Electric Car Tax Service by Alexander Knight & Co Accountants
Rising demand for electric cars amongst our business owner client base – coupled with new tax breaks means we launched the UK’s first dedicated electric car tax accountancy service – back in 2020.
Now, in 2023, our electric car service is popular as increasing numbers of our clients enjoy the generous tax breaks offered to company owners who use electric vehicles on the road.
Electric company car owners will pay hardly any benefit-in-kind on certain fully-electric vehicles, compared to as much as 37 percent on vehicles with high CO2 emissions.
Electric Car Tax Savings
As a result of this, premium electric vehicles could save business owners £1000s – compared to traditional vehicles.
Luxury models such as the Mercedes-Benz EQC, Audi E-Tron, together with Porsche and Range Rover variants follow the success of the Tesla Model 3 which is already considered to be a cult company car for British sales executives
Company cars have been deeply unfashionable for more than a decade now. In that time, most business owners have understood that they were better off buying a car personally and then claiming the associated expenses.
Electric cars are a game changer for the humble company car. The new tax breaks laid out by the Government have reversed this trend and we predict there will be an upward swing in demand for electric vehicles, not least from business owners but also socially responsible fleet managers in the business world.
Murray Patt of Alexander Knight & Co charges up his own electric car.
Huge tax savings
One client of ours saw more than £10,000 knocked off his tax bill because he plumped for the Range Rover hybrid model over the diesel version.
With these tax breaks about to kick in, more e-charging points being installed across the country, improvements to the range of electric engines and a steady fall in the price we are predicting a renaissance of the company car.
Get your FREE electric car tax guide here.
Download our FREE electric car tax guide for entrepreneurs and business owners.
