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Electric or Hybrid Vehicles For Business

Electric Vehicles for Business

Businesses and company car drivers please be aware that electric vehicles are an increasingly interesting option. They can lower your running costs and with the available government grants you can make serious savings simply by choosing a low or zero emissions plug-in or all electric vehicle over an equivalent petrol or diesel vehicle.

Capital Allowance

Businesses are able to write down the cost of purchasing cars and vans against taxable profits. Cars and vans with CO2 emissions of 50g/km or less are eligible for 100% first year capital allowances until April 2021. 

For zero-emission vans, the business must not have claimed for the government’s Plug-in Van Grant.

Vehicle Excise Duty

From April 2020, all pure-electric vehicles are exempt from road tax – no matter their list price.

Hybrids receive a £10 yearly reduction compared to classic combustion engines. All information on Road tax

 

Charging

The Workplace Charging Scheme could potentially allow your business, charity or organisation to reduce the cost of Workplace charge points by £10,000*! Essentially they could grant you £500 per charge point socket for up to 20 sockets!

 

Are you eligible?

  • You must be a business, charity or public authority (back claiming is not possible).
  • You must have off street parking & be explain your businesses need for the electric charge points.
  • An OLEV-approved installer must install your chargepoints.
  • You have to apply for a digital voucher and give this it to your chosen installer.
  • Maximum grant - £500 per socket, up to 20 sockets.

Find out more on the Government WCS Grant

Electric Car Grant

Government Grants on Electric Cars - the car must have less than 50g/km of CO2 emissions and can travel at least (70 miles) without any emissions at all - up to £3,000* towards the initial purchase - eligible plug-in vehicles.

Government Grants on Electric Vans - you can save up to £8,000* deducted from the retail price, no paperwork is needed - View the Low-emission vehicles eligible for a plug-in grant.

Company Electric Car Tax (BIK)

This is also know as Benefit in Kind Tax (BiK) and is calculated upon the P11D value of your vehicle, your income band and the vehicle’s CO2 emissions. It is clear that significant and increasing savings can be made form switching to a zero emissions or plug-in vehicle

Vehicle CO2 emissions*

2019-20

2020-21

2021-22

2022-23

0 g/km

16%

0%

1%

2%

1-50 g/km (electric range >130 miles)

16%

2%

2%

2%

1-50 g/km (electric range 70-129 miles)

16%

5%

5%

5%

1-50 g/km (electric range 40-69 miles)

16%

8%

8%

8%

1-50 g/km (electric range 30-39 miles)

16%

12%

12%

12%

1-50 g/km (electric range <30 miles)

Useful Links

Vehicle Charging Map

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Journey Cost Calculator

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