Electric Cars Are Not
Only Great For The
Environment, They
Are Great For Business
Owners Too

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

Step 1.

Book A FREE Consultation

Contact us to book your FREE initial consultation. We’ll work around times that best suit you.

Step 2.

Initial Discussion

We take the time to get to know you and your business, your challenges and expected outcome.

Step 3.

Recommend Options

We’ll review and present our recommended options in plain english with associated fees.

What’s Included

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

Please complete the form below and we will get back to you promptly.

Franks Accountants respect our customers privacy. Rest assured, we will never pass your details on to any other companies.