Benefits of electric company cars Category: TaxationTechnology - Posted On: Aug 4 2017 Last week the UK government announced plans to ban the sale of new diesel and petrol cars and vans by 2040. This move will make electric vehicles more and more important in the coming years however is already of great benefit to many companies. Buying or leasing an electric vehicle as opposite to traditional petrol or diesel will not only reduce road tax and fuel costs but also attracts several benefits to companies. Electrical vehicles attract lower benefit rates than comparable vehicles including no fuel benefit for employees. In addition there is also up to 100% corporation tax relief when purchasing electric vehicles and charging points which is much higher than traditional. There are also VAT advantages over traditional vehicles where a lower rate is charges on the fuel (5% for electrical as opposed to 20% for fuel). In addition there are grants available for some electric vehicles further reducing the costs to the business. Take a look at the cars eligible for a grant. If this is something of interest please contract a member of the team and we would be happy to talk through the advantages for your specific business. All News View the latest news stories from all of our sectors. View All News News by category View the latest news stories from a specific sector. COVID-19 EQ News People Experienced Professional Graduate Intern RGU Placement School & College Leaver Services Audit & Reporting Corporate Finance EQ Accounting Bookkeeping Cloud Accounting Management Accounts Payroll Taxation International Tax Making Tax Digital Personal Tax Specialisms Agriculture Charities Engineering & Manufacturing Healthcare Leisure Food & Drink Professions Property & Construction Technology
Benefits of electric company cars Category: TaxationTechnology - Posted On: Aug 4 2017 Last week the UK government announced plans to ban the sale of new diesel and petrol cars and vans by 2040. This move will make electric vehicles more and more important in the coming years however is already of great benefit to many companies. Buying or leasing an electric vehicle as opposite to traditional petrol or diesel will not only reduce road tax and fuel costs but also attracts several benefits to companies. Electrical vehicles attract lower benefit rates than comparable vehicles including no fuel benefit for employees. In addition there is also up to 100% corporation tax relief when purchasing electric vehicles and charging points which is much higher than traditional. There are also VAT advantages over traditional vehicles where a lower rate is charges on the fuel (5% for electrical as opposed to 20% for fuel). In addition there are grants available for some electric vehicles further reducing the costs to the business. Take a look at the cars eligible for a grant. If this is something of interest please contract a member of the team and we would be happy to talk through the advantages for your specific business. All News View the latest news stories from all of our sectors. View All News News by category View the latest news stories from a specific sector. COVID-19 EQ News People Experienced Professional Graduate Intern RGU Placement School & College Leaver Services Audit & Reporting Corporate Finance EQ Accounting Bookkeeping Cloud Accounting Management Accounts Payroll Taxation International Tax Making Tax Digital Personal Tax Specialisms Agriculture Charities Engineering & Manufacturing Healthcare Leisure Food & Drink Professions Property & Construction Technology