Grant for electric vehicles
Your business could get 35% (up to £3,500) off the price of an electric car or 20% (up to £8,000) off the cost of buying an electric van. Electric vehicles can form part of your fleet or be a company car option. You could get money off the price of a brand new low-emission vehicle through a government grant given to vehicle dealerships and manufacturers. The grant only applies to specific brands of cars, motorcycles, mopeds, vans, taxis, large vans and trucks. You can check the government website to see which ones are included.
Tax incentives for electric vehicles
You can get numerous tax benefits if you own or operate an electric vehicle. This could include exemptions from:
Company car tax
Fuel benefit charge
Vehicle excise duty
Van benefit charge
On top of this, electric vehicles have increased capital allowance benefits (allowing the costs of capital assets to be written off against taxable profits). With the first year having a 100% allowance. This means you could claim the full cost of your company electric vehicle against taxable profits, as long as this is done within the first year of purchase. Find out how you can make a claim on the gov.uk website.
Are you interested in purchasing a charging station for the home or at work? View the options on 50five!