As the end of the financial year approaches farmers and rural businesses have the perfect opportunity to review their finances, plan investments, and take advantage of tax benefits before they reset. This year, however, there are some significant changes that could impact your financial planning – most notably new tax regulations for double cab pickups coming into effect this April.
It’s important to act now to make the most of the current tax rules, avoid unexpected costs, and ensure your farm or business is in the best possible position heading into the new financial year.
What’s changing with double cab pickups?
From April, double cab pickups may no longer be classified as commercial vehicles for tax purposes. This reclassification could result in these vehicles being treated more like private vehicles, leading to higher taxes and increased running costs.
For farmers who rely on double cab pickups for their day-to-day operations, this change means the financial benefits previously available may no longer apply after April.
Why the end of the financial year is crucial
For farmers, March is a time for reviewing everything from equipment upgrades to vehicle purchases to ensure you’re taking full advantage of the available benefits.
By acting before the new regulations come into effect, you can secure the savings available under the existing system and include these investments in your year-end accounts. Waiting until after April could mean missing out on significant financial advantages.
How these changes affect farmers
If you delay your decision to purchase a double cab pickup, the reclassification could lead to higher costs and increased tax liabilities. This could affect your cash flow, leaving less flexibility for other essential expenses like machinery upgrades or livestock investments. Acting now ensures you avoid these challenges and keep your finances under control.
How we can help
we specialise in providing tailored finance solutions to support farmers and rural businesses. If you’re looking to purchase a double cab pickup before the tax changes, we can help you secure the funding you need quickly and efficiently.
Our team understands the unique needs of the agricultural sector and works to deliver finance options that suit your business goals. Whether it’s funding a vehicle or other end-of-year investments, we’re here to guide you every step of the way.
Act now and secure your savings
With the financial year-end fast approaching and changes to double cab pickups just around the corner, now is the time to act. Contact us today to explore your options and make the most of this crucial period.
