Calculating the true benefit of downsizing your office
In this article, we discuss not only how much we can save by downsizing our office space, but all the other benefits we may not have considered…
Generally, businesses will pick one of three options:
Also known as hire purchase, payments are made over a fixed period, and at the end the asset becomes yours. VAT-registered businesses can claim back the VAT on the asset up-front, there is a capital allowance on the reducing balance and interest payments can be offset against profit as part of a 100 per cent tax allowance over the term of the contract.
Similar to lease purchase, except you do not own the asset at the end of the contract, although you may wish to buy the assets at some point. Payments can be offset against tax and VAT can be reclaimed.
Using an asset that remains the property of the finance company, which is also responsible for its maintenance and upgrade – can be a more affordable option to finance lease for this reason, and attractive because there is no big initial outlay.
Yes, but a limited amount. You can claim up to £200,000 per year annual investment allowance (see our FAQs on financial aspects of an office fit out). However, if you lease the project, the repayments are 100% tax allowable, which can mean it works out cheaper than paying cash.
In this article, we discuss not only how much we can save by downsizing our office space, but all the other benefits we may not have considered…
Power and data provision is an issue for many businesses. We were able to give Visualsoft elegant, easy access power and data solutions as part of their new HQ design.
Frequently asked questions on what needs to be thought about before embarking on a fit out project
Answering some of your questions around what’s involved ahead of, and during, an office fit out