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Electric for Business

Electric vehicles could be just the business if you’re looking to realise efficiencies in your fleet strategy – while demonstrating your organisation’s environmental credentials.

Company car operators and fleet operators who switch to EVs enjoy significant tax gains on Benefit in Kind which can quickly help to offset upfront costs: there’s zero tax on BIK for 2020/21, rising to 1% in 2021/22 and 2% the following year, but these keep EV liabilities well below those for petrol and diesel cars.

There are also capital allowance benefits: any vehicle with CO2 emissions of less than 50g/km is currently eligible for 100% first year capital allowances.

The road tax regime is also sympathetic to EVs – the system is now based on carbon dioxide emissions so fully electric cars are exempt – while there are also incentives around running costs and charging points: electricity provided by employers from business charging facilities is exempt from taxation as a BIK.

And the voucher-based Workplace Charging Scheme (WCS) offers businesses grant support of up to £350 (including VAT) per socket, at 75% of the total cost of the installation up to a maximum of 40 sockets.

Our experts at The Electric Car Store will be happy to take you through these various benefits.

Calculate the taxable value of providing EVs to employees

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