With utility bills rocketing up in costs, now’s a great time to look to your Corporate Social Responsibility (CSR) and consider ‘Going Green’ with energy-saving materials. This has the added benefit of not only being great for the environment, and potentially reducing your energy bills, but also being subject to reduced VAT on specific installations. Unfortunately, wind and water turbines were removed from the qualifying list from 1 October 2019, but some insulation materials, solar panels, ground and air source heat pumps, and micro heat and power units still can qualify.
Businesses who are involved in the installation of energy-saving materials should take the time to check if their customers qualify for the reduced rate (5%), and if the 60% rule still applies.
You can also benefit from making ‘Green’ choices when it comes to car benefits. The appropriate percentage for the benefit and the fuel scale is linked to the level of Carbon Dioxide (CO2) emissions from the car – so the higher the CO2, the higher the charge (until you reach the maximum 37% charge threshold). So choosing a car with lower emissions doesn’t just reduce your carbon footprint, but can potentially reduce your tax bill too!
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