Your vehicle is very important to the kind of business you run, and it means you’ve got a reliable form of transport for meetings and events and even deliveries, if you run them yourself. And because of that, you’re going to have to factor your car or van into your business expenses – there’s quite a few rules around using a home vehicle to conduct business matters, and you won’t want to accidentally ignore any of them.
So with that idea in mind, let’s think about how you can use your vehicle in your home business, and what kinds of regulations you’ll have to abide by to operate as effectively as possible. Even home businesses have a lot of shipping and transporting to get on with.
Insurance is something you’ll always need to operate a vehicle on the road, there’s no getting around that fact. But the domestic insurance you currently have out on your car might not be the right type to keep you safe when you’re operating in a professional capacity – this is an idea you need to look into as soon as you’re able to.
You might need to look into taking out another policy, one that covers all commercial content you’re involved in. There’s even insurance providers out there that accomodate for these needs specifically, so sites like One Sure Insurance might be worth a look. You’ll want a policy that covers you in case of theft or damages whilst you have business assets in your vehicle, and can easily cover another driver if you hire on other people in your home business as well.
Can You Really Deduct That Expense?
Deducting expenses is something we all look forward to doing when it comes to filing a tax return, if you look forward to something like that at all! And because of that, we’re eager to break all our past year receipts out and tap their numbers in to get as much cash back as possible. But when it comes down to a process like this, are you sure the expenses you’re looking to claim for are really ones that can be deducted from the tax you owe?
Any time you used your vehicle for business driving purposes is something you can claim back on, as long as this travel isn’t just back and forth between your home and a common place of work you often head out to. There might also be a money limit on your mileage amount, but you can find out the AMAP rates right here if you need more information on them.
Your vehicle is a crucial part of your business, and that means you need to know the ins and outs of paying for and operating within it whilst you’re going about your working day. It can be hard to get to grips with, but after even just a single year of using your vehicle for commercial purposes, you should be just fine.