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01.07.2019
Good news for companies choosing to drive purely electric vehicles – you will not have to pay any benefit-in-kind (BIK) tax in 2020/21! This comes as a long-awaited response to the review of WLTP and vehicle taxes, where the HM Treasury has, in fact, removed the previously published BIK rates for the next tax year altogether.
The government has stated that: “By providing clarity of future appropriate percentages, businesses will have the ability to make more informed decisions about how they make the transition to zero-emission fleets.”
As a result, this means that company car drivers and fleet operators who choose a new car from April 2020 will no longer have to worry about an increased tax liability when they compare the car to an identical petrol or diesel model.
However, you should be aware that these changes do not affect the lease rental restrictions, capital allowances or any other CO2-related taxes and incentives, but will include fuel benefit charge. And existing vehicle excise duty (VED) rates will stay the same from 6 April 2020, despite the introduction of WLTP values for tax purposes from this time.
This therefore means it’s the perfect time to look at upgrading your fleet to electric vehicles, as not only will your tax rates be reduced, but your fleet will also cost less to run, which means you will be seeing a significant reduction in expense!
Some of the electric cars we have available for you to choose from are:
If you’d like to find out more about any of these models, head over to our dedicated Hybrid/Electric section of our website today, or get in touch with a member of our team at your local Johnsons today!
Whatever your question or feedback we are here to help. So please feel free to contact us.
Immerse yourself even deeper. Visit our social channels.
Johnsons Cars Limited is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486) and which is permitted to advise on and arrange general insurance contracts as an intermediary.
Johnsons Cars Limited is authorised and regulated by the Financial Conduct Authority (FCA) (our registration number is 688450. Permitted activities include acting as a credit broker not a lender.
As an FCA regulated credit broker we can introduce you to a selected group of lenders / brokers (see below) who may be able to help you finance your purchase. This group of lenders / brokers provides us with a range of products which may be suitable for your purchase. We will explain the key features of those products to you.
Volkswagen Financial Services (UK) Limited, Evolution Funding Limited, Santander Consumer (UK) plc, Honda Finance Europe PLC, CA Auto Finance UK Ltd, Suzuki Financial Services Limited, Volkswagen Financial Services (UK) Limited, Hyundai Capital UK Limited, Stellantis Financial Services Uk Limited, Toyota Financial Services (UK) PLC, FCE Bank Plc,
We are a credit broker and not a lender. We can introduce you to a limited number of lenders and their finance products, we act as their agent for this introduction. We are not an independent financial advisor; we will provide details of products available. We may advise you on the products, subject to your personal circumstances, though you are not obliged to take our advice or recommendation.
We do not charge you a fee for our services. we will typically receive commission from whichever lender we introduce you to (either a fixed fee or a fixed percentage of the amount you borrow).
Unless we consider it to be inappropriate given your personal circumstances, for certain vehicles e.g. New, our approach is to introduce you to the lender who are usually able to offer the best available package for you, taking into account interest rates, residual valuations (where applicable) and other contributions. If they are unable to make you an offer of finance, or the vehicle is not one that we would normally place with them we will introduce you to other lenders on our panel. The lender we introduce you to and available rates will depend upon a number of factors including: the vehicle, your personal circumstances and the likelihood of a lender to accept an application based on information provided.
Lenders typically pay a commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow. Different lenders may pay different commissions for such introductions; some lenders may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement, all of which are set by the lender concerned. If you would like to know the amount of any remuneration we have received from the finance provider, please ask us.
All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over, Guarantees may be required. View our full finance disclosure.
