Hire Purchase

Hire Purchase

If you are buying equipment without using your own funds, then Hire Purchase can help by spreading the cost of expensive items over an extended time period.  This is usually between one and five years.

Hire Purchase allows you to select the supplier and the equipment you want using a repayment plan.  The supplier delivers the equipment to you and the supplier is then paid directly from the finance company.  At the end of the repayment period, you have the option to pay a purchase fee to own the equipment.

Interest costs can be offset against tax as they are paid and you can claim tax write down allowances.