ELECTRIC CARS AND HMRC – ARE THEY TAX DEDUCTIBLE IN THE UK?
19,712
Published 2022-11-06
Topics include:
HMRC rules electric cars
Electric car tax relief
Are electric cars tax deductible uk
Tax relief on electric cars
Electric cars tax credit
Capital Allowances
That Tesla for your limited company
… and more!
If you have any questions on this, please comment below.
Full guide: www.heelanassociates.co.uk/tax-rules-on-electric-v…
Subscribe to our Podcast on Spotify and Apple: “The HeelanHub Podcast” - a show for small business owners.
Join our mailing list for tax tips at: www.heelanassociates.co.uk
You can see more about what we get up to as an Accountancy Business on the following:
LinkedIn (Dan): www.linkedin.com/in/danheelan/
Instagram (Dan): www.instagram.com/danheelan/
Instagram (Company): www.instagram.com/teamheelan
Facebook (Company): www.facebook.com/HeelanAssociates
Twitter (Company): www.twitter.com/HeelanAssocs
Web: www.heelanassociates.co.uk/
Call: 02392 240040 Email: [email protected]
If you are looking for more overall business and financial coaching from Dan direct, visit: heelanactionacademy.co.uk/
Buy QuickBooks below retail price here: www.heelanassociates.co.uk/quickbooks-online-essen…
Buy Xero below retail price here: www.heelanassociates.co.uk/xero-standard-monthly-s…
#accounting #smallbusinessuk #tax
All Comments (21)
-
I think you can fit another bottle on your shelf
-
Fabulous video 👍👍👍🥂🥳
-
Great video! I’m a director of a small limited company. I currently lease a diesel vehicle. The only thing I claim is mileage. When my lease runs out I want to look at leasing an EV on a BCH agreement. Apart from getting tax relief on corp tax on the monthlies, is there anything else you can claim relief on? I’m not VAT registered. Can I claim for insurance/vehicle maintenance? Can I still claim the 45p per mile for business miles? Would I need to pay BIK?
-
Thank you for the video - great advise, do you offer Adcock advise for a fee of course .. ?
-
Thanks for the great video again. I'm hoping you may have the answer to the following question... with card readers such as Zettle they take a small fee 1.75% per transaction. In my current bookeeping I only process what enters the business bank account hence do not include the 1.75%. Is this correct or should the total I charge the customer be included and write the 1.75% off as expense. Many thanks!
-
With corporation tax going up to 25% or marginal rate over 50k - is it better to take relief on the depreciation over 'x' years rather than 19% full first year allowance? Massive thanks for all your excellent videos to date.
-
Thanks for the great video! I used to be a full time freelancer and so have my own Ltd, however in recent years I have been working mostly in a 9-5 in a permanent role. I still have my Ltd though and do occasional work on the weekends through it. This means that I only ever have a few k in my business bank account. Is it still beneficial for me to lease a car via my company or will it be more of a headache as only a little money comes through the company?
-
Hi, great video. If I lease an EV through my Ltd company, is the initial deposit payment on the lease also tax deductible from corp tax? You mentioned in the video about claiming back electricity costs for charging the EV, I charge the EV at home so how would I work out what to claim back and what paper trail is needed as the electricity usage obviously includes charges for the whole house? Do I still need to keep a mileage record for business travel ?
-
Hiya, so in a ltd company 100% price of the vechicle can come off your profits to reduce profits so pay less tax, what about the second year.. is it based on the car value in the second/third year?.. great video :-)
-
I am struggling to get an answer to this can you help. Sole traders BCP v lease , the BCP contract has no optional final payment only a compulsory “balloon” this allows smaller monthly payments with you ending up owning the car. HMRC guide is a bit vague. but if i use this route rather than outright purchase how much capital allowance is allowed in yr 1? Example : Car 80k Initial payment £30k Monthly payment £500 x 36 Balloon £30k Ideally I need to reduce gross profits by as much as I can ?
-
What purchase options are available if you want to offset %100 of the cost of the electric vehicle? Would buying it on a PCP through a dealership allow this?
-
Thanks for the video, does the limited company pay all the insurance? How is the personal use of insurance get accounted for?
-
Thanks 👍 is this all still applicable with recent government changes Dec 2022?
-
As a director of a 1-person UK limited company, am I allowed to purchase an EV company car through my limited company and use it for 100% personal use? And still get the Tax benefits like 100% write off in the first year and the 2% BIK? P.s Great video!
-
Great video! I currently have a full time job and pay taxes as a higher rate tax payer, via PAYE. This is a temporary role. I am also working part-time as a hackney driver and I will likely continue this, alongside my temporary work. If I purchase an electric vehicle for my hackney job which I declare in my SA100, can I claim the full purchase expense? And will this be offset against the taxes I have already paid via PAYE? Am I right in assuming I will have overpaid tax in this scenario?
-
I am seeing more and more schemes for salary sacrifice. I am in slightly odd position of being a LTD business owner and also being employed. Neither are in the higher rate tax bracket on their own, is there benefit to salary sacrifice vs Thru limited company?
-
Does BiK only applies to new electric car? I have a Ltd company but I don’t have £60,000 sitting there in my company account. However, I can afford to spend no more than £30,000, so can I buy a used EV get the same benefits?
-
Hi, what about if you lease an EV over say 24-36 months as a sole trader? Are the monthly costs deductible for mileage you use it within 'business miles'? Much appreciated!
-
If you use hire purchase on a second hand car, how would the tax relief work. I understand you wont get FYA, but does it still come off the value before cooperation tax?
-
Hi, fantastic video! I am an area manager and I've been given a decent ev to drive. I have had to self-fund a home charger. Do you think there is anyway that I can claim tax relief on this, even though I am not a business owner? The car is used 80% business, and 20% personal.
