With many car manufacturers moving towards Electric only production (currently Jaguar Land Rover & Volvo making recent announcements), the electric car is becoming more prominent in the UK marketplace. Added to the increasingly popular modern designs, the tax reliefs available are also proving to be very advantageous as car manufacturers are really seeming to listen to HMRC's request for lower emitting cars. The development see's a much improved choice of electric vehicle becoming available in today's market offering better range and features compared to vehicles on offer in the past couple of year's.
Please see below for a couple of worked examples on Electric vehicles compared with less tax efficient vehicles.
In the examples you will see;
Key facts and data | |
0-60 | 4.3 secs |
HP | 328 |
Top Speed | 140 mph |
Range/MPG | 298 miles |
OTR Price | £68,880.00 |
CO2 | N/A |
BIK% | 9% |
Personal tax position p/annum | |
BR Tax Due | £1,239.84 |
Class 1A NIC | £855.49 |
Corporate tax position p/annum | |
Tax saving Year 1 (exlc. running costs) | £13,087.20 |
Tax saving Year 2 and onwards | |
Deposit on purchase | £15,000.00 |
5 Year HP - Monthly payment | £985.00 |
Key facts and data | |
0-60 | 7.6 secs |
HP | 204 |
Top Speed | 155 mph |
Range/MPG | 62 miles |
OTR Price | £72,260.00 |
CO2 | 120 |
BIK% | 23% |
Personal tax position p/annum | |
BR Tax Due | £3,323.96 |
Class 1A NIC | £2,293.53 |
Corporate tax position p/annum | |
Tax saving Year 1 (exlc. running costs) | £2,471.29 |
Tax saving Year 2 | £2,026.46 |
Tax saving Year 3 | £1,661.70 |
Tax saving Year 4 | £1,219.16 |
Plus future savings on WDA... | |
Deposit on purchase | £15,000.00 |
5 Year HP - Monthly payment | £1,050.00 |
Key facts and data | |
0-60 | 5.6 secs |
HP | 258 |
Top Speed | 130 mph |
Range/MPG | 220 miles |
OTR Price | £26,000.00 |
CO2 | N/A |
BIK% | 9% |
Personal tax position p/annum | |
BR Tax Due | £468.00 |
Class 1A NIC | £322.92 |
Corporate tax position p/annum | |
Tax saving Year 1 (exlc. running costs) | £4,940.00 |
Tax saving Year 2 and onwards | £2,026.46 |
Deposit on purchase | £5,000.00 |
5 Year HP - Monthly payment | £385.00 |
Last modified on