The benefits of electric vehicles for business owners

Electric vehicles have gained in popularity in the last two years, with current projections estimating that electric cars will outsell diesel and mild hybrid diesel vehicles by the end of 2022.

And it's easy to see why, with a number of compelling environmental and financial benefits amidst a cost of living crisis. These benefits to private individuals can also be extended to businesses, with many business owners now looking into getting a zero or low emission vehicle.

In addition, there are substantial tax advantages to getting an electric vehicle, such as:

• Considerably lower benefit in kind tax rates for electric company cars

• The option of a salary sacrifice arrangement, benefitting both you and your employees

• No tax implications if you use a company owned zero-emission vehicle outside of business hours

• No or reduced road tax to pay

• Capital allowance relief for purchases of brand new electronic vehicles

• Super-deduction capital allowance on electric charging points

Our team will be happy to explain the tax benefits in more detail, simply give us a call or send us an email by clicking the below button.

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Website: Hartley Fowler Chartered Accountants