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Transport and Logistic

The commute is the most basic yet the essential entity for the civilians. If we consider the commute an industry it gives rise to the road transport that is responsible for commuting people and goods from one place to another. It’s easy to say that road transport is a lucrative market and cover the haulage, logistics, and more. However, given their lucrativeness, this industry is often the focus of tax and regulatory authorities, and without any doubt, they get the hard handling.

The Problems

If the significant problems faced by the transport and logistics industry are to be seen, we have rounded up some common ones inclusive of;

 

  • If the drivers use the vehicle for personal usage, there are regulatory taxing issues
  • If the companies reclaim the subsistence expenses and input VAT on the fuel, it gives rise to the Value Added Tax issues

 

These increasing risks have become the real headache and haulage of the transport industry is literally at stake. At MintAccountax, we understand the issues, and for that, we have devised the accountancy support to such businesses. For every transport and logistics business, it is crucial to gain accountancy support as it will be equipped with in-depth knowledge regarding the financial issues. MintAccountax can help you combat these challenges because we are equipped with the knowledge, expertise and skills. The in-depth reasons for choosing us might include;

 

  • The proactive approach attained by the accountancy teams to foresee the issue
  • The extensive knowledge of the team ensure that your business is enabled to reclaim the VAT return along with the fuel consumed
  • We can help in the calculation of mileage allowances in case of personal and professional usage mix-up

 

The transport and logistics team often face issues in the haulage and other sectors such as;

 

  • Losses due to accident
  • Inability to acquire the driving license
  • Inefficient cash flow management (regarding the vehicle sale and purchase on a regular basis)
  • High insurance costs for the vehicles

 

When you contact us at Mint Accountax, we ensure the robust management of these issues through the implication of following;

 

  • We manage the monthly and quarterly cash flow and provide ample information for you to make an effective decision regarding the vehicle sale and purchase
  • We will help you choose the right insurance plan which not only provides security for the vehicle but also covers the major losses (in future)

 

Our Financial Reporting Standards

In addition to the taxing and regulatory issue faced by the transport and logistics industry, they have to comply with the financial reporting on an international basis. At MintAccountax, we have acquired the team that has honed the skills of international financial reporting. They have mastered the following standards to ensure the provision of necessary services such as;

IAS 17 – Leasing

This standard depicts the financial leasing, and at Mint Accountax, we will help devise the lease agreement. Through this leasing agreement, the lessor will have the rewards and losses of the transfer of the ownership. Along with it, the liability recognition by the lessee and the asset rise is something we make receivable.

There are multiple sub-standards adhered, and we comply with them as well inclusive of;

 

  • IFRIC 4 – This substandard define the lease and its presence in the arrangement
  • SIC – 15 – This substandard defines the incentives and operating leases
  • SIC – 27 – Through this substandard, we evaluate the transactional substance on the lease agreement

 

IAS 16

This is the major standard, and it defines the property, plant, and equipment. This depicts the accounting needs for the initial recognition of the property, plant, and equipment; their carrying value, impairment losses, and the depreciation values.

Our Team

At Mint Accountax, we have devised the team that is well-aware of the shifting paradigms of the internal reporting and accounting standards. This helps them deal with your financial reporting and taxing issues and with the well-defined knowledge of IFRS standards; they are enabled to help with the core changes. These changing issues require our team to entail vigilant decision-making and application, and they do so. Our team analyzes the business condition and devises the short-term and long-term plans (as required.) Our team will handle the commercial activities, control and process the financial reporting, and devise the operational structure to trespass the regulatory and taxing issues.