Finance

Financing your horsebox

We work closely with a rural finance specialist who has experience of providing finance for equestrian customers including funding the purchase of horseboxes. Below is a brief summary of the two main funding options available, however if you would like to discuss a tailored finance package please do not hesitate to contact us.

Hire Purchase (HP)

  • A minimum deposit of 10% plus all the VAT is usually required upfront.
  • VAT then reclaimed in usual way on VAT return (VAT registered customers only).
  • Make capital and interest payments each month over a period from 24 months to 60 months.
  • Only the interest element of the repayment can be offset against taxable profits.
  • Asset and associated debt appear on business balance sheet and capital allowances are available to help reduce tax.
  • Option to purchase fee of £50 at end of contract ensures that the box is 100% owned by you.

Finance Lease

  • Minimum deposit of 10% of purchase price plus VAT on the deposit amount (i.e. if box is £50,000, deposit is £5,000 plus VAT = £6,000).
  • VAT is paid on each monthly payment and then claimed back via VAT return (VAT registered customers only).
  • Payments are like a “rental” so full payment (excluding VAT) can be shown as a business overhead and offset against taxable profits.
  • Repayment periods from 24 months to 60 months can be accommodated.
  • At the end of the contract, the asset does not transfer from the finance company to you but a “secondary period rental” begins and you are charged a nominal annual rental.

If/when the vehicle is sold, some finance companies may retain up to 5% of the sale proceeds – however we mainly work with those finance companies that ensure that 100% of any sale proceeds are kept by you.

If you are unsure about which finance option is best for you, we recommend that you consult with your accountant. For more information contact us direct or contact our finance specialist: Andrew Stanley Tel: 01733 358092 Mob: 07747 566461 e-mail: andrew@andrewstanleyfinance.com

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