What is the company car tax on an electric car?

  • 📰 whatcar
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 554. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States 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... Hyundai_UK_PR You can’t set your heart on this. Your calculator makes this choice.
Source: whatcar - 🏆 554. / 51 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. We don’t buy Bitcoin We earn Bitcoin from Mining I’m ready to show 10 lucky people on how to earn 0.1BTC ($3,957.13) and more daily ! No referral No withdrawal fees Interested people only .Kindly send me a DM What, no moustache and glasses? Sleek-looking? Noooo
Source: MarketWatch - 🏆 3. / 97 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
Source: cleantechnica - 🏆 565. / 51 Read more »