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Lease purchase (also known as Hire Purchase) offers taxation and ownership benefits for Optical professionals purchasing new equipment for their business as it allows you to own the equipment once all the payments have been made (subject to a nominal title transfer fee). This also means that the equipment will show on the balance sheet as a fixed asset.
If you have a newly established Optical business then this can also be a particularly effective way of managing your cashflow, as there is no significant outlay, leaving you to save working capital for other projects.
Lease purchase schemes are usually for periods of up to 5 years with fixed payments made monthly in advance, so you know exactly how much you need to pay each month, regardless of the prevailing base rate.
The main tax benefit of this type of finance solution is that your purchase would qualify for the Annual Investment Allowance (AIA), which offers tax relief at 100% on qualifying expenditure in the first year of purchase. The maximum you can deduct from your taxable profits was increased to £500,000 in the 2014 Budget, until 31 December 2015.*
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*You have sole responsibility for the management of your tax and legal affairs. We recommend that you obtain your own independent tax and legal advice tailored to your individual circumstances. Snowbird Finance does not provide tax or legal advice.