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Electric Car Tax Service launched by Alexander Knight & Co Accountants

electric car tax guide accountants uk

We are really proud to launch a new service for our clients as we continue to innovate in the accountancy marketplace.

Rising demand for electric cars amongst our business owner client base – coupled with new tax breaks means we have launched the UK’s first dedicated electric car tax accountancy service.

Our new electric car service is perfectly timed as increasing numbers of our clients enjoy the generous tax breaks offered to company owners who use electric vehicles on the road.

From 6 April 2020 company car owners will pay zero 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 – as the new regime kicks in.

The launch of new luxury models such as the Mercedes-Benz EQC, Audi E-Tron, together with Porsche and Range Rover hybrid vehicles 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 electric car tax accountant

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.

Consideration needs to be given to purchasing a hybrid model. Although they still offer a great tax break under this new rule, it’s not zero percent as with fully-electric vehicles. Another issue to think about is that hybrids now feature in the Government’s hit list for cars that will be banned from 2035 – we’d really advise going for that pure electric model.

Get your FREE electric car tax guide:

 

Watch our video about electric car tax breaks for company directors:

If you are a business owner and you want to get a tax-free electric car – speak to us first and we will help you. Call us on 0161 980 8788 or email cars@alexanderknightaccountants.co.uk