When it comes to choosing company cars, a few key factors stand out: spaciousness, cutting-edge technology, and low Benefit in Kind (BIK) taxation. Electric vehicles (EVs) are particularly attractive from a tax perspective due to their reduced emissions and consequent tax benefits. It's worth noting that the emissions of a vehicle can vary based on its specifications.
This list offers a diverse range of options, from fuel-efficient petrol-hybrids to fully electric models, all of which boast luxurious features. Whether you're embarking on long commutes or navigating daily journeys, there's something here to suit your needs.
How BIK works?
Benefit in Kind is tax on a company car, this is based off the CO2 emissions of your vehicle and the value of it. Getting an electric car can greatly cut down your monthly expenses. Until 2025, the Benefit in Kind (BIK) for electric vehicles with zero emissions and a range of more than 30 miles is only 2%. In comparison, petrol or diesel cars could have a rate of up to 37%, depending on how much emissions they emit.
Tesla Model 3
The Tesla Model 3 stands out as a top choice, particularly in the realm of fully electric vehicles. It's a superb option for those who cover extensive distances, thanks to Tesla's widespread network of superfast and ultra-reliable chargers across the country, ensuring accessibility no matter where you are.
Moreover, its safety ratings are exceptional, and its reliability is well-established. The Tesla Model 3 Long Range variant boasts an impressive 394-mile range on a single charge and accelerates from 0 to 62 mph in a mere 4.4 seconds.
What sets it apart even further is the convenience it offers. With Tesla's 'supercharger' technology, you can recharge the battery halfway in just 30 minutes, making long journeys practically stress-free. Additionally, features like Netflix accessible directly on the touchscreen enhance the driving experience, providing entertainment and convenience at your fingertips. Overall, the Tesla Model 3 delivers a combination of performance, range, and modern technology that makes it an excellent option for anyone considering a company car.
Ford Mustang Mach-E
Ford's pioneering full-electric vehicles, the SUV has garnered widespread acclaim for its impressive range of 373 miles. Its blend of comfort, modern design, and spacious interior. Step inside, and you'll be greeted by a sleek and contemporary ambiance, coupled with ample room for passengers, making it ideal for all types of journeys. It has comfort tech and space and luxury feel and managing 0-62mph in just over 5 seconds get to A to B in no time.
MG 4
The MG4 stands out as one of the more budget-friendly options when considering Benefit in Kind (BIK) taxation. Boasting an impressive driving range and ample space, including a generous boot, it's well-suited for long journeys. This practical electric hatchback combines affordability with functionality, making it a standout choice on this list. With a smooth driving experience and a variety of vibrant colour options, the MG4 offers both affordability and quality in a single package.
Volvo EX30
The Volvo EX30 presents itself as a stylish and affordable option in the seven-seat SUV category. With an impressive range of 298 miles, it's well-suited for both long journeys and daily commutes. Behind the wheel, drivers can expect a comfortable and enjoyable experience, thanks to its smooth handling and spacious interior.
Whether navigating city streets or winding country roads, the Volvo EX30 excels in providing a trouble-free drive. Its versatile design offers ample space for passengers and cargo, making it a practical choice for families and adventurers alike. Overall, the Volvo EX30 delivers on both style and functionality, making it an all-around standout in its class.
BMW i4
The i4 is not only available as a plug-in hybrid but also offers cost-saving advantages over fully electric cars when it comes to taxes. This sleek model promises a thrilling drive, combining BMW's signature performance with cutting-edge technology. Inside, drivers can indulge in luxury, complemented by an excellent infotainment system that enhances the overall driving experience.
What sets the i4 apart is its favourable 2% Benefit in Kind (BIK) tax rate, making it an appealing option for those seeking both excitement behind the wheel and financial benefits. With the i4, BMW delivers on both fronts, offering a dynamic driving experience and tax advantages that make it a standout choice in its class.
Skoda Octavia
While it's not electric, so it doesn't qualify for the lower Benefit-in-Kind (BIK) rate of 27%, if an electric option isn't suitable for you, this car offers an affordable alternative. It's reliable, economical to run, and provides practical transportation with a comfortable ride, making it a great choice for a company car due to its affordability and suitability for daily use.
Cupra Formentor
A versatile SUV that combines the best of both worlds with its plug-in hybrid option. Not only does it offer a sporty driving experience, but it also boasts impressive efficiency. With a low BIK rate of just 12%, it's a tax-friendly choice for drivers. Whether you're navigating city streets or exploring country roads, the Formentor delivers a dynamic performance. Inside, you'll find a spacious and comfortable cabin, making it ideal for long journeys or carrying passengers and cargo. With ample room in the boot, this SUV offers practicality without sacrificing style or comfort.
