Best route to electric car?

[Spoiler]

My Ltd co purchased a Tesla end of last year. Along with a charging point installed at my home, plus insurance - and the repair cost when I scraped 2 wheels ?
I didn't really look at leasing. Asked my accountant and they were fine with it all.

P11D for 2020-21 shows a BIK cost of ... £0. Should be £100 this tax year.

[ladymuck]

My Ltd co purchased a Tesla end of last year. Along with a charging point installed at my home, plus insurance - and the repair cost when I scraped 2 wheels ?
I didn't really look at leasing. Asked my accountant and they were fine with it all.

P11D for 2020-21 shows a BIK cost of ... £0. Should be £100 this tax year.

Do you pay for proper business car insurance?

I believe this is an area people often miss, especially when the car is personally owned as visits to clients are not 'commuting'.

[Spoiler]

Do you pay for proper business car insurance?

I believe this is an area people often miss, especially when the car is personally owned as visits to clients are not 'commuting'.

Yes, it covers SDPC + business use ?

I did find a few insurers that would not quote because the owner/keeper is the Ltd company and I was the policy holder.

[cannon999]

What's the BIK on all that personal use, seeing as it's unlikely you're visiting clients.

1%

[northernladuk]

So what are the implications if the OP goes inside for his next gig out of interest? The days of gauranteeing being outside for the duration of the lease have long gone.
What happens if he's inside a few months here and there and also in the scenrio when his next gig is inside and he says inside for the rest of the lease?

[eek]

So what are the implications if the OP goes inside for his next gig out of interest? The days of gauranteeing being outside for the duration of the lease have long gone.
What happens if he's inside a few months here and there and also in the scenrio when his next gig is inside and he says inside for the rest of the lease?

Not a problem provided the company has the cash to continue paying the lease...

[northernladuk]

Not a problem provided the company has the cash to continue paying the lease...

Interesting.

[hobnob]

As NLUK said, this has been covered before. Just to recap, the main alternative to company ownership (with BIK) is that you own the car personally and then charge expenses to your company. You can still claim the same amount per mile (45p for the first 10,000 miles then 25p after that) whether it's an EV or ICE. So, depending on how far you travel for work and how much you pay for the car, you might actually turn a profit. I.e. you might legitimately claim more in expenses than you pay for lease and charging costs.

[NowPermOutsideUK]

Id also be interested in an up to date understanding of getting an electric car as it is something that I am considering.

suppose you have a ltd and income coming in and it’s not going to stop. Would it ever be better to buy personally? I know with diesel the answer was always buy personally so I never thought about putting electric car in the company

if anyone has real figures on a 50 k Tesla as an example please share them. That would be most interesting

[cannon999]

Id also be interested in an up to date understanding of getting an electric car as it is something that I am considering.

suppose you have a ltd and income coming in and it’s not going to stop. Would it ever be better to buy personally? I know with diesel the answer was always buy personally so I never thought about putting electric car in the company

if anyone has real figures on a 50 k Tesla as an example please share them. That would be most interesting

I think buying an electric vehicle now is silly. They are advancing all the time, what's the point of forking out 50k on something that will be improved upon significantly in the next 5 years?