Electric vehicles – what are the benefits?

Climate change is high on everyone’s agenda and with transport accounting for a quarter of the UK’s carbon emissions, interest in Electric Vehicles (EV) is increasing. We are frequently asked to outline the financial and tax benefits of choosing an EV over a conventional vehicle.

In Scotland, there are benefits for individuals, and for businesses, to embrace energy saving technology, including EVs. These include –

• Lower vehicle running costs
• Lower benefits in kind tax charge, and associated employers NIC
• Government plug-in grant of up £3,500 off the price of a new EV, applied at dealerships
• 100% First Year Allowance available against taxable business profits on cost of EV (if plug-in grant not applied)
• Free electricity through ChargePlace Scotland’s EV charging network
• Grant support for the installation of home or workplace charge points
• Interest free loans of up to £35,000 (individuals) and £120,000 (businesses) funded by Transport Scotland.

More information can be found on the Energy Trust Website.

If you are thinking about integrating energy saving technology into your business, please contact one of our EQ Technology Team via our contact us page.

Alternatively, if you would like to discuss your options for making the best use of available tax reliefs with Electric Vehicles, please email our EQ Taxperts or call your local office contact.