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- Claim capital allowances
- Don’t pay VAT for 3 months
- Spread the cost of repayment
- Offset interest against pre-tax profits
If you want to pay for a new asset by monthly installments, hire purchase (HP) could be the right choice for you.
Using HP, you can use an asset whilst paying installments to become the outright owner, meaning you won’t have to take out a lump sum from your business to pay for it.
The asset won’t belong to you until all of the money has been repaid, though you will usually be responsible for the maintenance of the equipment.
However, because you will be treated as the owner of the asset, you may also be able to claim capital allowances and not pay VAT for up to three months.
For further information on Hire Purchase, call 0115 958 6872 or email email@example.com.