How are electric vehicles being incentivised in 2021?

The UK recently brought forward its ban on the sale of new petrol and diesel cars by an entire decade, with the ruling now slated to take effect from 2030. It came as a surprise to many when a scheme that aims to make electric vehicles (EVs) more affordable was cut.

Changes for Reporting R&D Claims

HMRC has introduced new CT600 supplementary pages to complete for Research and Development Expenditure Credit (RDEC) and R&D enhanced expenditure (SME scheme) claims. The supplementary pages (CT600L) will be required by HMRC for all CT600 returns filed on or after 6 April 2021. 

Taxes - Time to Pay

There are a range of business support measures available for businesses and individuals, which include deferring payment of certain taxes.

Self-Employed Income Support Scheme: “one of the most significant economic interventions”

Last night the Government announced a scheme that assists the self-employed across the country during the COVID-19 pandemic. The Self-Employed Income Support Scheme will provide self-employed individuals a taxable grant worth 80% of trading profits, up to £2,500 a month for the next three months. It will also apply to members of partnerships.

Are tax-free EVs a no brainer for company car drivers?

The growing range of zero emissions vehicles presents a real opportunity to cut expenses, but there are drawbacks to consider.

With few models to choose from and a frustrating ownership experience, the first wave of electric vehicles (EVs) was a tough sell. But heading into 2020, things are changing.

Company car tax is not only based on CO2 emissions, but also electric driving range. Prior rules stipulated that cars with an electric driving range of 130 miles and above would fall into the 2% car tax band, but these rules were recently scrapped. Pure electric vehicles—those without a tailpipe—will now benefit from an even lower 0% tax rate between 2020-2021. The following two years will see rates rise to 1% and 2% in 2021-22 and 2022-2023 respectively.