TLCC partners with Idiada

The Lightning Car Company have commenced work with Applus Idiada, a prestigious Spanish automotive engineering group. Idiada’s role is to develop the GT through to successfully achieving European and selected other markets homologations.

This will cover such aspects as; chassis development, powertrain and battery integration plus the intensive passive safety program and much more besides.
www.idiada.com

Tax Report – 'The Lightning receives a twin turbo boost from the taxman!'

From the start of the 2010/11 tax year (6th April) if you acquire a Lightning as a company car the tax benefit in kind (BIK) you will pay is zero – and it will stay that way until April 2015. The December Pre Budget Report announced that cars powered solely by electricity would be taken out of the company car tax net altogether. This also means that the company will not pay any Class 1A National Insurance contributions (NICs) when providing a Lightning.

The company also benefits as it will be entitled to a 100% corporate tax deduction whether your Lightning is leased [delete if not an option] or purchased. This means your business can claim the full tax relief available in the year of acquisition and not spread over a number of years like other types of company car. In fact, you don’t have to wait until April to take advantage of this deduction – so why not place a deposit for your Lightning now?

The Government has also announced that from April 2011 the £80,000 list price cap currently used in the BIK calculation will be removed. So, if you are already driving a prestige company car costing in excess of the cap, your maximum annual tax bill for your car will rise considerably. The current maximum company car tax bill is £11,200 (rising to £14,000 from April if you are in the 50% tax bracket) but under the new rules if you are driving, say a DB9 Volante (list price £127,000), your annual tax bill will rise to £17,780 or £22,225 if you’re in the 50% bracket.

It looks like the Lightning could be a tax efficient alternative.

Technology Strategy Board Grant Received

The Lightning Car Company became part of the EEMS Accelerate in June 2009. EEMS is a consortium of organizations. The project will put at least 16 cutting edge high specification electric sports cars on the road for 12 months. By monitoring every aspect of their performance over a variety of drive cycles, the project results are expected to provide a major boost to widespread adoption of these exciting and aspirational vehicles.
www.eemsaccelerate.co.uk

Envestors ‘Next Big Thing.....’ Event

27th January 2010

Envestors is made up of a team of like minded individuals who have been involved in either owning or investing in small businesses.

The event will feature up to six screened companies looking to raise finance of up to £2m; each one will make an 8 minute investment pitch, with two minutes Q&A.
www.envestors.co.uk