Driving down costs
Electric cars are becoming more popular and more accessible as each year goes by. One of the reasons is that they attract low benefit in kind rates, which means they can be a really cost-effective option when choosing a new company car.
Company car drivers could achieve a range of savings by choosing a plug-in electric or plug-in hybrid vehicle instead of a 'traditional' internal combustion engine model.
Benefit-in-kind tax: for company car drivers looking to potentially minimise BIK costs, Electric Vehicles (EVs) are an obvious choice. In the 2020/21 tax year a SEAT Mii electric with a P11D price of £22,745 will attract 0% BIK, so there is no BIK tax to pay.
Fuels costs: Fuel cost savings are another attraction. A SEAT Mii electric costs approximately 3p per mile for electricity which is lower than that of an equivalent petrol city car*.