The simplest way to finance your assets
Hire Purchase is a popular and very straightforward financing option that enables you to eventually own an asset.
The cost of an asset can be spread over its useful working life and paid for out of the revenue it earns. Payment schedules can be tailored to suit individual needs, generally requiring a deposit followed by a series of periodic instalments over an agreed term.
- With ownership you have total control over the asset
- Ownership normally carries the potential for claiming writing-down allowances and/or capital grants, including any enhanced first year allowances
- VAT on the cost of the asset is normally reclaimable*
- Fixed rate with fixed repayments
- The interest element of repayments can normally be offset against taxable profit*.
- The asset appears on your balance sheet
* Special rules apply to company cars
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