Advantages of Commercial Catering Equipment Hire
When you rent your business equipment through a hospitality kitchen equipment finance deal, there can be tax advantages compared to purchasing the same equipment. Your accountant may be able to advise you on which option is best for your needs. When you rent, you do not need to concern yourself with asset depreciation for the value of the items, because technically the assets do not belong to you, they belong to the company that is renting the assets to you.
On the flip side of that, you can normally claim 100% of the value of the rental payments as a tax deduction. Again, your accountant can advice you on whether this is the best option for your individual circumstances. Another advantage of renting is that you can upgrade your equipment easily as your needs change, which makes running your business at maximum potential so simple and affordable.
Advantages of Ownership
When you own your equipment outright, it belongs entirely to you and you have no obligations to anyone concerning it. You can normally claim back the depreciated value of the assets as a tax deduction. Owning the equipment means that you don’t have to worry about making payments on it, you don’t have to be unduly concerned about taking care of it, and you can liquidate any unused equipment to gain operating capital when you need it.
The disadvantage of ownership is that if you want to upgrade your appliances, you will need to pay for the whole cost. Unless, of course, you decide to rent the upgraded appliances and continue on that basis.
Find Out More About Our Financing Options
The staff at Butler Equipment are here to help you with the information you need to make important business decisions. We can tell you all about the products we sell and the different financing options that may be available to you.