Thinking of running an electric car as your next company car? Here's everything you need to know.
A car’s taxable value is known as its P11D price, which is the list price including options, VAT and delivery charges. But unlike a manufacturer’s quoted on-the-road price, the P11D doesn’t include the first-year registration fee.
A zero-emissions car costing £40,000 would have a BIK value of £40,000 x 2%, equating to £800 per year. A driver’s tax level is the third factor, so a higher-rate 40% tax payer would then multiply the £800 by 40% to get their liability; £800 x 40% equalling £320 per year, or £26.67 per month. Halve that for a lower-rate 20% tax payer, so £13.31 per month.
At £26.67 per month for a £40,000 electric company car against almost £500 a month for a petrol or diesel alternative costing the same, it’s clear why more and more company car drivers are choosing to go electric. The potential savings under the current tax system amount to more £17,000 in company car tax over three years.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Best Hyundais for company car drivers 2022Looking to replace your company car with a Hyundai? Well, these hybrid and electric models are well worth considering...
Read more »
15 European Countries Have 15%+ Electric Car Sales (New Car Sales)There are now 15 European countries that have 15% or more of new-car buyers buying plugin electric cars (full electric cars or plugin hybrids). Let's look a little closer at these trends in electric car sales in each of these markets.
Read more »
Every new car worth waiting for in 2022Don't buy a car until you've read this – our ultimate guide to the new models going on sale in the second half of 2022 and beyond:
Read more »
Nation’s Monster Truck Rally Organizers Vow To Crush 100% Electric Cars By 2030HOUSTON—Claiming the move was the only way to guarantee a fully renewable future of adrenaline-charged metal smashing, the nation’s monster truck rally organizers issued a statement Monday vowing to crush 100% electric cars by 2030. “For too long, we’ve sent trucks like the Devastator, Swamp Thing, and El Toro Loco…
Read more »
This sleek-looking Lexus is the automaker's first electric car made for the U.S. marketThe first electric Lexus for the U.S. is here, with 225 miles of range and 308 horsepower.
Read more »
China Electric Car Market Reaches 26% Plugin Market Share In MarchICE IS MELTING — China Edition Plugin vehicles are all the rage in the Chinese auto market. Even with Covid-related lockdowns happening in some major cities, plugins scored 458,000 registrations, up 118% year over year
Read more »