Thinking of going electric for your next company vehicle?

Thinking of going electric for your next company vehicle?

There are positive Tax incentives for electric vehicles

Commercial Vehicle/Van: The big advantage is that you can claim 100% capital allowance (really 100% depreciation) that can then be deducted from your profit to save tax.

Electric Cars: Exactly the same advantage BUT this 100% deduction is only available until March 2027, so for 27/28 you will only be allowed to write down 14% each year.

Ordinary Cars: You can only claim 6% to 14% against your profit

However for all three there are Personal Taxable Charges – BUT these are much lower on Commercial Vehicles and Electric Cars.

Owning or operating an electric vehicle can attract various tax benefits, including exemptions from:

✅fuel duty

✅vehicle excise duty

✅company car tax

✅van benefit charge

✅fuel benefit charge

Need more tax advice? Register as a new client or contact us for more information.

Gerry O’Boyle and associates are Accountants from Bangor and Newtownards forming O’Boyle Accounting & Taxation, specialising in saving tax and other costs for small businesses.We also prepare Accounts and Tax returns for small companies and offers practical advice in running a business.