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March 23rd, 2020
Spring is here, and the new ’20 reg plate is out on the road. As of this month, you can be the first on the road with the new registration plate.
Leasing is a growing method of financing vans. Traditionally, businesses buy or hire purchase their vans. However, the trend is moving towards leasing as people learn more about it. Leasing offers low cost upfront payments and beneficial tax treatment.
Van leasing is made up of two products: contract hire and finance lease. With Contract Hire, the lease is a long term rental and the van goes back at the end of the contract. The Finance Lease is more similar to hire purchase. The van does not go back, and so you have the option to sell the vehicle and terminate the lease or extend it into a secondary period. When you sell the vehicle, you receive usually 98% of the sales proceeds less any finance outstanding so it is very similar to owning the vehicle.
Both Leasing products (Contract Hire and Finance Lease) are hugely tax efficient. They offset 100% of the rentals against revenue. VAT is charged on the rentals, but can be claimed back by VAT-registered businesses. The VAT treatment helps keep the initial outlay low. You only have to pay vat on initial rentals rather than the whole van. As you can imagine – this makes a big difference!
Interested in leasing a ’20 Reg plate van? Check out our specials, or call us for daily deals on 0117 962 5314.
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