Electric cars are becoming ever more popular, in particular for business owners due to the huge tax breaks available for electric company cars.
But did you know about the grants and tax advantages available for installing EV chargers?
The Workplace Charge Scheme (WCS)
The UK Government has set strict targets and timeframes in which to achieve zero emission motoring by 2030, with the aim of replacing conventional diesel and petrol engines with electric vehicles.
The Workplace Charge Scheme is aimed at encouraging UK business to adopt electric vehicles as part of their fleet and also make readily available charge points for visitors and staff already utilizing EV technology.
To encourage and help businesses to meet the cost of installing electric vehicle charging points at the workplace, the Government have introduced a qualifying grant scheme that will provide funds to meet 75% or a maximum value of £350 per socket towards the cost of installing a qualifying charge point up to a maximum of 40 charge points per business.
Capital Allowances Super Deduction
Capital allowances super deduction is available (for Limited Companies) on the installation of EV charge points up until 31st March 2023. This means that the post-grant expenditure attracts capital allowances at 130%, resulting in tax relief of just under 25%, further reducing the net cost of providing EV charge points at commercial premises
How can nrb help?
- We can introduce you to EV charge point suppliers, who will guide you through the grant process
- We can secure funding for the installation costs via nrb business finance
- We’ll make sure the capital allowances super deduction is claimed for you by nrb tax
For more information, please contact your client manager here at nrb.