• Genio Accountant - TEAM

Buy a TESLA on the tax man/woman

Did you know that you can write off corporation tax and also reduce your personal tax by buying a new or used car that is eco friendly. (Pay the tax office tax or write it off with a toy that I can enjoy......... ummmm I know what I am doing.)

For instance, a Tesla is a plugin all electric car with no CO2 emissions so you can claim the maximum benefit of recovering costs from your corporation tax

By having an electric car as an employee you can also reduce your personal tax for private millage and the tax you pay for the privilege of having a company car.

The cost of an all electric car also reduces to running cost from an average of 0.26p per mile to 0.01p per mile. Yet another cost saving for your company.

So all in all it pays to go electric. With the electric car market booming with new innovation and longer range batteries along with service stations that are geared up for quick charges during your journey. Some car are software controlled (Like the Tesla) which means that new features can become available in your car that weren't available the dave before. For instance, with Tesla, you went to bed with a car that could nearly automatically drive between the white line on its own to a can that is now almost totally automated with driving between white lines, changing lanes and predicting the best routes against traffic. You don't see that in a traditional car do you...

Right, I am off to the Tesla showroom now, see you all tomorrow

I would give you an example on HMRC but there are so many articles to consider I would just confuse you. so search for "Claiming Tax back on an all electric car" and you will get a host of results that will tell you everything you need to know.

Alternatively, if you want to know more about this in simple english then give the Team at Genio a call and they will happily explain it to you with no risk of you falling asleep.

Genio Accountants - Keeping you compliant and fine free. Phone: 023 8212 3336 | Address: 33a Portsmouth Road, Woolston, Southampton, SO19 9PE


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