Am I missing a trick by not getting an EV - Self employed?
Discussion
I am sure this has been asked a hundred times, apologies.
I am self employed and do about 23,000 business miles PA. Total miles 28,000 PA.
I claim 45p and 25p milage allowance so £7750.00 per annum.
Actual running costs are higher than this,
If I change to a secondhand EV The cost to charge at home would be £5.00 per 300 ish miles I think (Octopus at .07p KWH)
If my maths is correct I will save about £3000 per annum in fuel costs + servicing etc, but still be able to claim the same allowance
Does that make sense?
Is this correct or am I barking up the wrong tree.
Thanks
I am self employed and do about 23,000 business miles PA. Total miles 28,000 PA.
I claim 45p and 25p milage allowance so £7750.00 per annum.
Actual running costs are higher than this,
If I change to a secondhand EV The cost to charge at home would be £5.00 per 300 ish miles I think (Octopus at .07p KWH)
If my maths is correct I will save about £3000 per annum in fuel costs + servicing etc, but still be able to claim the same allowance
Does that make sense?
Is this correct or am I barking up the wrong tree.
Thanks
Be aware that you only get 5 hours of cheap electricity, and the fastest you can charge at home is 7kw. Factor in power losses/inefficiencies and you can probably only chuck around 32kwh in an EV overnight.
In other words, about 100 miles per day, which may or may not work for you. (It get a bit more complicated because you can charge every night, so your battery would potentially be full on Monday morning. I'm sure you get the idea).
In other words, about 100 miles per day, which may or may not work for you. (It get a bit more complicated because you can charge every night, so your battery would potentially be full on Monday morning. I'm sure you get the idea).
There's a much lower rate for EVs, I believe. you can charge your customers the same for mileage but not claim as much as an expense to HMRC.
Different rates for public charging too:
https://www.fleetnews.co.uk/news/hmrc-splits-milea...
Different rates for public charging too:
https://www.fleetnews.co.uk/news/hmrc-splits-milea...
Russet Grange said:
Be aware that you only get 5 hours of cheap electricity, and the fastest you can charge at home is 7kw. Factor in power losses/inefficiencies and you can probably only chuck around 32kwh in an EV overnight.
In other words, about 100 miles per day, which may or may not work for you. (It get a bit more complicated because you can charge every night, so your battery would potentially be full on Monday morning. I'm sure you get the idea).
Nope.In other words, about 100 miles per day, which may or may not work for you. (It get a bit more complicated because you can charge every night, so your battery would potentially be full on Monday morning. I'm sure you get the idea).
Using Intelligent Octopus Go, the schedule will provide off-peak rate outside the guaranteed 23:30 - 5:30 slot so you can get a 100% charge if you need it.
sixor8 said:
There's a much lower rate for EVs, I believe. you can charge your customers the same for mileage but not claim as much as an expense to HMRC.
Different rates for public charging too:
https://www.fleetnews.co.uk/news/hmrc-splits-milea...
That's rates for reimbursing company car owers who charge their cars at home. OP's is a privately owned car and the 45p/25p figures still apply.Different rates for public charging too:
https://www.fleetnews.co.uk/news/hmrc-splits-milea...
Today's 3p/mie announcement takes the shine off a little, but there's still a big saving. even if some of your charging is at non-cheap rates.
Possibly bigger savings if car is owned by the business rather than personally?
silentbrown said:
Possibly bigger savings if car is owned by the business rather than personally?
Yep, that’s how I ran an EV for a while, it was better value to own the car privately at he time than via my company. It does depend on your circumstances but plenty have raced to putting their EV in their company based on 100% FYA and low BIK, in part failing to understand the FYA unwinds when the company sells, but either way if you do reasonable business mileage it’s not so clear cut. On the Octopus hours thing, we’ve a car with a 100kwh battery so it would take 15 hours or so to fill and whilst they do give you some additional slots, there’s no guarantee you’ll get all you need to fill the car, although it’s still better than the minimum 5 hours or so.
Do the maths on buying an older car and a new/ex demo one as the finance deals at the moment are bonkers cheap on some brands as they try to shift stock, and the newness and extra warranty has a litre peace of mind if it’s a work horse.
SoulGlo said:
Sheepshanks said:
Or Octopus Intelligent Drive - all you can eat home charging for £30/mth.
Thought I would have a look into it and saw this...It won't be worth it for everyone though, especially at £30. I like that it means not having to think about efficiency, charging losses, warming the car up etc.
I did it 6 years ago, was doing 40 000km/year.
Haven't looked back, best car-based decision until the MX5.
Running costs are ridiculously low so far, all whilst having a big, extremely fast modern car.
Also, not having to weekly waste time at a petrol station is a big plus.
Haven't looked back, best car-based decision until the MX5.
Running costs are ridiculously low so far, all whilst having a big, extremely fast modern car.
Also, not having to weekly waste time at a petrol station is a big plus.
Edited by ZesPak on Friday 28th November 09:01
Same here, was forever looking for cheaper options for my 25,000 mile annual commuting miles.
Petrol and Diesel came out at about £3.5K fuel cost (excl service and maintenance) and for the past year I've gone electric on Octopus with a home charger and it comes out at £950 per year with almost no maintenance to think of.I got an ID.3 first to see how I could live with electric - very easily I learned, so I got a used Tesla Model 3 LR and I won't go back to fuel now.
I do have the luxury of a weekend car if I miss trips to the petrol station.
Petrol and Diesel came out at about £3.5K fuel cost (excl service and maintenance) and for the past year I've gone electric on Octopus with a home charger and it comes out at £950 per year with almost no maintenance to think of.I got an ID.3 first to see how I could live with electric - very easily I learned, so I got a used Tesla Model 3 LR and I won't go back to fuel now.
I do have the luxury of a weekend car if I miss trips to the petrol station.
p4cks said:
Same here, was forever looking for cheaper options for my 25,000 mile annual commuting miles.
Petrol and Diesel came out at about £3.5K fuel cost (excl service and maintenance) and for the past year I've gone electric on Octopus with a home charger and it comes out at £950 per year with almost no maintenance to think of.I got an ID.3 first to see how I could live with electric - very easily I learned, so I got a used Tesla Model 3 LR and I won't go back to fuel now.
I do have the luxury of a weekend car if I miss trips to the petrol station.
Thank you. That mirrors my calculationsPetrol and Diesel came out at about £3.5K fuel cost (excl service and maintenance) and for the past year I've gone electric on Octopus with a home charger and it comes out at £950 per year with almost no maintenance to think of.I got an ID.3 first to see how I could live with electric - very easily I learned, so I got a used Tesla Model 3 LR and I won't go back to fuel now.
I do have the luxury of a weekend car if I miss trips to the petrol station.
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