A message from Robert Forrester, CEO of Vertu Motors plc.

If you run your own business you need to read this.

Tax. We all understand the basics of how it works... the more profit you make, the more tax you have to pay at the end of the financial year. But did you know that you could pay less tax by buying a van?

Tax & VAT deductible.

Let’s say you’ve made £30,000 profit this tax year. You’d be taxed on that £30,000. But if you used £20,000 of that profit to buy a van, you’d only need to pay tax on the remaining £10,000. Not only that, but you can claim the VAT back too! That’s because vans are classed as ‘plant and machinery’ for tax purposes, meaning they are 100% tax and VAT deductible.

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You’re wondering if this is all above board, aren’t you?

It absolutely is! It’s all thanks to something called the Annual Investment Allowance (AIA). The AIA is a kind of tax relief for British businesses – to help out at times when they need to buy expensive equipment and machinery that’s crucial to their business. With the AIA you can deduct the total amount of qualifying capital expenditure (up to £1 million), from your taxable profits.

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Sole traders, partnerships and corporations can all claim AIA. All you have to do is make sure the tax deduction is claimed in the same tax year as the van was bought. It’s all legitimate, but don’t just take our word for it – contact your tax advisor or you can read more on the Gov UK website.

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Your local friendly van experts.

Our van centres know everything there is to know about commercial vehicles, and are on hand to help you find the van of dreams. Visit your nearest van centre to find yours.

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