dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Cities
  • People
  • Technology

Should Your Next Company Car Be Electric?

  • March 30, 2023
Total
0
Shares
0
0
0

We would like to thank our generous sponsors for making this article possible.

According to the latest vehicle statistics from SMMT, electric vehicle sales had an increase of 19.8% YTD in 2023 compared to 2022, with an increase in market share to 13.1%. But should your next company car be electric? What are the benefits for the employee and the organisation? 

We spoke to business advisory consultants, Moore and Smalley and they have detailed everything you need to know. 

Company Car Taxation

Zero-emission vehicles have a scale charge of just 2% of the retail price. The good news is that this rate is set to be with us until 5 April 2025.

Car Fuel

For non-electric vehicles, there is a separate fuel benefit charge where an employer pays for fuel for non-business journeys.

For an electric vehicle, there is no fuel benefit charge where the employer provides the electricity free of charge. This might be done via a charging point at the employer’s premises for example. However, the reimbursement of home electricity bills is a taxable benefit.

Mileage Allowance

HMRC does not consider electricity to be a fuel, therefore the petrol/diesel advisory fuel rates cannot be used to reimburse employees for business journeys. However, HMRC allows a rate of £0.09p per mile (from March 2023) for fully electric company cars.

What are the other tax-free benefits of having an electric company car?

The provision of installing a vehicle charging point at the employee’s home.

The provision of a charge card with a fee of up to £100 per year allows individuals unlimited access to local authority vehicle charging points. 

Salary Sacrifice

One of the lesser-known benefits of electric vehicles is that employees can enter into a salary sacrifice with their employer for an electric vehicle, and this will be protected from the anti-avoidance rules, known as optional remuneration arrangements. 

This allows the employer to provide an electric car to their employee whilst maintaining a cost-neutral position for the employer, as the employee is effectively paying for the vehicle.  This also allows the employee to benefit from the low company car taxation, and benefit from the income tax and NIC salary sacrifice savings.

Capital Allowances

For new and unused electric vehicles or hybrids with CO2 emissions of 0 g/km or less, there is a special enhanced capital allowance of 100% available. This allows for full tax relief in year one, as compared with a maximum of 18% writing down allowances for cars with CO2 emissions of 50 g/km or less, and 6% writing down allowances for cars with CO2 emissions over 50 g/km.

Originally published at: Lloyds Bank

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • CO2
  • Electric Vehicle
  • EV
  • Lloyds Bank
dotlah.com

Previous Article
results-of-the-gender-equality-index-19654
  • People

The State Of Gender Equality Across The EU

  • March 8, 2023
View Post
Next Article
richest-person-2023
  • Economy
  • People

The World’s Richest People in 2023

  • April 6, 2023
View Post
You May Also Like
View Post
  • Artificial Intelligence
  • Technology

Thoughts on America’s AI Action Plan

  • Dean Marc
  • July 24, 2025
View Post
  • Technology

ESWIN Computing launches the EBC77 Series Single Board Computer with Ubuntu

  • dotlah.com
  • July 17, 2025
View Post
  • Gears
  • Technology

Samsung Galaxy Z Fold7: Raising the Bar for Smartphones

  • Dean Marc
  • July 9, 2025
View Post
  • Cities
  • Technology

Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore

  • dotlah.com
  • June 20, 2025
View Post
  • Technology

Apple services deliver powerful features and intelligent updates to users this autumn

  • Dean Marc
  • June 12, 2025
View Post
  • Artificial Intelligence
  • Machine Learning
  • Technology

Apple supercharges its tools and technologies for developers to foster creativity, innovation, and design

  • Dean Marc
  • June 11, 2025
View Post
  • Technology
  • Working Life

It’s time to stop debating whether AI is genuinely intelligent and focus on making it work for society

  • dotlah.com
  • June 8, 2025
View Post
  • People
  • Politics

Singapore PM Wong arrives in Malacañang

  • dotlah.com
  • June 4, 2025


Trending
  • 1
    • Society
    We Have The Tools And Technology To Work Less And Live Better
    • November 4, 2019
  • 2
    • Business
    • People
    Fast Loans With Bad Credit: 5 Best Companies To Go To
    • August 27, 2020
  • covid19-vaccine-pfizer 3
    • Science
    COVID-19 Vaccines: How Pfizer’s And Moderna’s 95% Effective mRNA Shots Work
    • December 14, 2020
  • 4
    • Lah!
    • Technology
    New Biomarkers Identified To Detect Consumption Of Emerging Illicit Drug
    • August 31, 2021
  • 5
    • Technology
    How Cold War Rivalry Helped Launch The Chinese Computer
    • August 18, 2019
  • 6
    • Cities
    • Lah!
    OCBC Bank Extends Green Loan To First Property Development Leveraging BCA’s New Building Energy Efficiency Assessment Tool
    • October 27, 2021
  • COP28 UAE 7
    • Cities
    • Climate Change
    COP28: The Scientific Basis For A Rapid Fossil Fuel Phase Out
    • December 13, 2023
  • 8
    • Lah!
    Tariffs, Trump, and Other Things That Start With T – They’re Not The Problem, It’s How We Use Them
    • March 25, 2025
  • 9
    • Lah!
    • Technology
    NUS Researchers Develop AI-Powered Tool To Map Sustainable Roofs Globally
    • September 8, 2021
  • Medicine 10
    • People
    • Technology
    Drug Resistance: Could Global Goals Be The Answer To This Worldwide Health Crisis?
    • January 19, 2024
  • First IBM Quantum Data Center in Europe Opens 11
    • Computing
    • Technology
    First IBM Quantum Data Center In Europe Opens; Will Include Ibm’s Most Performant Quantum Systems
    • October 1, 2024
  • farmer 12
    • Environment
    • People
    Food Systems Aren’t Meeting Global Needs. Consumers And Farmers Can Change It Together
    • October 29, 2020
Trending
  • Scuba Diving 1
    Wetsuit or Drysuit? As always, it depends. This quick guide can help you choose.
    • August 2, 2025
  • 2
    Thoughts on America’s AI Action Plan
    • July 24, 2025
  • 3
    Introducing Surface Laptop 5G: Seamless connectivity, built for business
    • July 23, 2025
  • 4
    Press Start (Or Hit Enter)! Your Go-To Loadout for Streamers and Gamers.
    • July 19, 2025
  • 5
    ESWIN Computing launches the EBC77 Series Single Board Computer with Ubuntu
    • July 17, 2025
  • 6
    Samsung Galaxy Z Fold7: Raising the Bar for Smartphones
    • July 9, 2025
  • Camping 7
    The Summer Adventures : Camping Essentials
    • June 28, 2025
  • 8
    Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore
    • June 20, 2025
  • 9
    A Father’s Day Gift for Every Pop and Papa
    • June 14, 2025
  • 10
    Apple services deliver powerful features and intelligent updates to users this autumn
    • June 12, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.