Porsche Taycan finance benefits

THE PORSCHE TAYCAN. MEANS BUSINESS.

The multi-award winning Porsche Taycan boasts striking proportions, timeless and instantly recognisable design, and a perfect blend of performance with everyday usability. And right now it comes with even more.

It comes as no surprise that WhatCar? recently named the Taycan Cross Turismo as the Best Electric Performance Car (New) for the third year running.

Write Down Allowance (WDA)

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 WDA presents a significant opportunity for accelerated tax relief, offering substantial savings for your business.

Lease Rental Restriction (LRR)

Conversely, the 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.

LDA or LRR?

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.

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.

This results in significantly reduced personal taxation costs compared to comparable petrol or diesel-powered vehicles.

Vehicle Exercise Duty (Road Tax)

Until 1st April 2025, you can benefit from paying zero Vehicle Excise Duty (road tax).

Porsche Taycan

Comprising of the Taycan, Taycan 4S, Taycan GTS, Taycan Turbo and the Taycan Turbo S

Porshce Taycan Cross turismo

Comprising of the Taycan 4 Cross Turismo, Taycan 4S Cross Turismo, Taycan Turbo Cross Turismo, Taycan Turbo S Cross Turismo

Porsche Taycan Sport Turismo

Comprising of the Taycan Sport Turismo, Taycan 4S Sport Turismo, Taycan GTS Sport Turismo, Taycan Turbo Sport Turismo, Tyacan Turbo S Sport Turismo