Hire Purchase

Hire purchase, or HP, is a funding option which allows you to purchase a brand new or used asset on a set number of monthly payments, generally over two to seven years.

You can use the asset in your business. After making payments over the set period, you own the asset at the end.

Claim Tax Relief against the asset such as Annual Investment Allowance & Super Deduction Tax. This can help you save on your corporation tax bill claiming reliefs.
Asset sits on the balance sheet of the business which means you can depreciate the asset & claim Annual Investment Allowances.
Can lend on new & used assets, generally of any age.
Usually works out cheaper than a business loan due to being secured lending.
VAT Deferrals can be offered which then reduces initial cash deposits.