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no bik on EV cars?

  • 01-07-2018 9:01pm
    #1
    RobAMerc
    Registered Users, Registered Users 2 Posts: 5,863 ✭✭✭


    so, as a self employed worker I like the idea that I can have my company buy an EV and take advantage of the tax advantages afforded to me.

    My understanding is, if I buy a full EV car, I can claim the VAT back and not pay any BIK.

    So what options would I have for a full EV family car that I can take to Galway, occasionally Cork and sometimes West Waterford ?

    thanks


Comments

  • #2
    JackieChan
    Closed Accounts Posts: 1,829 ✭✭✭JackieChan


    RobAMerc wrote: »
    so, as a self employed worker I like the idea that I can have my company buy an EV and take advantage of the tax advantages afforded to me.

    My understanding is, if I buy a full EV car, I can claim the VAT back and not pay any BIK.

    So what options would I have for a full EV family car that I can take to Galway, occasionally Cork and sometimes West Waterford ?

    thanks

    I can't comment on the VAT element but currently the BIK is 0% on full EV. This is expected to last a min of 3-5 years but the exact duration is not known. More information should come out this Budget. Also it doesn't have to be a new vehicle.

    Assuming you are coming from Dublin then any EV will do it but they may need a charge, do you need to travel without a charge en route?

    If you absolutely don't want to stop for a charge, then the only options would be Tesla S/X or Jaguar i-pace(available later in the year)

    If you don't mind stopping for a charge then a leaf, Ioniq, eGolf would do the job


  • #3
    ismat
    Registered Users, Registered Users 2 Posts: 168 ✭✭ismat


    You would not be able to claim the vat on a passenger vehicle


  • #4
    Water John
    Registered Users, Registered Users 2 Posts: 21,808 ✭✭✭✭Water John


    My understanding is that the Co can have accelerated capital write off.


  • #5
    JackieChan
    Closed Accounts Posts: 1,829 ✭✭✭JackieChan


    Water John wrote: »
    My understanding is that the Co can have accelerated capital write off.


    yes it can be written off in year 1 instead of over the normal 8 years


  • #6
    RobAMerc
    Registered Users, Registered Users 2 Posts: 5,863 ✭✭✭RobAMerc


    So, how would the capital write off work if I got the car on a PCP ?

    Would I have to buy it on a HP agreement instead ? This might be less attractive for me as I would worry about the residuals with so much new tech coming on stream in the next few years.


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  • #7
    Water John
    Registered Users, Registered Users 2 Posts: 21,808 ✭✭✭✭Water John


    Haven't done it myself yet. Waiting for longer range EVs to come. My understanding is, use the Co to make PCP payments. Not sure who actually owns the car. Don't think the Co does.


  • #8
    JackieChan
    Closed Accounts Posts: 1,829 ✭✭✭JackieChan


    Water John wrote: »
    Haven't done it myself yet. Waiting for longer range EVs to come. My understanding is, use the Co to make PCP payments. Not sure who actually owns the car. Don't think the Co does.

    Company has to own the car if it is making the repayments.

    PCP is not available to the company and it will have to be HP arrangement or cash if you're flush :)


  • #9
    J.pilkington
    Users Awaiting Email Confirmation Posts: 1,331 ✭✭✭J.pilkington


    JackieChan wrote: »
    yes it can be written off in year 1 instead of over the normal 8 years

    But watch out on this, eg if you sell after 3 years and it’s worth €15k the €15k is taken as a negative capital allowance


  • #10
    R.O.R
    Registered Users, Registered Users 2 Posts: 12,699 ✭✭✭✭R.O.R


    ismat wrote: »
    You would not be able to claim the vat on a passenger vehicle

    You can claim 20% of the VAT if the vehicle is used at least 60% of the time in connection with the business, and has Co2 emissions of 156g/KM or under.


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