More and more small businesses are turning to car leasing to fund their new business vehicles. It’s a simple way to acquire a new car on a regular basis without having to find a huge chunk of money. So what are the benefits of a business car lease?
Business car leasing deals is undoubtedly now one of the most popular ways to finance a new car or van for a Company.
The reason Business car leasing is so popular is down to its no hassle, balance sheet friendly and gives you better cash flow with no concerns to depreciation or disposal problems of the vehicle at the end of the lease.
Whether you use one, several or many more cars, purchasing, running and maintaining them could be one of your biggest business overheads.
A basic lease means you pay for the use of a new car on a monthly basis from 2 – 4 years and when the contract comes to an end you simply hand the car back to the leasing company.
Contract hire agreements bundle together additional services such as maintenance and servicing packs for a fixed monthly amount.
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Here at Smart Lease we can help you to find your new business car lease or contract hire vehicle.
Whilst vehicles that are that are also used for private journeys receive a 50% VAT restriction on the leasing costs, businesses can reclaim 100% of the VAT paid on leased cars which are used solely for work – although you would have to show accurate records to HMRC showing that a car is only used for business purposes (ie no commuting and so on). Optional maintenance packages are also 100% VAT-recoverable.Maintenance
Maintenance is the most vital optional extra to consider adding to your lease vehicle agreement – because the leasing company will remove the risk of you having to pay for any expensive and unintentional maintenance costs outside of the warranty. Think of it this way: if you don’t actually own the car, you are never liable for expensive repairs!
See how much we can save you on your next company vehicle.
If you have any questions about contract hire & leasing, then please feel free to ask our team for help: call us on: