Tag Archives: budget

Hendy Group is aiming to drum up sales of double-cab pick-ups ahead of the increase in Benefit-In-Kind (BIK) charges takes effect on 6 April. Hendy’s BIK campaign will run throughout March and will be profiled through its website and social media channels. In the 2024 Autumn Budget, HMRC announced that double cab pick-ups with a payload over one tonne will ...

Motor auctions reported a “mixed performance” in the LCV market with concerns raised over the upcoming changes to Benefit-in-Kind tax treatment for double cab pick-up trucks in April. The higher tax costs were announced in the Budget by Chancellor Rachel Reeves. Following the Budget the Society of Motor Manufacturers & Traders raised concerns over double pick-up sales. It said sales fell ...

The Budget increase in employer National Insurance contributions may force Halfords to up the cost of car repairs at its network of Autocentres. It said changes to the National Minimum Wage and the increased NI costs will add £23m to its direct labour costs in the 2026 financial year. The company has 12,000 employees. It added that there may be ...

A snap poll of over 700 Institute of Directors members following the Chancellor’s Budget Statement has found that two-thirds (67%) of business leaders feel negatively towards the Autumn Budget and two-thirds (67%) think that it does not support the Government’s growth mission. Separately the IoD Directors’ Economic Confidence Index, which was polled wholly before the Budget Statement and measures business ...

With many motor dealers already experiencing the challenge of increased overheads and squeezed margins, the extent of the changes to Employers NIC and living wage will provide additional unexpected cost pressures for auto retailers. That being said, it was pleasing to see the inclusion of measures to support the uptake and manufacture of electric vehicles in the UK, although some ...

The cost of motor dealers doing business is set to rise as a result of the measures included in the 2024 Budget yesterday. One of the biggest increased costs comes with National Insurance. The rate that employers pay in contributions will rise from 13.8% to 15% on a worker’s earnings from April. Sue Robinson, CEO of the National Franchised Dealers ...

The motor retail sector has given a mixed reception to the Budget with SMMT CEO Mike Hawes lambasting the absence of measures to boost EV sales among retail buyers. “The lack of substantive measures to support the new car market – in particular for electrified vehicles – is hugely disappointing. “We welcome the extension of the Plug-in Van Grant and ...

Chancellor Rachel Reeves says the Budget will raise taxes by £40bn as she delivers Labour’s first Autumn Statement in 14 years Reeves confirmed that National Insurance contributions for employers will increase by 1.2% to 15% from April 2025. The minimum wages will rise in April, with rates for over-21s set to go up to £12.21 an hour She announced the ...

The upcoming budget will be the first under a Labour government since 2010 and it couldn’t be more critical for the automotive sector. The industry is navigating a period of profound transformation, and the Chancellor has the opportunity to accelerate change positively. Faced with challenges such as the Zero Emission Vehicle (ZEV) mandate, fluctuating consumer demand, and evolving regulatory landscapes, ...

The Spring Budget, unveiled by Chancellor Jeremy Hunt MP today, extended the fuel duty freeze. The continued 5p per litre cut is now expected to end on 22 March 2025. Sue Robinson, chief executive of the National Franchised Dealers Association (NFDA), said: “With the ongoing shift in sales models and the landmark ZEV mandate coming into force, dealers will be ...