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Contract Hire is the most common form of vehicle leasing and offers many benefits to businesses. It allows a company to take on cars or vans for a set period of time and pay a fixed monthly rental. The company taking out the Contract Hire agreement does not own the vehicle, reducing the financial risk to the business and easing the administrative process of buying, servicing and disposing of vehicles.
HOW CONTRACT HIRE WORKS
1. You pay the advanced rental ranging from 3 to 12 months upfront.
2. Fixed monthly rental for the duration of your contract.
3. At the end of your agreement, you simply return the vehicle back to us.*
*Subject to any excess mileage charges and damages which exceeds fair wear and tear.
BENEFITS OF CONTRACT HIRE FOR YOUR BUSINESS
Road Fund licence included.
Flexibility to increase your contract term and mileage.
Optional servicing, maintenance and tyre options brings all running costs into one package.
Reduced VAT paid by business, as monthly vehicle payments can be offset against taxable profits.
Vehicles on Contract Hire are classified as ‘off balance sheet’ and therefore has accounting benefits by improving the financial ratios for the business.
VAT registered businesses are able to claim 100% of the VAT back if the vehicle is used exclusively for business.
If vehicle used privately, 50% of the VAT can be reclaimed on the finance of the rental.
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