Aftermarket November 2022

NOVEMBER 2022 AFTERMARKET 11 going around the garage, perhaps once or twice a day during work-hours, to make sure that lights are indeed switched off. You certainly want to make sure that lights are switched off at the end of the day too. Another area that would need controlling would be heating, and air-conditioning. Keeping heating at a lower level in reception will save money. It is unlikely that anyone will be there long enough to get cold anyway. In the workshop, as we covered before, a certain amount of heat is likely to be required in the winter, but if the workshop doors are permanently open, this would definitely not be the best use of energy. If you do want to invest, and you own your building, if it is suitable, would you want to install solar panels? In the longer term you could then generate your own electricity. Before embarking on such a drastic measure though, make sure you are as efficient as you can be. It might not make you money, but it will help keep you in business while energy costs remain high. Gamble for growth? Hot on the heels of the Energy Bill Relief Scheme, then- Chancellor of the Exchequer Kwasi Kwarteng’s Mini-Budget was laid out in Parliament, and garnered what could be at best described as a mixed reception, before it ultimately led to him being sacked and replaced with Jeremey Hunt. In his abortive Mini-Budget, with a view to supporting businesses Kwasi Kwarteng cancelled the planned Corporation Tax rise, with the rate intended to stay at 19%. The basic rate of income tax would also have been cut to 19% from April 2023, a year earlier than planned. At the same time, the 45% higher tax band was controversially abolished, with 40% set to be the single top bracket going forward. The increase in National Insurance contributions was also to be reviewed. Financial chaos then ensued as world markets reacted badly to his plan, which ultimately led to his being replaced. Jeremy Hunt then went on to reverse the cut in income tax, reinstate the 45% tax bracket and push on with the current rate of National Insurance. Meanwhile an increase in corporation tax, which had been put on hold, was back on. This will go up from 19% to 25% in April. “There’s no doubt that Liz Truss’s government is making a gamble for growth with this Mini-Budget,” LKQ Euro Car Parts CEO Andy Hamilton observed in September via some very well-chosen and in retrospect highly prophetic words, as not all gambles pay off. Noting what would really help once we get to a full Budget, if we ever get there, Andy added: “I’ll be looking to the Budget proper later this Autumn for more specific support for small businesses and our sector. This includes reform of business rates, where we back the FSB’s call to increase the rateable value threshold to £25,000, and support for garages that need to invest in future skills, such as EV qualifications, be that through grant funding or further tax breaks. These would not only help businesses in the aftermarket to move past the current crisis but allow them to invest in their futures. “ WI ZZIQ GLASS REPAIR om this Fr 15 i ! ... t thi i f orth o Up to £1600 w eder ffo Simple to use full BSI UK Based with 24/7 S ehic wn v Repair your o ease your turno & Incr enue ve dd another r A o s ... enue ver ai ning tr upport les erv ea m str n m n ope in each kit N° 1 in Eur TUV 43R Certified BSI Compliant uk.r Email: sales@ico el: +44 (0) 1462 452190 T OR TRADE ENQUIRIES T FCAT CON ICOR Ltd Van conversion and windscreen accessory supplier & manufacturer based in Hertfordshire UK