Electric Cars Are Not
Only Great For The
Are Great For Business
If you are a company director or shareholder, there are some great incentives to choose an electric car for your next company vehicle
In this post we outline some of the benefits to be had by ditching your gas guzzler and switching to an electric vehicle.
Electric Vehicles From April 2020
Savings for Directors | Savings for Companies
No Benefit In Kind on company electric cars used by employees/ directors
From April 2020, the BiK rate on 100% electric cars will be 0%, reflecting their emissions of 0 g/km. That rate will rise to just 1% in April 2021 and 2% in April 2022. Huge savings for the employee/ director.
100% First year allowances
A business which purchases (or hire purchases) a new electric vehicle, can offset 100% of the cost against the company’s profits in the tax year during which the purchase was made. Reduction in profits = reduction in tax bill.
Save up to 38% income tax on reduction in dividends
A company director and shareholder can reduce his dividends taken from the company as the director will no longer have to personally pay for their own vehicle. The electric vehicle is owned by the company and therefore the company bares all the costs. This potentially saving the director thousands in personal taxes.
Get in touch with us today to find out more
How We Work
Working with us couldn’t be easier and we make switching simple…
Book A FREE Consultation
Contact us to book your FREE initial consultation. We’ll work around times that best suit you.
We take the time to get to know you and your business, your challenges and expected outcome.
We’ll review and present our recommended options in plain english with associated fees.
It’s important you make a good connection with your accountant. Your accountant will become an extension of your business, working with you, for you.
Our initial free consultation allows us to get to know each other and for us to understand your challenges. We’ll also explain how we think we can make a difference. Here’s what you should expect in your initial consultation.
Typical consultations take around an hour, so we won’t take up too much of your time.
Don’t worry about preparing lots of information for us ahead of the meeting, it is not necessary.
If you would like to send us your last return, we’ll happily take a look before we meet.
We can meet at your convenience. Out of hours and even weekends, just let us know.
There’s no obligation and we will happily answer any questions you may have.
Book a FREE Consultation
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Franks Accountants respect our customers privacy. Rest assured, we will never pass your details on to any other companies.