Your business can benefit from embracing electric vehicles

08/02/2019

How?

When switching to an Electric Vehicle fleet, businesses and company car drivers can save thousands a year.

Benefits include:

  • Tax relief
  • Funding
  • Grants and incentives
  • Reduced fuel costs
  • Cheaper servicing, maintenance and repair costs
  • Sustainability and environmental benefits through lower emissions

With over 30 pure electric or plug-in hybrid cars and vans available there is an option for businesses of all sizes and driving requirements.

It’s never been easier to convert your fleet to EV and the benefits doing so brings are huge...

1. Reduced tax bills
Motoring tax laws actively encourage the take up of electric and hybrid vehicles. Eligible plug-in vehicles benefit from government grants and tax incentives, which help to reduce the total cost of ownership, making electric cars more affordable for you as a business. Along with reduced fuel expenditure this is where you can make the most cost savings.

2. Benefit in Kind and Class 1A National Insurance
Company car benefit-in-kind (BIK) tax rates are set in advance to enable businesses to plan their vehicle choice lists and calculate the financial cost to themselves and employees. Like BIK tax, employers’ Class 1A National Insurance contributions are linked to a cars CO2 emissions and P11D value.

3. Tax changes from 2020/21
Changes from the 2020/21 tax year are designed to provide a further incentive to operate electric vehicles and encourage your employees to choose them as company cars.

4. Vehicle excise duty
Pure electric cars are exempt from paying Vehicle Excise Duty (VED) to offer full support for those opting for the very cleanest cars and vans. All cars that emit less than 75g/km CO2 will pay less road tax in the first year, delivering additional cash savings for plug-in hybrids on your company’s fleet.

5. Capital allowances
Capital allowances enable companies to write down the cost of purchasing cars and vans against taxable profits. At first it may appear complicated but the main thing to remember is that cars and vans with CO2 emissions of 50g/km or less are eligible for 100% first year capital allowances. This will be reviewed again in April 2021.

For zero-emission vans, this benefit is limited to businesses that do not claim the government’s Plug-in Van Grant.

At Blossom Vehicle Leasing, we can provide a quote on any electric or hybrid vehicle. Please get in touch with the team for a FREE no obligation quote and start reaping the benefits going ‘Green’ can have on your business.

Call us on 01242 500060.

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