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Finance FAQ - Operating Lease |
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Can I claim tax
allowances?
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No. But typically you can deduct the rentals for tax purposes.
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Can this type
of lease be 'off-balance sheet'?
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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.
- Can I claim the VAT
charged on the rentals?
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Providing you are registered for VAT, you can
normally claim the VAT payable on the rentals. (Special rules apply to company
cars.)
- Who is responsible for
servicing and repair?
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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.
- 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?
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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.
- What happens at the end of
the agreement?
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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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For further
information, please
contact us or use the
enquiry
form
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Tel: +44 (0)1491 642077 |
Email Us |
Fax: +44 (0)1491 642078 |
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