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NFDA comments on ‘mini budget’

The National Franchised Dealers Association (NFDA), which represents franchised car and commercial vehicle dealers in the UK, has reacted to the Autumn Budget and Spending Review 2022, details of which were outlined in Parliament earlier today (23/9/22). Sue Robinson, NFDA chief executive, commented on the announcements made today by the Chancellor regarding National Insurance contributions, Corporation Tax, the Energy Bill Relief Scheme, business rates, and infrastructure spending.

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Related news:

  1. Chancellor confirms infrastructure investment, fuel duty freeze
  2. PRA urges fuel duty cut
  3. Roads spending, Brexit caution, business rate relief in spring Budget
  4. Chancellor delivers pothole budget
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Hankook Tire owners lose hidden assets lawsuit

The family ownership of Hankook Tire and Technology must pay a fine of KRW 4.59 billion (£2.9 million) after losing a lawsuit related to foreign assets. Seoul-based publication The Korea Herald writes that the Seoul Administrative Court recently ruled against the lawsuit brought by Cho Yang-rae, honorary chairman of Hankook & Co., and his eldest son Cho Hyun-sik.

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  1. Hankook Tire CEO Cho receives suspended prison sentence
  2. Hankook: HK-KAIST collaboration widens
  3. Hankook Technodome gains trio of safety certifications
  4. Prospecs features Hankook tread on ‘all-season’ trainers
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Budget 2021: Corporation tax up, but business rates frozen – what it means for tyre businesses

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Tumisu; Pixabay

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.

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Related news:

  1. Apprenticeships ‘too important just to be an election promise’
  2. IMI welcomes Labour leader Ed Miliband’s apprentice pledge
  3. Poor provision of careers advice hampers economic growth – IMI
  4. MG Motor invests in internship programme
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New UK Global Tariff sees tyre duty reduced from 4.5% to 4.0%

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shipping containersPexels

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%.

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Related news:

  1. What cabinet reshuffles and a UK-China free-trade deal might mean for the tyre industry
  2. EU publishes definitive anti-subsidy and updated anti-dumping rates
  3. 2018 has been ‘Up in the air’
  4. Truck tyre tariffs to end Chinese import tsunami
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VRA adds its support to BVRLA’s new WLTP consultation campaign

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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.

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Related news:

  1. PRA joins in call for ATMs to be exempt from business rates
  2. Chancellor’s tax relief for cleanest vans requires further detail – KPMG
  3. RAC launches first mobile electric vehicle charging station
  4. Chancellor delivers pothole budget
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IGA provides ‘making tax digital’ guidance to independents

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.

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  1. Trust My Garage Code approval ‘stirs up interest’
  2. European security standard ‘means a level playing field for independent garages’
  3. Roads spending, Brexit caution, business rate relief in spring Budget
  4. IGA ‘delighted’ with NFDA survey results
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Chancellor delivers pothole budget

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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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Related news:

  1. Tax discs to go: Chancellor bins 92-year old system
  2. Chancellor confirms infrastructure investment, fuel duty freeze
  3. Infrastructure and automotive industry investment central to automotive statement
  4. Roads spending, Brexit caution, business rate relief in spring Budget
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Tax bill: Nokian Tyres wins appeal

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.

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Related news:

  1. Nokian handed additional tax bill
  2. Nokian Tyres charged 59 million euros extra tax in Finland
  3. Nokian to appeal tax bill
  4. Nokian announces €1.45 per share dividend for 2013
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Chancellor’s tax relief for cleanest vans requires further detail – KPMG

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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.

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Related news:

  1. RAC launches first mobile electric vehicle charging station
  2. Chancellor confirms infrastructure investment, fuel duty freeze
  3. 8 Year-Old Vans Now Qualify for Scrappage Deals
  4. £1 billion Carbon Stealth Tax; ‘Big Society’ May Affect Public Transport Fleets
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Chancellor freezes fuel duty in 2018 budget speech

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.

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Related news:

  1. Chancellor confirms infrastructure investment, fuel duty freeze
  2. NFDA calls for government support on combustion ban
  3. Increased Fuel Duty, Road Spending and Business Support in Pre-Election Budget
  4. Call to bring forward UK total ban on petrol and diesel cars
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Nokian Tyres charged 59 million euros extra tax in Finland

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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.

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Related news:

  1. Nokian to appeal 87 million euro additional tax bill
  2. Nokian handed additional tax bill
  3. Tax bill: Nokian Tyres wins appeal
  4. Nokian Tyres to lower production, lay off workers in Finland
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TIA urges congress to cover hurricane Irma relief bill

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.

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  1. Falken veteran sales VP retires, executive roles shuffled
  2. TGI appoints African development manager, new strategic accounts VP
  3. Toyo USA promotes Roy Bromfield to president and CEO
  4. TIA: New president, BKT’s Poddar inducted into Hall of Fame
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Autumn Statement transport investments ‘positive’, but ‘real prize is not addressed’

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.

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Related news:

  1. Infrastructure and automotive industry investment central to automotive statement
  2. Chancellor delivers pothole budget
  3. 8 Year-Old Vans Now Qualify for Scrappage Deals
  4. Government announces VOSA and DSA merger
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Infrastructure and automotive industry investment central to automotive statement

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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.

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Related news:

  1. Chancellor delivers pothole budget
  2. Autumn Statement transport investments ‘positive’, but ‘real prize is not addressed’
  3. Small businesses win in 2016 budget
  4. Roads spending, Brexit caution, business rate relief in spring Budget
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Bob Jane files for bankruptcy

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.

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  1. Don’t use your name, Bob!
  2. New Australian distributor, website for Nitto tyre brand
  3. Bob Jane passes away
  4. MRF Tyres to supply Australian Rally Championship
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