Our belated year start meeting

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Our overdue year start meeting commenced on the 17th of this month. It was held at the Crowne Plaza in Marlow, and we were given the privilege of a stunning lakeside view.

crowne plaza

We had a combination of physical and virtual attendees, and it was a great opportunity for us to all get together and reflect upon the successes, along with the downfalls of 2021, whilst also looking forward to the rest of 2022 and what lies ahead.

It was enlightening to hear from all branches of the WestWon family tree and their experience with 2021. This outlined their 2021 sales figures, and their longer term visions for 2022.

We are proud to say that we are the minority of leasing companies who actually hold year start meetings. As we believe that year start meetings are fundamental to get our team off to the right start. It is in effect a way to refocus, motivate whilst also allowing time for our team to socialise and in some cases acquaint themselves, especially this year with all our 8 new additions to the team!

2022 motivation

As part of our team motivation objective, we invited former World Champion boxer and motivational speaker, Billy Schwer along, to get our team in the right mindset for the new year. We found him both insightful and inspiring.

billy

After our pep talk from Billy, we made some time for some teambuilding activities, bringing everyone together to refamiliarize.

Later on, we went into Marlow for the evening to give everyone a chance to mingle and celebrate the end of 2021, whilst also welcoming the triumphs of 2022 in. We started off with drinks at the Duke of Clarence, followed by a delicious meal at Côte.

It was an amazing opportunity to recap from 2021. We acknowledge and praise all the team for their efforts, and plan and set out intentions for the year ahead.

WestWon Leasemaster’s transition to Technology Leasing!

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WestWon are proud to announce the transition of WestWon Leasemaster into Technology Leasing! The two companies have joined forces to become one. This is such an exciting opportunity for both companies, and we are very happy for all members of the team. This will combine a worthy range of benefits such as their teams and their client bases. Along with this alliance, they have redesigned their look by introducing a new logo, colour scheme, and overall look and feel of the website. This new website can be found here. This new alliance will be an extremely exciting thing for all those involved.

Background of WestWon Leasemaster and Technology Leasing

WestWon Leasemaster has been under the leadership of Steve Holdstock and his team since 2016. Since then, they have managed to grow their relationships with clients to be bigger than it ever has been. Steve himself has over 30 years experience in sales and leasing. As well as this, he has an expert base of knowledge that allows him to work so well with clients. Through these years of experience, he has been able to provide expert advice in all sectors of leasing whenever needed.

Technology Leasing has been around since 1989 when Brian Burns founded the business. In 2020, Brian officially retired from the company and passed over the reins to Kevin Green. Kevin has successfully guided Technology Leasing through the last 2 years. This is due to him working for most of his life in the leasing and finance sector. He previously worked for a number of large companies such as GE Capital, Apple Financial Services and Dell Financial Services.

In combining these two well respected and highly knowledgeable key people, along with a highly experienced and professional team behind them, we know that Technology Leasing will become a strong contender in the leasing sector.

Steve Holdstock, now the Managing Director of Technology Leasing says “Our name now reflects where our market is and what we can offer to that market. This is a simple yet exciting step forward which opens up a future for the company that we have not seen before. I am thrilled to be working alongside Kevin and our team, and cannot wait for Technology Leasing to grow into a formidable player in the sector.”

WestWon’s involvement

Our relationship with WestWon Leasemaster still remains extremely strong, and where we need to collaborate with them we will. We wish them all the best luck, and cannot wait to see what they achieve in the future.

Contact Us

If you would like to find out more about this transition for WestWon Leasemaster into Technology Leasing then feel free to visit their new website. If you would like any information on what financial services we can offer you here at WestWon then please call us on 01494 611 456. Alternatively you can email us on [email protected].

The Customer Benefits of Leasing

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Leasing Equipment vs Buying – Customer Benefits

Ever considered the customer benefits of leasing? Here’s why it could be better for your business to lease the equipment rather than buy it. Below are 8 key benefits why your business should consider leasing when making your next purchasing decision.

1. Preserve cash flow

This is the key benefit to why most companies lease. You keep your cash or bank overdraft facility for the working capital requirements of your business.

2. Pay for the equipment as you use it

Would you give a new employee three years salary in advance, probably not. Therefore, why would you pay for their laptop, mobile phone, desk or car upfront.

3. No need to pay the VAT up front

With a lease rental agreement, you pay the VAT when the rental is due. There is no need to pay all the VAT upfront. (With lease purchase / HP lease agreements, all the VAT is paid up front).

4. A new source of funding

Leasing companies are often a new source of funding for a company. You do not have to use existing finance contacts.

5. Tax benefits

Many leasing companies will tell you there are tax advantages as all the rental repayments are allowable against tax. With the new £1m AIA limit coming into effect in January 2019, for the vast majority of SME companies, there are no real tax benefits to a lease rental agreement. Lease purchase agreements may be a better option.

6. The benefit of easier budgeting

Paying a monthly rental makes budgeting an easy process. The rental will cover the cost of the interest and the asset depreciation.

7. Using a revenue budget as opposed to a capital budget

Larger companies often have strict capital and revenue budgets. Rental repayments come under a revenue budget, hence no need to get capital budget approval.

8. Avoids obsolescence

With equipment leasing, the rental term is normally the same as the equipment life. Many companies will lease equipment then just upgrade it at the end of the lease term.

Contact Us

If you would like any more information on the customer benefits of leasing and what we can provide finance for here at WestWon, then please don’t hesitate to get in touch with us. Either give us a call on 01494 611 456 or alternatively email us on [email protected]. You can also see more over on our LinkedIn page.

The Recovery Loan Scheme- what are the changes?

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What is the Recovery Loan Scheme?

The Recovery Loan Scheme (RLS) essentially provides financial support to UK businesses as they recover after being impacted by the pandemic, and now has some new changes. The scheme came into force on the 6th of April 2021, and was meant to run until the 31st of December 2021. This has now been extended, which will be mentioned later on in the blog as one of the major changes of the scheme. It was expected to be extended when it was first launched. The funding itself is used for allowing businesses to access loans or other types of finance.

There is a limit of £10 million available per business. However, the amount that is actually offered depends on the terms which are provided at the hands of the discretion of all participating lenders. As it’s a government scheme, the government guarantees 80% of the finance to the lender. However as the borrower, you will be 100% liable for the debt.

Are you eligible?

Only UK businesses (those who are trading in the UK) are eligible to apply for the Recovery Loan Scheme. There are some criteria laid out by the government website which include needing to show:

  1. your business would be possible and feasible if it wasn’t for the pandemic and it’s impacts
  2. that your business has been badly negatively impacted by the pandemic
  3. your business is not involved in collective insolvency proceedings

What are the changes from the 1st of January 2022?

The main change that came into force was that the scheme will be extended until the 30th of June 2022. This was announced in the Autumn 2021 budget.

There was also a handful of other changes as seen below:

  • The scheme will only be open to SME’s
  • The maximum amount of finance available is lowered from £10 million to £2 million per business
  • The guarantee coverage provided to lenders will be reduced to 70%

All these changes to the Recovery Loan Scheme will apply from the 1st of January 2022.

Contact Us

If you would like any more information on what we can offer you and your business here at WestWon, then please don’t hesitate to get in touch with us. Either give us a call on 01494 611 456 or alternatively email us on [email protected]. You can also visit our contact page for additional ways to find or contact us.

WestWon Furniture becomes Fit Out Finance!

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WestWon are proud to announce that WestWon’s Furniture division has become Fit Out Finance!

Fit Out Finance is a new UK based business focusing solely on fit outs within the leasing sector. As the furniture and fit out sector is such a large part of leasing, we thought it was only right for there to be a separate division and company in order to give our undivided attention to the amount of business there is.

Introducing Fit Out Finance

Fit Out Finance is one of the first leasing and finance companies in the UK focusing purely on the fitout sector.

Having extensive knowledge in the sector and combining that with the friendly and professional team. We are confident that they will provide an excellent service for you and your business.

Their main focus is in the office refurbishments sector. However, they also provide finance for any business in the restaurant, warehouse and retail sector. Nonetheless, with their broad knowledge, they can provide finance for most businesses in a range of different sectors. Here at Fit Out Finance, we can help you finance your fit out project from a seeding idea all the way through to successful completion and handover.

How are we related?

Fit Out Finance is a trading name of WestWon Limited. We know this will be a positive change and we are excited to expand further into the furniture and fit out sector under the name Fit Out Finance!

The sales team

One of the business development managers, Tracey, has worked in the asset finance and leasing sector for more than a decade. She is a specialist in the sector and joined WestWon in 2016. Since then,  she has dealt with a number of reputable UK fit out companies as well as hundreds of businesses financing their furniture and fit out projects.

On the other hand, business development manager Freya is fairly new to the industry. She joined WestWon in 2021 before moving over to Fit Out Finance at the start of this year. However, despite being new to the industry, she has already built strong relationships with many UK fit out companies. And we can assure you that she would be happy to help you with whatever business project you may need support with.

Why fix on Fit Out Finance?

Here is just a handful of the perks:

  • Fit Out Finance can give you a decision within 24 hours.
  • Industry leading rates starting from 2.5%.
  • With a 95% acceptance rate, they are more likely to take you in under their wing even if others have refused you.
  • They will deliver your fit out requirement with a 5* customer service.
  • They will administer you with a dedicated account manager, who will be able to provide you with a fast, professional and excellent service.

What does this mean for existing furniture and fit out customers of ours?

Most of you will probably be more familiar with WestWon. And don’t worry, with the launch of Fit Out Finance we will continue to provide you with a matched high level of professional and outstanding customer service. The only difference being our brand is now tailored to your furniture and fit out needs. In sum, besides the rebranding, there is no decisive change that will impact your relationship with us. We know this will be a positive change and we cannot wait to expand further into the furniture and fit out sector under Fit Out Finance!

Take me to the website!

Our tree planting trip!

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As you may already know, in the latter part of 2021 we teamed up with Ecologi, and now we have already been on our first of many tree planting trips! Ecologi are a company dedicated to tackling our current climate crisis. They do this by arranging the planting of an abundance of trees across the world, in an effort to offset the planet’s surging carbon levels. So, through them, we made ourselves a climate positive company. Whilst also putting a scheme in place where we will plant trees through them for each month of a finance agreement made through us.  

Protect Earth

So, we thought it would only make sense to offer some helping hands towards this vital cause. Hence, last Thursday, our marketing department took a trip to one of Ecologi’s many tree planting partners- Protect Earth. Protect Earth have several planting locations across England & Wales. On Thursday we visited their reforestation location in Hawling, Cheltenham. Their objective is to plant trees across the UK in efforts to remove carbon from our atmosphere, reduce flood risk and by doing all of this they will inevitably enhance our air quality. 

They were founded in 2020, an eye-opening year for us all, especially with regards to our climate crisis. They are a transparent registered charity and every penny donated to them goes towards the restoration of our planet. Protect Earth are solely UK based at present; however, they have ambitions to grow their charity internationally. 

What did we do?

So, our marketing team took it upon themselves to volunteer to muck in and actively help plant these trees themselves.  So, with their wellies on, and shovels to hand,  amongst larger group of  13 other volunteers, they planted 500 bare root saplings throughout the day! And these mere twig looking things will eventually flourish into abundant leafy beauties.

saplings

Tree planting process

  • With shovels in hand, our first job was to dig a deep hole. It had to be deep enough for the roots to be placed underground and covered with enough soil.
  • Next was to heel the soil around it into the ground so that the plant couldn’t be ripped up by animals.

planting

  • Then we had to use a mallet to place a stake into the ground next to the plant in order for it to grow straight, and again keep off predators.

 

  • Then we placed a guard over the top of the stake, which was secured by either zip ties or staples.
  • We then placed a small stick into the ground with the name of the tree. This is arguably the most important step as it allows Protect Earth to show to Ecologi the trees that they have planted.
  • Last but not least, we went round every tree once more and did some mulching. This is a layer of material placed over the soil. This would allow the tree to have the best chance of surviving. 

We are extremely excited to see how this scheme will benefit the environment. As of currently we have managed to plant 730 trees and reduce our carbon emissions by 52.98 tonnes. This will continue to rise in the future. With a goal to plant 10,000 trees in the next 5 years, we hope that our contribution makes a difference to the world we live in. If you would like the visit Ecologi’s website and see all the amazing work they do, then click here. Alternatively, you can visit our virtual woodland, or our WestWon Woodland page, which will give you more insight into what the scheme entails. 

Contact Us

If you would like any information on anything above, then please call us on 01494 611 456. We will be happy to provide any information on our green scheme (or tree planting trip). You can alternatively email us on [email protected].  

How does Super Deduction Tax work with leasing?

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How does the Super Tax Deduction work with leasing?

From the 1st April until 31st March 2023, companies investing in new plant and machinery assets are able to claim the 130% super tax deduction. For further information visit here.

We are used to speaking about the tax benefits of asset finance. However, these conversations have been taking in a new meaning since the announcement of the new super tax deduction.

In this article, we explore how does the super deduction work with finance?

Can I take out a finance agreement and still claim super deduction tax relief?

The simple answer is YES. From a tax planning perspective, a hire purchase agreement has the same tax allowances as if you are paying cash for an asset. This enables the qualified asset to take advantage of the 130% tax breaks.

Can you claim super deduction relief on a lease rental or hire agreement?

No, when leasing you do not have title of the equipment as it is a lease rental. As such you will not be able to claim the super deduction tax relief. However, you are able to offset all the rental payments against profits using the annual capital allowances to reduce your tax bill. For further information visit here.

What is the impact on investment in the UK?

The super deduction relief is expected to increase UK capital equipment investment by about 10% this year. Some of this investment will just be companies bringing forward investments from future years. However, at WestWon we have already seen a huge increase by clients looking to take advantage of this tax break.

Will the use of finance increase due to super deductions?

Yes. Financing in the UK is still the main way companies raise money to finance equipment purchases. It is expected that the use of finance will increase in 2022. There is also a high expectation companies will move from lease rental, to hire purchase agreements.

What is the situation regarding leasing and the financing of non-qualifying assets?

Certain asset types do not qualify for the Super Deduction tax scheme. An example is office fit outs. Some of this expenditure does qualify, however, where the asset is part of the fabric of the building, the tax position is very different.

For non-qualifying assets, there are still available tax breaks to companies wishing to use the option of either a lease rental or commercial loan. In addition, we can support you by splitting a project up to look to take out a lease purchase agreement on the qualifying assets and a business loan on the non-qualifying assets.

The super deduction – a boost in the arm for UK finance companies

Finance companies thrive on investment. The more companies look to invest in capital equipment, the more business a UK leasing company will do. We thank the Chancellor for the introduction of the enhanced tax breaks, it is a real boost for all UK finance companies.

Want to know what the saving looks like?

Use our super deductions calculator to give you a guide on the savings you can make.

Contact Us

If you would like more information on how we can support you and your business in regards to the super deduction scheme then head over to our contact page on our website to speak to a member of our team.

Furthermore, if you would like to contact us about any of your finance needs then please don’t hesitate to call us on 01494 611 456 or email [email protected].

Happy 2022 from all at WestWon!

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Happy New Year!

From all of us at WestWon we would like to wish everyone a very Happy New Year for 2022! We hope 2022 will be an amazing year for all. Here at WestWon we are getting ready to launch a number of new initiatives. These include business opportunities that we are extremely excited about. We must also take time to reflect on 2021 and appreciate that despite the setbacks, it was still an amazing year for so many, including WestWon. Just some of the exciting things we accomplished last year were:

  • The launch of our new green initiative, ‘WestWon Woodland’. Read more about this in it’s dedicated blog.
  • The introduction of new employees to the business, who you can read more about in it’s own dedicated blog.
  • The introduction of our new rewards scheme ‘WestWon Rewards’. You can read more and learn about our new scheme here.
  • The launch of our sister company, Scaffold Finance. You can visit their website here.
  • Our Dental Divisional Director Richard Porter’s win at the dental industry awards! Read more about his win and commendation here.
  • The new look and feel of the WestWon website, including two new pages, clients and family.

Things to look forward to at WestWon

Here at WestWon we are always looking to grow and develop. In light of this we are very excited of what’s to come and what 2022 has in store for us all.

Our normal hours have now resumed. This means we will be in the office from 9am-5:30pm every day to help you with your financing needs. We hope you all had a very merry Christmas and wish you all a Happy New Year. We cannot wait to see what’s in store and would like to thank everyone for their continued support throughout 2021 and into 2022.

Contact Us

If you would like more information on what we can offer you and your business then head over to our contact page on our website to speak to a member of our team. Furthermore, if you would like to contact us about any of your finance needs then please don’t hesitate to call us on 01494 611 456 or email [email protected]. Lastly, we hope that you all had a happy and healthy Christmas and new year, and Happy 2022 from all of us at WestWon once again.

Cut down on your company’s carbon footprint

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How big is your company carbon footprint?

Carbon footprint is calculated by both direct and indirect sources of emissions. Direct emissions include an individual’s actions over a period of time that contribute to the world’s carbon pollution. Indirect sources of emissions include the carbon dioxide that is released into the atmosphere. This is because of manufacturing, transportation, or fuel extraction. The burning of fossil fuels is the main source of human produced carbon dioxide emissions. This is why energy sourced by renewables is the new and revered approach to powering your facilities.

Where to start?

Firstly, you need to identify your company’s material sources of carbon pollution. These include indirect emission sources. These include the fossil fuels that you use to power your facilities. The burning of fossil fuels is the main source of carbon pollution caused by humans. You may think that this is something that can be caused directly, and so you are not a part of it. However, companies have a large part to play. For example, here at WestWon, our lease deals contribute to the burning of fossil fuels. This includes when completing lease agreements for vehicles that are non-electric. Companies need to start working to amend this. This is also why in the COP26 meeting in November 2021, businesses pledged to do more for the environment. Read more about this on our blog on the COP26 meeting.

How to reduce my carbon footprint?

There are several ways that you can reduce your carbon footprint. These include making small or big changes to aspects of your lifestyle, including food, clothing, transport and energy and waste. You could limit and recycle your waste at work or turn down the heating, even if by just 1 degree. Furthermore, you could take public transport and buy from sustainable clothing brands. You could also limit your meat intake, whilst shopping from local businesses, as well as avoiding products with too much plastic packaging. You can also make larger changes such as installing renewable sources of energy. These include wind turbines and solar panels.

WestWon’s new initiative

WestWon has launched our new initiative, the biggest step we have taken yet to help the environment. It will not only reduce our carbon footprint but help to offset parts of our lease deals. This is a major step in the world of leasing. We hope that you and your company will also make the step to become more sustainable and environmentally friendly. Join us on our journey and take a look at our WestWon Woodland page now.

Contact Us

If you would like more information on anything seen above, do not hesitate to contact us. A member of our team will be more than happy to assist. Alternatively, you can call us on 01494 611 456 or email [email protected]. You can also see more over on our LinkedIn page.

Merry Christmas and a Happy New Year!

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Merry Christmas and a Happy New Year!

From all of us at WestWon we wanted to wish all existing clients a merry Christmas and a happy new year! We hope that you take the time over the holidays to rest and recuperate and spend time with your loved ones. We would like to thank you for all your continued support this year as we have continued to grow and expand, even in such a difficult climate. There are many exciting things to come for us in 2022, which we cannot wait to share with you all! We are also looking forward to greeting a number of new clients in the new year, and continuing to grow come January.

Opening times

We hope you understand that over the festive period, some of our working hours may differ. These times are listed below. You can send us an email or call the office should you need to reach out to one of us outside of these allocated times. We will aim to respond as soon as we can. We pride ourselves on quality service, and this will not change over the holiday season! We’re looking forward to working with new and existing clients in the new year.

Christmas Eve – Open 9am – 3pm

Christmas Day – 28th of December – Closed

29th of December – Open 9am – 5:30pm

30th of December – Open 9am – 5:30pm

31st of December- Open 9am – 3pm

New Year’s Day – 3rd of January – Closed

4th of January – Open 9am – 5:30pm (Normal hours resume)

Contact Us

If you would like more information on what we can offer you and your business then head over to our Contact Us page on our website to speak to a member of our team. Furthermore, if you would like to talk to us about over the festive period during our opening times then please don’t hesitate to call us on 01494 611 456 or email [email protected]. Lastly, Merry Christmas and a Happy New Year from all of us at WestWon, see you in the new year!

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