Tax Benefits of buying an EV vehicle in 2023!

14 Apr 2023

Attention, eco-conscious UK drivers! 2023 brings fantastic opportunities for those looking to make a difference and save money. With multiple tax and other benefit changes coming through in 2025 , the sooner you make the purchase the better ! 

I'm here to share the tax and other grant advantages of buying an electric car this year. With several changes coming through in April 2025, it might be worth making a conscious effort to make the switch! 

Vehicle Excise Duty (VED) Savings: Fully electric cars with zero emissions are exempt from VED, also known as road tax. Drive clean and save! 

Benefit-in-Kind (BiK) Tax: In 2023, the BiK rate for zero-emission company cars is just 2%, saving you money compared to petrol or diesel vehicles. 

 Home Charging Installation Grant: Benefit from the Electric Vehicle Homecharge Scheme (EVHS), offering up to £350 off the cost of a home charging station.

 OZEV Residential Chargepoint Grants: The Office for Zero Emission Vehicles (OZEV) provides additional support for the installation of chargepoints at residential properties, promoting a seamless transition to electric vehicles. 

Enhanced Capital Allowances (ECA): Businesses can claim 100% first-year allowances on eligible EVs, offsetting the cost against taxable profits. 

Switch to electric and enjoy these incredible tax advantages while contributing to a cleaner, greener future! Don't forget to consult your local accountant @nurbhai_accounts for personalized advice. 

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