Am I missing a trick by not getting an EV - Self employed?

[ConnectionError]

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

[warnie]

Correct. I do 32000 a year in my model 3 AWD. Way cheaper than my E class diesel, plus no servicing costs.

[Russet Grange]

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).

[sixor8]

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...

[gmaz]

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.

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.

[Sheepshanks]

gmaz said:

Nope.

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.

Or Octopus Intelligent Drive - all you can eat home charging for £30/mth.

[silentbrown]

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.

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?