has received a tax reassessment decision from Finland’s Tax Administration, according to which the Company is obliged to pay 59 million euros additional taxes with punitive tax increases relating to the 2011 tax year. Payment must be made in November 2017. 39 million euros of the figure relates to additional taxes and 20 million euros relates to punitive tax increases and interests.

3rd October 2017/by Tyrepress Editors

TIA urges congress to cover hurricane Irma relief bill

International News

The Tire Industry Association and members of the Work Opportunity Tax Credit (WOTC) Coalition will lobby Congress to apply WOTC to natural disasters that will cover powerful hurricanes like Harvey and Irma.

13th September 2017/by Tyrepress Editors

Autumn Statement transport investments ‘positive’, but ‘real prize is not addressed’

News

While welcoming chancellor of the exchequer Phillip Hammond’s transport announcements in the 2016 Autumn Statement, KPMG analysts have criticised the focus on increasing capacity, rather than “making more from the capacity” the UK has already.

23rd November 2016/by Andrew

Infrastructure and automotive industry investment central to automotive statement

Company News, UK News

While the consumer pre-coverage of the Autumn Statement focused on government’s decision to ban upfront residential fees letting, in fact Chancellor of the Exchequer Phillip Hammond revealed something of his past as a transport secretary by announcing a series of investments in transport.

At the top of the list, £23 billion to be spent on innovation and infrastructure over five years. The chancellor also announced £2 billion per year by 2020 for research and development funding. And £1.1 billion extra will be spent on English local transport networks. £220 million aims to reduce traffic pinch points. All are likely to support the development both the automotive manufacturing and fleet businesses the tyre industry relies on for growth.

23rd November 2016/by Tyrepress Editors

Bob Jane files for bankruptcy

International News

The latest chapter of the Bob Jane saga sees the former racing driver and founder of Australian tyre and fast fit chain Bob Jane T-Marts filing for bankruptcy. Queensland-based newspaper The Courier Mail writes that the former millionaire claims to have just AU$15 (less than £9) in cash to his name and a meagre collection of assets, including a Holden car. Jane’s creditors include the Australian Taxation Office, which seeks to recoup $105 million in capital gains tax still outstanding from the 2006 transfer of the Bob Jane T-Marts business to son Rodney Jane.

14th July 2016/by Tyrepress Editors

Nokian to appeal 87 million euro additional tax bill

Company News, International News

Nokian Tyres is to appeal a tax adjustment for the years 2007 – 2010, meaning the firm must pay an extra 87 million euros. 55 million euros of the figure are additional taxes and the remaining 32 million euros punitive taxes. Payment must be made in January 2016.

15th December 2015/by Tyrepress Editors

PRA member wins tax appeal

Legislation

A Petrol Retailers Association (PRA) member has successfully appealed via the First Tier Tax Tribunal against HM Revenue & Customs (HMRC) imposition of unreasonable conditions, to obtain an excise duty Deferment Account Number (DAN) for Oil Products.

27th August 2015/by Andrew

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