Frequently Asked Questions

Asset finance can have tax implications:

• Hire Purchase: You may be able to claim capital allowances since you'll own the asset.

• Leasing: Lease payments are often tax-deductible as business expenses.

It's recommended to consult with a tax advisor to understand the specific implications for your business.

• Finance Lease: The business leases the asset for most of its useful life and may have the option to purchase it at the end of the lease term.

• Operating Lease: The lease term is shorter, and the business typically returns the asset at the end of the lease without an option to purchase.

To apply for asset finance:

• Assess Your Needs: Determine the type of asset and financing that best suits your business.

• Gather Documentation: Prepare necessary documents, such as financial statements and a business plan.

• Contact a Lender: Reach out to a reputable asset finance provider to discuss your requirements.

• Submit an Application: Complete the application process as guided by the lender.

The lender will assess your application and inform you of the decision.