Vehicle relief ploughed back to farmers
The crisis-hit farming industry received some respite in the Budget today when it was announced the vehicle excise duty on tractors and agricultural vehicles is to be abolished.
The crisis-hit farming industry received some respite in the Budget today when it was announced the vehicle excise duty on tractors and agricultural vehicles is to be abolished.
Gripped by the foot and mouth epidemic, farmers were told that from next month the duty will be scrapped on all farming vehicles which qualify for the special concessionary rate – a move expected to save the industry £10m a year.
Gordon Brown also announced his intention to encourage businesses to use more environmentally friendly cars.
He increased the two lower tax-free authorised mileage rates bands to 40p for the first 4,000 miles and 25p for further miles from next month. All other rates were frozen.
As proposed in the Pre-Budget Report, from April next year the current system will be replaced with a single tax-free rate of 40p per mile and 25p per mile for miles above the first 10,000.
Hauliers – in dispute with government last year over fuel prices – were also handed a boost after it was announced lower vehicle excise duty rates would be introduced in 2004 in line with European rates, and simplified rate bands would be brought in.
Additionally, a cash freeze on all road and non-road fuel duty was announced, alongside a 2p a litre reduction in the duty on ultra-low sulphur petrol and a 3p a litre reduction on low sulphur diesel.
An extension of the small car threshold for VED for cars registered before 1 March 2001 was also stretched from 1,200cc to 1,549cc.
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article