Take advantage of the 100% first-year Write Down Allowance on a new Porsche Taycan
The second-generation all-electric Porsche Taycan makes for a compelling financial and emotional choice. The Taycan is the pure expression of a Porsche electric sports car, boasting striking proportions, timeless and instantly recognisable design, and a perfect blend of performance with everyday usability.
Benefits through the business
In the UK, businesses can benefit from a 100% first-year allowance for new electric vehicles until April 2025. This translates to the entire cost of the Porsche Taycan being deductible from your taxable profits in the year of acquisition. The Write Down Allowance (WDA) presents a significant opportunity for accelerated tax relief, offering substantial savings for your business.
Conversely the option of Lease Rental Restriction (LRR) allows businesses to deduct lease payments made for a new Porsche Taycan from their taxable profits. However, it’s important to note that LRR does not allow for a full deduction of the vehicle’s cost, as with WDA. The deductions are confined to the lease payments made during the accounting period.
So, which route best aligns with the tax efficiency objectives of your business?
Here are some considerations to guide your decision-making:
- WDA is particularly advantageous for businesses aiming to retain ownership of their Porsche Taycan and seeking immediate tax relief by deducting the full cost in the year of purchase
- LRR may be preferable if your business values the flexibility of leasing a Porsche Taycan and intends to deduct leasing costs from taxable profits over the lease duration.
Always consult with a tax advisor or an accountant well-versed in UK tax regulations. They can provide tailored guidance based on your unique business needs, financial goals, and the most current tax laws and allowances.
There is even more to benefit from in the form of the 2% Benefit-in-Kind Tax. If you plan on using your Taycan for both business and personal use, you can also take advantage of the 2% Benefit-in-Kind tax until 2024/2025, resulting in significantly reduced personal taxation costs compared to comparable petrol or diesel-powered vehicles.
The Porsche Taycan - Made For Business
The Porsche Taycan is available in three body styles - Saloon, Sport Turismo, and Cross Turismo, so the Porsche Taycan can fit seamlessly into any lifestyle. Even distant destinations are within easy reach with the Performance Battery Plus1, which provides the Taycan with a generous range of 360 - 421 miles*, reducing the need to stop and charge. If you do need to charge whilst going about your daily business, the Taycan’s 800-volt architecture produces charge power of up to 320 kW with a direct current. The Taycan can be charged from 10% to 80% under optimum conditions**, in as little as 18 minutes.
Porsche is synonymous with performance, and the Taycan is no different. The Taycan Turbo S model can do 0-62mph in just 2.4 seconds with Launch Control and produces a total power output of 700 kW with overboost and launch control.
If you would like to find out more about the Porsche Taycan or the finance options available, get in touch by emailing info@porschebristol.co.uk or call 0117 321 6785.
*Performance Battery Plus is not standard on all models.
**WLTP test combined range for the Porsche Taycan. Range quoted is for comparison only and may vary in real-world driving conditions.
***Charging time for direct current (DC) with maximum charging power from 10% SoC to up to 80% SoC under optimal conditions (CCS fast charging station with > 320 kW, > 850 V, battery temperature 23°C and initial SoC 9%).
We are pleased to inform you that Porsche Centre Bristol has moved into our brand new temporary facility 'The Hangar' during the renovation of our main showroom.
We greatly appreciate your patience and understanding during this period and we look forward to welcoming you to our temporary home at 'The Hangar' and continuing to serve all your needs with the same dedication and excellence.
Address: Porsche Centre Bristol, ‘The Hangar’, Cribbs Causeway, Bristol, BS10 7TU.