Advice on leasing electric car through company

[London1986]

Hi all

I've decided to lease an electric car via my LTD (I am an IT contractor).

As I understand it, I can expense the following via my company...

• The leasing costs itself (deposit and monthlies)
• Any servicing, maintenance and repair costs
• Home wall charger installation

All the above will reduce my corporation tax bill.

I will also be able to claim 50% of the VAT of all the above.

The BIK rate is 2%.

1. Does that all sound correct?
2. What happens with insurance? Not sure if I need to sort that via the company or if that is done in my own name?
3. Anything else I need to consider?

[ecs]

Since the emissions are 0 and it's a lease, it is deductible from your corporation tax. If there's any personal use then you can recover 50% of the VAT. And you're correct about the BiK.

You need to make sure that it's a 'true' lease and not something like PCP which would be treated like hire purchase and has different rules.

[London1986]

Thanks for confirming, and yes it will definitely be a business lease