The cost of new equipment can eat into your valuable business capital. This doesn’t have to be the case with Asset Finance. You can tailor your repayments to match your needs, cash flow and the seasonal flows of your business. Deposits are optional and usually unnecessary. And generally, the only security you need to provide is the asset itself. When you’re looking at asset finance you should consider the interest rate, but also the repayment amounts and any other costs associated with the finance. This will help you determine the total amount you’ll pay.
Depending on the type of finance you get, you may be able to claim your interest or rental payments, or depreciation on the asset— these business expenses can be brought forward so they can be deducted from this year’s taxable income. Asset finance can also help you reap short-term tax benefits, by bringing your planned purchases forward into the current financial year — so you can start claiming deductions straight away. If you already have asset finance in place, talk to your accountant to make sure you’re claiming all the deductions you’re entitled to.