WestWon Sales Director prepares for the Leeds Big Sleep and we need your help

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Our Sales Director, Richard Porter, felt as though more needed to be done to help those in his community. Therefore, he is due to participate in the Leeds Big Sleep to support 3 great causes this November. And you can help!

Show your Support

 

What is the Leeds Big Sleep Out?

The Leeds Big Sleep is a fundraising event held at Headingly Stadium. Participants are expected to give up one night of comfort to sleep out in the cold with cardboard for a bed to get a feel for what life is like for homeless people most nights.

What does the fundraising go towards?

The money raised is spread between 3 Leeds based charities:

St George’s Crypt, founded in 1930, have been aiding homeless people and disadvantaged adults for decades now. Therefore they support the unprivileged groups by offering:

  • Food
  • Emergency accommodation
  • Specialist residential projects
  • Recovery from addiction
  • Volunteering/work experience
  • Skills training for their service users
  • And so much more.

St Gemma’s Hospice provides attentive care and accommodation to those with life-threatening illnesses. Therefore their care is free of charge to anyone who needs it. However, it is the donations that make that possible. That is why it is so important that people continue to contribute towards this vital cause.

Lastly, the Leeds Rhino Foundation perpetuates the power of community. They do this through the outlet of sport. Therefore their mission is to make a lasting and positive impact on individual’s lives through sport.

Hear from Richard Porter himself

“Living in the area, I can see that there sadly seems to be more people sleeping rough on the streets in Leeds.

I just felt I needed to do more to help. Therefore just giving up one night to sleep on some cardboard in the hope of raising awareness, and sponsors for the charities is the least I can do. Every penny raised is shared equally between the three Leeds based Charities and therefore helps people that are in desperate need.”

Get Involved

Richard will do the tough part; all we ask is that you help us reach our target of £500 to help support these amazing causes. Any contributions will be greatly appreciated! You can do this by visiting our Just Giving page.

Donate Here

Leasing Jargon Buster

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The world of leasing and asset finance can be overwhelming to those new to it. That is why we thought it best to create a leasing jargon buster guide to simplify some common finance terminology that you may come across when looking to obtain business finance. So, here goes…

Lessee:

AKA the borrower. This is the company looking to secure a form of finance to boost their business.

Funder:

In other words, the lessor. This is the company that lends funds to the lessee.

Here at WestWon, we work alongside a variety of funders to ensure you are getting the best rates for your finance needs. Our myriad of funders also allow us to sustain our 96% acceptance rate. So should you not be accepted by one funder, the likelihood of you being accepted by another is high!

Broker:

A broker is the company who arranges the best finance agreement tailored to the needs of the lessee. They do this by communicating between the lessee and the funders as well as suppliers to sort this. This is what we do here at WestWon.

Supplier:

For equipment leases, this is the company that supplies the equipment to the lessee. As the broker, we then make payment to the supplier to compensate for the equipment.

Acceptance:

This is where the lessee’s finance application has been approved. Keep an eye out for conditions of an acceptance, sometimes an application will be approved providing specific conditions are met, for example a personal guarantee.

Capital cost:

This is the total value of the lease equipment in question.

Activated agreement:

Once your finance agreement is activated, this is when the supplier is paid and the lessee’s repayments begin.

Agreement term:

This is the time span of the lease. For example, a 3-year lease would have a 36-month term.

Equipment refresh cycle:

This is a lease option whereby you renew your existing equipment at the EOL (end of lease). Regular access to the newest kit allows the lessee to remain competitive within their sector.

Fair market value:

This is the price of a product determined by the marketplace at the time.

Tax relief:

By taking out particular lease agreements a lessee can benefit from tax relief. For example, with a lease rental agreement 100% of the lessee’s rental is deductible against their corporation tax. Currently lessee’s taking out a hire purchase agreement benefit from 130% super deduction tax relief for qualifying assets.  Learn more here.

Hire purchase:

This type of finance agreement allows the lessee to own and thus keep the equipment automatically at the end of the lease. This type is agreement is ideal for timeless appreciating assets such a plant and machinery or commercial vehicles.

Rentals:

These are the repayments made by the lessee for the finance that they have taken out. These are usually made either quarterly or monthly, however annual payments can also be arranged.

Profile:

This is the number of repayments that are required during the term of the lease. So, for a 3-year lease with quarterly repayments the profile will show as 1 + 11.

Proposal:

A proposal is a document detailing the information needed from the lessee for credit clearance.

Contact Us

We hope that this guide has provided better understanding on some commonly used leasing and finance jargon. However, should you have any further questions, please don’t hesitate to get in touch. Our friendly team will be happy to answer as questions you may have. So, give us a call on 01494 611 456. Or, send an email to [email protected].

How to gauge the best time to invest in your business

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Knowing when the best time is to invest in your business can be tricky. Many factors come into play so making an informed decision is important.

Here are some reasons why to invest in your business:

Hitting targets

One of the best times to invest in your business is once you have hit a specific target or significant milestone. This could be revenue, or even number of clients. These are good ways to measure the health of your business in order to start focusing on areas to grow.

Increased demand

Is there growth in demand for a particular service or product of yours? If so, then this is probably a good time for you to invest in your business to remain competitive. It should also give you peace of mind that the need for your product almost guarantees sales, so your investment is definitely worthwhile.

Access to finance

If you have access to finance, there isn’t really much of an excuse not to invest in the growth of your business! Asset finance, leasing, and business loans can all take the pressure off your cash flow. Meaning that you don’t have to compromise the development of your business for a healthy cash flow. Here at WestWon, you can preserve your precious cash by spreading the cost of your asset over the course of 2-5 years.

Your existing equipment is outdated

Another good sign that it is time to invest into your business is when your business is using outdated equipment or technology. Modern technologies allow your business to stay competitive as they will most likely boost productivity. So, keeping up to date with the latest kit is worthwhile and often ends up paying for itself.

Contact Us

If you are looking to invest in the growth of your business, please don’t hesitate to get in touch. Asset finance offers you the chance to invest in the latest technologies without harming your cashflow. Give us a call on 01494 611 456. Or send an email to [email protected] and a friendly member of our team will get back to you.

Choosing the right leasing option for you

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In this blog we will be comparing two of our most popular lease agreement types. The information below is to give you a look at how choosing the right option for you is so important. It can have a major impact on your business and knowing what’s right for your company is your job! Our job is to make the process as easy and seamless as possible whilst tailoring the agreement to suit your finance needs. If you would like to see more on how the options differ then please see below.

Lease Rental (Finance Lease)

Term: Typically, 1-5 years (depending on the asset)

Capital Value: £1,000 – £10M+

Repayment Frequency: Annually, Quarterly or Monthly

Fixed or Variable Rates: Fixed

VAT: On each payment

TAX*: Rentals fully deductible

Ownership: Finance company throughout

End of the Agreement: Equipment can be returned or retained for a fee, known as an infinite rental

Lease Purchase (Hire Purchase)

Term: Typically, 1-5 years (depending on the asset)

Capital Value: £1,000 – £10M+

Repayment Frequency: Annually, Quarterly or Monthly

Fixed or Variable Rates: Fixed

VAT: In full with the first payment

TAX*: 130% Super Deduction Applicable (qualifying assets only)

Ownership: Client (subject to full payment)

End of the Agreement: Equipment ownership automatically passes with the final payment for a nominal fee

Other assets we finance:

Here at WestWon we also offer finance for several assets. These therefore include things like computers, software, and laptops. However, it also includes everything from office furniture and fit outs, optical equipment, business loans and audio-visual equipment to CCTV & security, dentistry, general equipment as well as vehicles (including electric vehicles and their charging points).

Contact Us

If you would like more information on choosing the right option for you, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on [email protected], or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

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Contact Us

[email protected]

01494 611 456

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