Accelerated Capital Allowance for EV

Big Lar

I have searched elsewhere but have not really found an answer to this question, hopefully somebody here knows something.

I am a sole trader and thinking about purchasing an EV, the cost will be around €40k

Normally with any vehicle used 100% for the business I can write off a deprecation of 12.5% over 8 years, however with Accelerated Capital Allowance it seems that I can now offset a max value of €24k against tax on year 1.

1. Am I still entitled to claim the grant ?
2. Is there any other tax write offs in years 2-8 ?

Thanks in advance

KCross

No, you lose the grant if you buy as a business. The ACA is supposed to be the sweetener for you.

And no, no additional writeoffs in years 2-8..... you get it all in year 1.

Big Lar

https://www.boards.ie/discussion/comment/118607356#Comment_118607356

Lose then grant and then an interest free loan really then it seems.

KCross

https://www.boards.ie/discussion/comment/118607374#Comment_118607374

Yea, somewhat. You would have got ACA regardless... its just that you get it all in year 1, so better for your cashflow.