Leasing equipment

Checklist for what to consider when leasing.

At Simpson Wreford LLP we can provide businesses in the Royal Arsenal area with advice and support on a wide range of business issues. This article includes information on leasing equipment.

Leasing equipment rather than buying it can often be better for your bottom line, but it is important to read the fine print and weigh up all the factors before signing anything.

Above all, shop around and compare deals.

Below is a checklist of the most important factors to consider.

	Tick
Is the initial term of the lease and the amount and timing of rental payments clear?
Do the terms of the lease provide an option for renewal and if so on what terms?
Are you allowed to sublease the equipment?
Who is responsible for maintaining the equipment? Will your maintenance costs be higher or lower than if you owned it?
Are you allowed to make any modifications to the equipment?
Who is responsible for ensuring the equipment conforms to any existing or future regulations it might be subject to?
What happens if the equipment is lost, stolen, damaged, or destroyed? Does the lease specify what liability if any you would incur?
Who is responsible for insuring the equipment? To whom would any claims be paid?
Can you change the lease if your circumstances change?
Do the terms of the lease include a right to purchase, and if so on what terms?
Does the lease allow for premature termination, and if so in what circumstances? What penalties, if any, does premature termination incur?
What costs will be incurred at the termination of the lease, and how much of this will you have to cover?

This list is by no means comprehensive. There are many other potential pitfalls with leases such as warranty issues, regulatory requirements, taxes, license fees, and public liability.

If you are in the Royal Arsenal area and are looking for support and help from experienced accountants and business advisers, contact Simpson Wreford LLP.

Latest News

21 Nov 2025

Bank deposit protection limit to be increased to £120,000

UK bank customers will benefit from an increase to the maximum amount they would be reimbursed for if their bank were to fail from 1 December, the Prudential Regulation Authority (PRA) has confirmed.

20 Nov 2025

AI tools giving risky consumer advice, warns Which?

AI tools including Chat GPT, Gemini and Meta AI are giving inaccurate, unclear and risky advice which could prove costly if followed, warns consumer champion Which?.

19 Nov 2025

UK inflation rate falls for first time since March

The UK inflation rate fell to 3.6% in the year to October, according to the latest data from the Office for National Statistics (ONS).

18 Nov 2025

Christmas crafters urged to check tax rules

HMRC is urging those making money from Christmas crafts, seasonal market stalls, or selling festive items to check if they need to report their earnings.

17 Nov 2025

Outdated rules could dim UK's creative spirit, warns FSB

Small firms in the creative industries are ready to drive growth ? but need a system that reflects the realities of modern work, the Federation of Small Businesses (FSB) has warned.

14 Nov 2025

Chancellor rules out cutting tax-free pension lump sum limit in Budget

The Treasury has confirmed that Chancellor Rachel Reeves will not cut the tax-free pension lump sum limit in the Autumn Budget on 26 November.

13 Nov 2025

Budget 'make or break' after sluggish growth figures, says BCC

Chancellor Rachel Reeves is facing a 'make or break' Budget after sluggish growth figures were published for the third quarter of the year, says the British Chambers of Commerce (BCC).

12 Nov 2025

UK jobs market weakens as unemployment rises

Data published by the Office for National Statistics (ONS) has revealed that the unemployment rate rose to 5% in the three months to September.

Free Consultation

Get in touch with us today for a free consultation.

View Services Contact us

Accessibility links