Hire Purchase Product
Hire Purchase (HP) is where you secure your finance against a product,
meaning that it doesn’t belong to you until all of the money has been repaid.
On a HP agreement, you will make fixed monthly payments over an
agreed amount of time and you will usually be responsible for the
maintenance of the equipment.
You will be treated as the owner which means that you will be able to
claim capital allowances.
VAT Deferral Option
Under a HP agreement, VAT is usually required to be paid up front.
We understand that this can put pressure on your business’s cash
flow as it can take up to three months before you can claim it back through a VAT return.
To help with this, we offer you the chance to defer the VAT for up
to three months from the date that the finance agreement starts.