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Finance FAQ - Operating Lease


  1. Can I claim tax allowances?

    No. But typically you can deduct the rentals for tax purposes.

  2. Can this type of lease be 'off-balance sheet'?

    Yes, subject to confirmation by your auditors, you have the option to classify your lease as 'off-balance sheet'. In this case, the leased asset(s) would not appear as a capital asset(s) in your annual report and accounts.

  3. Can I claim the VAT charged on the rentals?

    Providing you are registered for VAT, you can normally claim the VAT payable on the rentals. (Special rules apply to company cars.)

  4. Who is responsible for servicing and repair?

    Unless you have servicing and maintenance built into your agreement, you are responsible for maintaining the asset(s) in good condition. If you fit any replacement or additional parts to the asset(s), they become our property.

  5. What if the asset(s) is/are lost, stolen, damaged or destroyed
    or become subject to a total loss claim during the period of the lease?

    You are responsible for the asset(s) and for any outstanding balance on the agreement. Comprehensive insurance, covering at least the full replacement cost of the asset(s), is therefore mandatory.

  6. What happens at the end of the agreement?

    It will depend on the type of Operating Lease facility you have. You should consult our Head Office just before the end of the period of hire; we would be delighted to discuss the options open to you.

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please contact us or use the enquiry form

Tel: +44 (0)1628-789769 Email Us Fax: +44 (0)1628-788299
Tel: +44 (0)1491 642077 Email Us Fax: +44 (0)1491 642078

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