{"id":182548,"date":"2023-08-11T07:41:32","date_gmt":"2023-08-11T06:41:32","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=182548"},"modified":"2025-09-24T02:48:19","modified_gmt":"2025-09-24T01:48:19","slug":"leasing-types","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/startups\/leasing-types\/","title":{"rendered":"What Are the Different Types of Leasing?"},"content":{"rendered":"\n<p>If your startup needs access to expensive pieces of kit like machinery or vehicles, you should consider entering a lease agreement. There are different <a href=\"https:\/\/legalvision.co.uk\/commercial-lease-property\/mixed-use-lease-agreement\/\">types of leases<\/a>, depending on the assets you want to lease. This article will explain the different kinds of leasing, namely operating and financing leases.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Are Leases?<\/h2>\n\n\n\n<p>Even in the business world, a lease operates like a car lease. You pay a fee to borrow a piece of equipment in exchange for its use. However, lease agreements in a business context usually last for at least a year and as long as fifteen years or more.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>The lessor is the party that lets your business lease the asset. Your startup under a leasing arrangement is known as the lessee.<\/p>\n<\/div>\n\n\n\n<p>Lessors commonly lease the following assets to lessees:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>airplanes and helicopters;&nbsp;<\/li>\n\n\n\n<li>ships, yachts and other watercraft;&nbsp;<\/li>\n\n\n\n<li>fleets of cars, vans, and lorries; and<\/li>\n\n\n\n<li>complex machinery like aircraft engines and high-value manufacturing equipment.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Operating vs Financing Leases&nbsp;<\/h2>\n\n\n\n<p>Broadly speaking, you can divide leases into either operating or financing leases. Let us explore each of these in further detail.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Operating Leases<\/h3>\n\n\n\n<p>Operating leases refer to shorter-term leases. Most operating leases are for two to five years. The primary purpose of an operating lease is for the lessee (your startup) to obtain the benefit of using the asset in question for a period shorter than the asset\u2019s economic life.&nbsp;<\/p>\n\n\n\n<p>For an aircraft, its economic life might be 30 or more years. In contrast, certain other machinery might have a far shorter economic life.&nbsp;<\/p>\n\n\n\n<p>Under an operating lease, the lessor retains ownership of the asset and is responsible for the maintenance and repairs (though there are exceptions to this for aircraft and shipping leases).&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Financing Leases<\/h3>\n\n\n\n<p>Financing leases usually last for the economic life of an asset. The purpose of a <a href=\"https:\/\/legalvision.co.uk\/commercial-lease-property\/finance-lease\/\">finance lease<\/a> is usually to provide the lessee with the use of the asset over its economic life. The lessee will make regular payments to the lessor over this period. The effect is that by the end of the period, the lessee will have paid for the asset\u2019s market value at the point the lease arrangement began. An additional premium amount will be factored in over the course of the lease agreement, similar in principle to interest for a loan.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--idea\">\n    <p>The lessee usually has the right to acquire ownership over the asset. This may be at a nominal cost or a predetermined price, such as the asset&#8217;s market value at the time of the lease\u2019s expiry.<\/p>\n<\/div>\n\n\n\n<p>Importantly, ownership of the asset remains with the lessor for the life of the lease. However, repairing and maintaining the asset is the lessee\u2019s responsibility. Likewise, you will also need to insure the asset.&nbsp;<\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    <script>\nvar 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That meant that they did not affect the startup\u2019s balance sheet. For these reasons, you may still hear operating leases referred to as \u201coff-balance sheet\u201d forms of leasing.&nbsp;<\/p>\n\n\n\n<p>However, accounting standard reforms now mean that your business must record certain operating leases on your balance sheet. Exceptions typically apply to leases of 12 months or less or for low-value assets. At the start of the lease agreement, you record the benefit of using the equipment on the asset side of your balance sheet and the corresponding obligation to pay for the lease over the lifetime of the agreement as a liability.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Finance Lease<\/h3>\n\n\n\n<p>Finance leases have typically always been recorded on the balance sheet. This means finance leases are functionally similar to debt financing from an accounting perspective.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Legal and Financial Considerations<\/h2>\n\n\n\n<p>Finance leases are long-term contracts. Operating leases are shorter-term. In this sense, you have more inherent flexibility under an operating lease because you do not have to renew or reenter into another lease at the end of the operating lease. However, financing leases do not permit you to end the lease early \u2014&nbsp;at least not without significant cost.&nbsp;<\/p>\n\n\n\n<p>From a financial perspective, your startup must be able to <a href=\"https:\/\/legalvision.co.uk\/startup\/invoice-discounting-improve-cash-flow\/\">generate sufficient cash<\/a> to make the lease payments under both leases. Failure to make payments under the lease agreement usually entitles the lessor to take immediate possession of the asset. You may also pay a penalty fee.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tax Considerations&nbsp;<\/h2>\n\n\n\n<p>Payments made under an operating lease are treated as expenses, which are <a href=\"https:\/\/www.gov.uk\/guidance\/tax-reliefs-and-allowances-for-businesses-employers-and-the-self-employed\">tax deductible<\/a>.&nbsp;<\/p>\n\n\n\n<p>Payments under financial leases are partly tax deductible. Specifically, the interest portion of the lease agreement is tax deductible. The remaining portion is treated similarly to how your startup&#8217;s capital assets are treated. That is, you accrue a portion of the asset value as you pay for the leased asset on the asset side of your balance sheet. You can then deduct, as an expense, a fair depreciation charge. This amount is tax deductible.&nbsp;<\/p>\n\n\n\n<p>However, the specifics of this are quite complex and depend on the circumstances surrounding the lease agreement.&nbsp;<\/p>\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/4\/2023\/05\/04050959\/LegalVision-Landlords-Cheatsheet-for-UK-Leasing-Terms.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">Cheatsheet for UK Leasing Terms<\/div>\n            <div class=\"body-text\">\n                <p>This cheatsheet includes practical tips to understand key clauses and avoid disputes in leasing agreements.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.uk\/cheatsheet-uk-leasing-terms.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\">Other Forms of Leasing&nbsp;<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Shipping and Aerospace<\/h3>\n\n\n\n<p>In the context of leasing ships or aircraft, various leases and other arrangements let you benefit from using the vessel without entering into a lease. For instance, in shipping, most contracts for the use of a ship are called charters, some of which are technically leases.&nbsp;<\/p>\n\n\n\n<p>Similar customs apply to the terminology of aircraft. For instance, a wet lease describes an operational lease where the lessor provides you with a crew, plane and maintains the aircraft. In contrast, a dry lease is where you must crew, insure and maintain the plane yourself. Note that a dry lease can be either an operating lease or a financial lease, depending on the terms of the agreement and the parties&#8217; objectives.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sale and Leaseback&nbsp;<\/h3>\n\n\n\n<p>Sale and leasebacks are similar to finance leases, except the lessee sells the asset to the lessor (usually a bank) and then pays the lessor leasing fees for the asset\u2019s economic life.&nbsp;<\/p>\n\n\n\n<p>There are various cash flow and tax advantages to sale and leasebacks compared to finance leases, but their purpose is broadly the same.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hire-Purchase Agreements<\/h3>\n\n\n\n<p>These describe lease agreements related to the supply of motor vehicles and computer equipment. Most hire-purchase agreements are between businesses and consumers rather than business-to-business.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <h3 data-start=\"190\" data-end=\"233\">Key Statistics on UK Commercial Leasing<\/h3>\n<ul data-start=\"235\" data-end=\"1108\">\n<li data-start=\"235\" data-end=\"522\">\n<p data-start=\"237\" data-end=\"522\"><strong data-start=\"237\" data-end=\"244\">75%<\/strong>: Over three-quarters of contributors to the RICS Q3 2023 UK Commercial Property Monitor anticipate intensified pressure on corporate cash flows in the coming year, indicating a challenging leasing environment.<\/p>\n<\/li>\n<li data-start=\"524\" data-end=\"825\">\n<p data-start=\"526\" data-end=\"825\"><strong data-start=\"526\" data-end=\"545\">5 years or less<\/strong>: Reflecting a preference for flexibility, most commercial leases are now for five years or less, with many longer leases containing early break rights, moving away from traditional long-term agreements.<\/p>\n<\/li>\n<li data-start=\"524\" data-end=\"825\">\n<p data-start=\"526\" data-end=\"825\"><strong data-start=\"829\" data-end=\"845\">43% increase<\/strong>: Segro experienced a significant 43% increase in rents for businesses renewing leases on its warehouses in 2024, driven by post-pandemic demand for storage space.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1115\" data-end=\"1127\"><strong data-start=\"1115\" data-end=\"1127\">Sources:<\/strong><\/p>\n<ol data-start=\"1129\" data-end=\"1694\">\n<li data-start=\"1129\" data-end=\"1345\">\n<p data-start=\"1132\" data-end=\"1345\">RICS, &#8220;UK Commercial Property Monitor Q3 2023,&#8221; 2023.<\/p>\n<\/li>\n<li data-start=\"1347\" data-end=\"1479\">\n<p data-start=\"1350\" data-end=\"1479\">Property Industry Alliance, &#8220;Property Data Report 2023,&#8221; 2023.<\/p>\n<\/li>\n<li data-start=\"1481\" data-end=\"1694\">\n<p data-start=\"1484\" data-end=\"1694\">The Times, &#8220;Segro&#8217;s rents up 43% as post-pandemic demand fuels warehouse boom,&#8221; 2024.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>Leasing is one way for startups to benefit from using costly assets like machinery or vehicles. The two main types of leases are operating and financing leases. Operating leases are shorter-term agreements where the lessor maintains maintenance and insurance responsibilities. Financing leases last for the asset&#8217;s economic life, during which you, as the lessee, make regular payments to the lessor. Various legal, financial, and accounting differences exist between operating and financing leasing.<\/p>\n\n\n\n<p>If you need help with your startup, our experienced <a href=\"https:\/\/legalvision.co.uk\/startup-lawyers-lp\/\">startup lawyers<\/a> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <a href=\"https:\/\/legalvision.co.uk\/membership\/\">membership page<\/a>.&nbsp;<\/p>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/182548\" \/>            <input value=\"https:\/\/legalvision.co.uk\/startups\/leasing-types\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"What Are the Different Types of Leasing?\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If your startup needs access to expensive pieces of kit like machinery or vehicles, you should consider entering a lease agreement. There are different types of leases, depending on the assets you want to lease. This article will explain the different kinds of leasing, namely operating and financing leases.&nbsp; What Are Leases? Even in the<a href=\"https:\/\/legalvision.co.uk\/startups\/leasing-types\/\">Continue reading <span class=\"sr-only\">&#8220;What Are the Different Types of Leasing?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13522,"featured_media":3251,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"180986,182543,175931,174493,1912,177133","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[31],"tags":[20,21,117,608,868],"class_list":["post-182548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups","tag-small-business","tag-medium-business","tag-startup","tag-startup-owner","tag-financing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Are the Different Types of Leasing? 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