Electric Vehicles 0% Benefit In Kind 2020

[eek]

Sorry should had said I was considering leasing for 2 years not buying...

your company needs to be around for all 2 years then - possibly not a problem but it could be one.

[nobody123]

Sorry should had said I was considering leasing for 2 years not buying...

What should have stopped you in your tracks over buying a Tesla are the absolute horror stories of owners in the US when the vehicle gets to about 3 years old. And no, it's nothing to do with the batteries either.

[BolshieBastard]

This is what stopped me in my tracks ordering a tesla as I may not be trading via Ltd in future so holding off for now

What should have stopped you in your tracks over buying a Tesla are the absolute horror stories of owners in the US when the vehicle gets to about 3 years old. And no, it's nothing to do with the batteries either.

[eek]

Hypothetically, in this case, could you not extract an EV "tax-free" before MVL?

Unlikely as most MVL specialists will expect everything to have been sold at market value prior to starting the process so the companies assets is just cash in bank accounts.

On the other hand at least I now know which poster you previously were.

[northernladuk]

Hypothetically, in this case, could you not extract an EV "tax-free" before MVL?

Dunno.

[kissmyaIR35se]

Or if you have to go inside and need to close the company.

Hypothetically, in this case, could you not extract an EV "tax-free" before MVL?

[WordIsBond]

It gets more appealing when you have retained funds, ER is going away so the appeal to increasing those funds is diminished, and you'd have to pay 32.5% dividend tax to extract the money.

[nobody123]

This is what stopped me in my tracks ordering a tesla as I may not be trading via Ltd in future so holding off for now

Or if you have to go inside and need to close the company.

[northernladuk]

Yes, you could but remember:

EV cost a premium over their ICE equivalent.

An EV may suit your mileage right now but what about the next contract that needs an overnight stay?

Current EV charging infrastructure is growing but you will find fewer places have super fast charging stations.

Or if you have to go inside and need to close the company.

[BolshieBastard]

Done a little search and not seen much coverage on this. Reasonably neutral source:

Tax Benefits - GUL

So in theory with capital allowance and BIK relief you can buy yourself a nice EV? Does it have to be purely for business purposes?

Yes, you could but remember:

EV cost a premium over their ICE equivalent.

An EV may suit your mileage right now but what about the next contract that needs an overnight stay?

Current EV charging infrastructure is growing but you will find fewer places have super fast charging stations.

[northernladuk]

ev site:contractoruk.com/forums - Google Search

[kissmyaIR35se]

Done a little search and not seen much coverage on this. Reasonably neutral source:

Tax Benefits - GUL

So in theory with capital allowance and BIK relief you can buy yourself a nice EV? Does it have to be purely for business purposes?