As a small business, capital can be tight, especially in the first few years.
Leasing more expensive items not only cuts down your expenditure, it also gives you a much better tax relief rate. You’ll also get your hands on the shiny new equipment much quicker than if you had to save up.
Sadly, not all businesses thrive, so investing your hard-earned cash into costly items is a risk. Having a set of much smaller fixed payments makes it easier to budget each month.
These are our top five lease-friendly items:
- Photocopiers – These are expensive and take up a lot of space. In today’s digital age, you may find you don’t even need one!
- Printers – A good quality printer is a big investment, and as technology moves so quickly, leasing it lets you upgrade to a better model, which you couldn’t if you’d bought it.
- Office Space – Unless you have a spare bedroom or garden office, leasing an office space or workshop is your best bet. It’s convenient, and you won’t need to worry about maintenance.
- Cars and vans – Leasing your transport will save money, and stress, as tax and insurance may be included in the price.
- Machinery – Some machinery could be leased, giving you time to check that it is right for you and your business. For example, coffee shops often lease their espresso machines.
It’s vital to check the small print on any lease agreements you sign – it’s worth taking the time to read all of the Terms and Conditions, as some will include repairs or other benefits, and some will not.
The cost of renting or leasing equipment is a tax-deductible business expense, so it could save you a lot of money.