For businesses operating within the road transport, haulage and logistics sector, times are tough.
As a result, clients within this sector require specialist accountancy support from a firm with an in-depth understanding of the issues unique to the industry and the impact these have on business operations.
Some of the challenges that our specialist team can help you to manage are:
Major contract wins and losses result inevitably in the need to flex activity up and down - we can advise on how best to manage your operations from a strategic finance and HR perspective.
The need to buy, sell or lease warehousing facilities and large vehicles, often at short notice, necessitates careful consideration of the various financing options and their implications from a tax and cash flow perspective.
With many SMEs being family run, the structuring of any deal involving an acquisition, merger, divestment and family succession requires careful planning to ensure maximum tax efficiency and long-term benefits for shareholders and trustees.
Indirect tax such as VAT incurred on fuel and other expenses while using Europe’s roads demands that operators put in place rigorous processes to reclaim disbursements, maximise cash flow, and ensure accurate and legally compliant year-end tax returns.
The shortage of drivers has been exacerbated by older drivers approaching retirement and the Driver CPC regulations. This places even greater pressures on logistics costs and means the sector must find ways to increase profitability. There are opportunities for better use of tax free allowances, which can help businesses manage the cost of wages. These include overnight expenses for drivers using company lorries, as well as the newly introduced tax free lunch allowances.
HMRC’s strict approach to self-employed workers need to be considered by haulage and logistics businesses as it is often misunderstood. Employers using agency drivers with self-employed status risk facing penalties if not compliant with legislation, as it can cause tax arrears. There are exceptions to this which can be established through specialist advice, but businesses need to be aware of the dangers to ensure the right compliance measures are in place.
How we can help
At Duncan & Toplis, we have over 75 transport, haulage and logistics clients that we have worked with for many years, meaning that we fully understand the complexities for businesses operating in this industry.
We offer tailored solutions for your business across our core audit and assurance, tax and advisory service areas including:
For advice on international transport and logistics issues our membership of Kreston International, one of the world’s leading global networks of accountancy firms with a presence in over 100 countries, enables us to extend our services across borders. Whether you need an answer to a foreign tax question or advice on opening an overseas subsidiary, the close relationships we enjoy with our Kreston counterparts will ensure you receive a timely response.
For more information, please contact our Transport, Haulage & Logistics Team at firstname.lastname@example.org.