Driving change: why accountants should take a closer look at electric vehicles

Introduction: a market on the move

At TysonCooper, we’ve been working closely with ICAEW members for years, sourcing vehicles and structuring leasing options that align with both lifestyle and business objectives. With exclusive member terms, access to manufacturer offers, and a deep understanding of the market, our role is to simplify the transition to EVs and ensure that the numbers stack up, because we know that for accountants, the numbers always matter.

In this article, we’ll explore the evolving EV marketplace and what it means for you. We’ll look at how EVs fit into modern life and business, the realities of range, the expanding choice of manufacturers (including some new names you may not have considered), the government grants and ICAEW member terms available, and the true cost of running an EV compared with traditional fuels. And, as a final nod to your professional expertise, we’ll leave the tax benefits for you to calculate…

The adaptation of EV technology: more than just a car

EV technology has developed at a remarkable pace. Just a decade ago, the thought of an electric car raised eyebrows: expensive, limited in range, and impractical for long journeys. Today, the picture could not be more different.

Modern EVs are designed to fit seamlessly into everyday life. For commuters, the convenience of charging overnight at home means leaving each morning with a “full tank” without ever visiting a petrol station. For families, the practicality of SUVs and crossovers ensures that space, safety, and comfort are not compromised. And for businesses, from sole practitioners to large firms, EVs increasingly reflect corporate values around sustainability and future-focused investment.

The shift isn’t just about vehicles; it’s about infrastructure too. Public charging networks have expanded dramatically. Super-fast chargers are now positioned along major routes, reducing charging times from hours to minutes. Town centres, service stations, and workplaces are rolling out charging facilities, making it easier to integrate EVs into both personal and business life.

For accountants, the transition is more than just a lifestyle upgrade. Clients, colleagues, and regulators are increasingly focused on ESG (Environmental, Social, and Governance) commitments. Driving an EV can be a tangible demonstration of these values. One that supports both professional credibility and personal ethics.

TysonCooper has seen ICAEW members embrace EVs not only as an environmentally responsible choice but also as a practical and cost-efficient one. The technology has reached a point where it is no longer about compromise, it is about advantage.

Range of EVs: why “range anxiety” should be left in the past

One of the most common misconceptions around EVs is “range anxiety” the fear that your car will run out of power before reaching a destination. This fear may have been justified in the early days, but the reality of modern EVs is far more reassuring.

The latest EV models deliver ranges that comfortably cover daily driving needs. Many now exceed 250–300 miles on a single charge, with premium models pushing 400 miles. To put this into context, the average daily car journey in the UK is less than 30 miles. That means for many drivers, charging just once or twice a week is more than sufficient.

Fast-charging technology has revolutionised the EV experience. Ultra-rapid chargers can add 200 miles of range in under 30 minutes, perfect for a coffee stop or lunch break during longer journeys. The charging network is growing rapidly, with more than 50,000 public charging points across the UK, and government and private investment ensuring this number continues to rise.

ICAEW members we work with often report that “range anxiety” disappears within the first month of ownership. With home charging, most journeys begin at 100% charge, something no petrol or diesel driver can realistically say. For business trips, pre-planned charging stops are quick and easy, and increasingly, destinations like hotels, offices, and golf clubs provide charging as standard.

At TysonCooper, we help members select the right vehicle and charging solution for their needs, ensuring range is a source of confidence, not concern.

The changing face of EV manufacturers: from household names to new entrants

The EV revolution has disrupted the traditional order of the automotive industry. While established manufacturers like BMW, Audi, and Mercedes-Benz have invested heavily in electric models, a wave of new entrants, many from China are now reshaping the market with innovation, competitive pricing, and surprising quality.

The brands you know and trust; Volkswagen, Tesla, Hyundai, Nissan and many more have all expanded their EV portfolios. From compact city cars to luxury saloons, there is now an EV equivalent to almost every petrol or diesel model.

Chinese manufacturers have rapidly become serious contenders in the EV space. Brands such as BYD, NIO, and MG (Chinese-owned since 2005) are producing vehicles that rival or even surpass established European and American competitors. They offer strong ranges, innovative technology, and, often, better value for money.

For example, BYD’s Atto 3 SUV has been well received across Europe for its mix of affordability, practicality, and specification. These new entrants are forcing the traditional players to raise their game, which means more choice and better deals for consumers.

As accountants, you are trained to weigh options carefully. The influx of new manufacturers provides more opportunities to find the right balance of cost, performance, and long-term value. At TysonCooper, we monitor developments closely, ensuring that ICAEW members always have access to the best offers from both household names and emerging innovators.

Making EVs even more affordable: government grants and tailored TysonCooper offers for ICAEW members

As a trusted partner of the ICAEW BenefitsPlus programme, TysonCooper helps members take advantage of exclusive vehicle offers – made even more compelling when combined with current government incentives for electric vehicles (EVs).

While the original plug-in car grant has been phased out, support remains in place for charging infrastructure and specific vehicle categories:

• Workplace Charging Scheme (WCS): Provides up to £350 per socket for up to 40 sockets, making it easier for firms to install charging at offices.
• Homecharge Grant (for landlords and renters): Up to £350 off the cost of installing a home charger.
• Plug-in Grants for vans and trucks: Up to £5,000 on qualifying commercial vehicles.

On top of these grants, ICAEW members can access exclusive terms through TysonCooper. We negotiate with manufacturers and finance companies to secure terms not available to the general public. Combined with government support, this can make the transition to electric more affordable than many expect.

We recently worked with an ICAEW member who combined a manufacturer-backed incentive, ICAEW member terms, and the Workplace Charging Scheme, resulting in a significant saving, plus reduced running costs from day one.

The true cost of running an EV: more than just fuel savings

EVs don’t just save on petrol or diesel costs; the overall economics are compelling once you factor in servicing, maintenance, and long-term value.

Electricity is significantly cheaper per mile than petrol or diesel. Even with rising energy costs, charging at home is often a fraction of the price of filling a tank. Off-peak tariffs can make EV running costs as low as 5–6p per mile compared to 15–20p per mile for petrol.

EVs have fewer moving parts, no oil changes, fewer fluids, no exhaust systems, and less brake wear thanks to regenerative braking. This translates into lower servicing costs and reduced downtime. Independent studies suggest EVs can be 30–40% cheaper to maintain than their petrol or diesel counterparts.

Initially, EVs suffered from rapid depreciation, but as the market matures and demand grows, residual values are strengthening. This makes leasing an even more attractive option, as depreciation risk is managed by the finance provider.

For firms, fleet costs can be significantly reduced with EV adoption. Combined with lower insurance premiums in some cases, the financial benefits go well beyond the fuel pump.

At TysonCooper, we work with ICAEW members to model the total cost of ownership, ensuring every decision is informed by hard numbers as well as lifestyle factors.

Why members of ICAEW should speak to TysonCooper

As accountants, your decision-making is built on data, value, and long-term sustainability. At TysonCooper, we apply the same principles to vehicle sourcing and leasing.

• Exclusive ICAEW Benefits: Negotiated terms only available to members.
• Whole-Market Access: From established brands to innovative new entrants.
• Tailored Advice: Whether for personal use, business fleets, or salary-sacrifice schemes, we align solutions with your financial and lifestyle needs.
• Independent Expertise: We are not tied to one manufacturer or lender, so our only interest is finding the right solution for you.

Our goal is simple: to make the transition to EVs straightforward, cost-effective, and rewarding.

A future worth driving towards

The EV market is no longer about early adopters, it is about smart adopters. With expanding ranges, new manufacturers entering the fray, strong government support, and exclusive ICAEW terms, there has never been a better time for members to explore the opportunities.

As accountants, you understand the importance of numbers. From total cost of ownership to long-term financial planning, EVs increasingly offer a compelling case.

So, whether you’re considering an EV for your personal use, for your practice, or for a client-facing fleet, TysonCooper is here to guide you through the process.

And as for the tax benefits… well, we’ll leave that one to you.

Why TysonCooper?

As the professional’s choice, Tyson Cooper works in close partnership with ICAEW BenefitsPlus to deliver tailor-made vehicle solutions for members and their businesses.

From personal cars to full business fleets, we understand members needs to navigate the complexities of buying, financing, or leasing vehicles. Factoring in tax implications, vehicle management, and sustainability goals.

Our team negotiates exclusive terms with manufacturers and finance providers, accessible only to verified ICAEW members.