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

15 May 2026

Record number of taxpayers file self assessment in April

A record 737,891 taxpayers filed their 2025/26 self assessment returns in April, according to figures from HMRC.

14 May 2026

Economy grew by 0.6% in first quarter of the year

The UK economy grew by 0.6% in the first quarter of 2026, according to the latest data from the Office for National Statistics (ONS).

13 May 2026

'Disproportionate tax burden' closing two pubs a day

A total of 161 pubs closed across Britain in the first three months of 2026, an equivalent of almost two a day, according to figures from the British Beer and Pub Association (BBPA).

12 May 2026

Government must fix 'broken business rates'

The government must take the chance to fix the UK's broken business rates system, says the British Chambers of Commerce (BCC).

11 May 2026

ICAEW encourages taxpayers to sign up to Making Tax Digital

Taxpayers who are required to use Making Tax Digital (MTD) for Income Tax from April 2026 should sign up now if they haven't done so already, says the Institute of Chartered Accountants in England and Wales (ICAEW).

08 May 2026

HMRC reminds parents to extend Child Benefit claims

HMRC is reminding parents of 16-19-year-olds to extend their Child Benefit claim if their teenager is staying in certain types of education or training after their GCSEs or National 5s.

07 May 2026

Long-term borrowing costs reach highest level since 1998

Long-term borrowing costs have reached their highest level since 1998 as a result of the Iran war and ongoing uncertainty over local and national elections.

06 May 2026

Chancellor's tax on EVs 'could create hole in Treasury's finances'

Experts have warned Chancellor Rachel Reeves that her pay-per-mile electric vehicle (EV) tax could create a £4.8 billion hole in the Treasury's finances.

Free Consultation

Get in touch with us today for a free consultation.

View Services Contact us

Accessibility links