Independent Finance for Independent Practices
Equipment finance
This is a broad term that includes most things within your practice that are removable and would have a re-sale value.
We can finance everything in your practice from Clinical & Imaging Equipment, Computers, Reception desks & furniture and even items such as air-conditioning units.
As we work only with Healthcare Professionals, we can command the best rates for you.
Often a new equipment purchase will include an element of installation costs which can be included too.
We can accommodate multiple suppliers where required and can even pay any deposits necessary. Most suppliers are happy to confirm orders once they know Abacus have a finance approval in place.
Finance is available from 1-7 years
Monthly Payments are fixed once the agreement is activated so you know exactly what you’re paying without worries about changes in Bank of England base rates and inflation.
Arranging finance is very straight forward and in most cases all we need is a little information about the Practice and Partner/Director details.
Our short application form is available here or we can take this information over the phone if you prefer.
Approvals usually confirmed within 24 hours.
Types of equipment finance
Hire Purchase
Under this option our lender buys the equipment and hires it to you for the term of the agreement. At the end there is an Option to Purchase fee of typically £50 so the equipment becomes yours.
This can often be the most tax efficient way to purchase with the equipment cost 100% deductible in the first year.
VAT can be included in the amount financed.
For opticians this may not always be the best option because VAT is paid in full at the time of purchase. This could break your De Minimis/Partial Allowance limits, meaning you lose the ability to re-claim VAT. This is where our 30+ years of expertise comes in and we will help chose the best option.
Finance Lease
This is technically renting the equipment for the term and as such payments are 100% allowable against profits. With Abacus you can take ownership for an administration fee of typically £99+vat.
For opticians as the VAT is payable on the monthly rentals it can massively reduce the impact on De Minimis/Partial Allowance limits, helping you retain the ability to reclaim VAT.
Importantly, we will always discuss your requirements to ensure we provide the best and most tax efficient option for you. We are always happy to chat direct to your accountant if you’d prefer.
