Think of turning electric? Folkes Worton looks at the benefits

With the Government setting new and ambitious targets to reduce carbon emissions, giving the Motor Industry deadlines for ceasing production of fossil fuel and hybrid vehicles, as well as offering new incentives for vehicle owners to switch to all electric; is now the right time to convert to the all electric movement?

Here are some of the benefits that individuals and businesses can gain from ‘turning electric’:

  • Registrations of 100% electric vehicles up 165% between January to September 2020 on same period in 2019.
  • 34,591 public charging connectors in 12,523 locations across the UK.
  • £500m investment over the next 5 years for electric vehicle infrastructure.
  • OLEV Grant – £3,000 towards the cost of 100% pure electric cars costing up to £50,000. Up to £8,000 for pure electric vans.
  • Electric Vehicle Home & Workplace Charge Scheme – £350 grant towards cost of charging sockets – up to 40 at workplaces.
  • Capital Allowances – from April 2021, the Government will extend first year allowances to zero emitting vehicles only until 2025 and the main rate threshold will reduce from 110g/km to 50g/km. This will also apply to Lease Rental Restriction.
  • 0% Benefit in Kind for zero emitting vehicles in 2020/21, increasing to 1% in 2021/22 and 2% from April 2022 to April 2025.
  • 100% first year allowance for electric charge points until 2023.
  • Vehicle Excise Duty (VED) Expensive Car Supplement removed for zero emitting vehicles, saving £325 a year from April 2020.
  • Van Benefit Charge – the flat rate van benefit charge is £3,490. From April 2021 it will be £0 for zero emitting vans.

If you would like any further information on how converting to electric could benefit you personally or within your business, please do not hesitate to contact us on 01384 376964

Folkes Worton – Accounting for the Future