Many sole traders rely on a van in order for their business to function. Vans can be used to carry deliveries, equipment, tools, parts, stock, or other items that are not suitable for car transportation.
There are a number of financial benefits to van ownership for the sole trader.
Van Purchase for Sole Traders
Sole traders can claim 100% of the value of any van purchased outright against their business’s capital allowance. This means that part of the vehicle’s value is deducted from profits before tax.
Owning a van outright has the advantage of not being subject to interest charges from lenders on a monthly basis.
For those who are new to business or not yet in profit, there are a host of finance options available from reputable garages.
To purchase a van with credit or finance, you will need proof of income. For sole traders, this is the SA302 that is generated at the end of the financial year upon completion of a tax return.
In terms of tax relief, certain expenses associated with owning a van for business purposes are claimable. This includes servicing, repairs, insurance, fuel, marketing, and breakdown cover.
Where to buy a Van
There is a huge range of used vans for sale Hereford and other locations nationwide. There is a wealth of options in terms of make, model, and price, meaning that there is a suitable vehicle available to suit any sole trader’s needs.
Professional used van outlets such as cotswoldvancentre.co.uk/buy/used-vans-for-sale/hereford/ can offer a range of finance options on fully HPI checked vehicles, as well as attractive warranty and servicing packages.
Used vans come comprehensively checked for reliability and quality, making them a cost-effective purchase for any sole trader who can also utilise the tax benefits associated with the purchase.
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