We are proud to be working with a true British engineering success story…

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WestWon are proud to be working with Briggs Automotive Company

Briggs Automotive Company (BAC) (www.bac-mono.com) are a truly unique British engineering success story hand building the world’s first single-seater, road legal supercars: the BAC Mono and BAC Mono R. These supercars look, sound and feel amazing. BAC was founded in 2009 by brothers Neill and Ian Briggs, with the BAC Mono being launched in 2011. Their modest yearly production run of around 40 cars. This means there will always be a waiting list of high-net-worth individuals looking to purchase one.

Using Computer Aided Design

Much of the design work is undertaken using computer aided design (CAD) software, supplied by one of the UK’s largest CAD suppliers. Whilst some engineering companies pay cash upfront for these software licences, many other companies decide to lease and spread the cost over three years. WestWon have arranged a lease for BAC’s CAD software and are proud to have them onboard as a client.

Hear from the directors themselves

Jeremy Hall, CEO of WestWon commented: “All clients are important to us and we work with a wide range of end-user companies across the UK from many different business sectors. We are proud to help fuel investment via leasing facilities into our economy.

“One of our clients is Briggs Automotive Company, who have designed, developed, and now manufacture a unique road-legal supercar that has the look and feel of an F1 racing car.  Over 95% of the suppliers they use are based in the UK. Take a look at their website and you will see how great they look.”

Speaking on behalf of BAC, Ian Briggs added: “Setting up an engineering company from scratch is a capital-intensive project. Funding does come in from numerous sources. One of these finance sources is WestWon, who have arranged the leasing of our CAD licence fees over three years. This helps spread the payments. In effect, we are paying for the software as we use it opposed to tying up valuable capital in fixed assets.”

Contact Us

WestWon leases CAD software to hundreds of architects, civil engineers, engineering and construction companies. It is an important part of our business. Please call us if you are looking to finance CAD software in your company.

Likewise, if you are looking for fun and a great investment, give BAC a call and take a test drive in their single seater sports car. Please do not forget, we can lease these cars to you as well!

Please note, all pictures are the property of Briggs Automotive Company (BAC). WestWon will not receive any introductory commission should you wish to purchase a car.

WestWon Partner With Lisa Bainham

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WestWon are delighted to announce today our support and partnership with Lisa Bainham and her clients.

Lisa’s wealth of experience began in 1984 when she qualified as a dental nurse. She then moved into Practice Management, Public Speaker and President of ‘Association of Dental Administrators and Managers’ (ADAM). She is now leading consultant for ‘Lisa Bainham – Practice Management Matters.’

Lisa works to help your practice be more effective. She helps your team to be more engaged and confident in their roles. This results in added productivity and will certainly ensure you witness improvements to all aspects of your business. This includes the bottom line.

Lisa comments “Over the last year, now is the time to ensure your practice and team are able to work smarter not harder. They will need to invest wisely and confidently to improve workflows and the patient journey.

I am always happy to recommend WestWon to practices that want to invest improve and grow.”

We have also realised through COVID that it’s about people not paperwork. Here at WestWon you absolutely get a personal approach and support.

For more information on this partnership with Lisa Bainham and how she can can support you and your business, go to https://practicemanagementmatters.co.uk/.

This announcement is the latest in a series of announcements for our Dental Finance division, following our announcement last week of our partnership with Tipton Marketplace as well as Association of Dental Administrators And Managers ADAM.

For more information, please give a member of the Dental Finance division a call on 01494 611 456.

Professional Systems Finance Limited

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As we relaunch our Systems Finance division, we thought it appropriate to mention that we are not connected to Professional Systems Finance Limited, trading as Systems Finance.

Systems Finance Limited was set up by Tony Ley and Mike Wakefield in 1995. Tony Ley no longer gets involved in leasing on a day-to-day basis. Whilst Mike Wakefield has another leasing company called Blue Sky Finance Limited, based out of Malvern In Worcestershire.

Both Tony and Mike are well known and respected veterans of the UK computer leasing sector.

Two of Tony’s children both came to work at WestWon for a year where they learnt the basics of leasing. They have now taken over the Systems Finance brand and relaunched as Systems Finance based out of Leamington. Harry Ley and Max Ley are both hungry and enthusiastic. They will make a success of their business and we wish them well.

Dave Tull, one of our newly recruited Business Development Managers, worked at Systems Finance for eight years. This was between 1999 and 2007. Dave noted, “Systems Finance was a great place to work. I enjoyed my time there with Tony Ley and Mike Wakefield. We built a wide network of IT reseller partners and onboarded about 5,000 end user customers. Even though the new Systems Finance under the leadership of Tony’s two boys, Harry and Max, is a competitor, we still wish them every success. Our industry needs quality run companies to ensure that the overall service delivery is first class.”

So, to read more about the relaunch of our Systems Finance division, (or Professional), please read our latest blog. Alternatively, please give a member of the WestWon team a call on 01494 611 456. Or you can email [email protected].

WestWon Announce Partnership With Tipton Marketplace

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WestWon are delighted to announce today our partnership with Tipton Marketplace.

Tipton Marketplace will enable easy browsing and searching for thousands of products from different suppliers and manufacturers. You can not only compare prices and product information, but also read reviews from fellow colleagues.

Today, everyone can digitally compare services and products when deciding to buy a product or service in the private sector. For a long time, this has not been possible within the UK dental industry.

The website is founded by Professor Paul Tipton. Paul decided to create the Tipton Marketplace to enable practices to have the ability to therefore compare and purchase dental products by using a simple and easy to use platform.

The Dental Profession will benefit from the new products and services that the Tipton Marketplace will have. Therefore offering ways to reduce the overheads that impact on the daily running of a Dental Practice.

Speaking on behalf of WestWon, Divisional Director Richard Porter noted, “We’re really excited to announce our partnership with Tipton Marketplace. With many Dental Practices already registered, I am pleased that WestWon can add additional value and continue to make a difference. This is just another example of how things are changing for the dental sector, for the better. I hope that Tipton Marketplace will continue to grow and bring savings and benefits to the profession.”

Tipton Marketplace is due to launch in spring 2021 and you can register for further details here;

https://tiptonmarketplace.com/

For more information on how WestWon are working with the dental profession, please visit our Dental Finance page. To speak to Richard or a member of the dental finance team, please give us a call on 01494 611 456 or email [email protected].

WestWon Relaunch Systems Finance Division

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We are delighted to announce the relaunch of our WestWon Systems Finance division.

From the outset, WestWon and our previous company, Wyse Leasing, has always been focused on options including financing technology, computer hardware and associated IT equipment. Wyse Leasing grew to be one of the largest IT finance brokers in the UK before being sold to IT funder CHG Meridian in 2009. WestWon have been financing technology ever since, including acquiring the business Technology Leasing Limited in 2020.

Hear from the CEO himself

Talking about the significant changes over the last ten years, WestWon CEO Jeremy Hall explains:

“Years ago, there where tens if not hundreds of PC manufacturers, names such as Time, Evesham, Mesh, Elonex, Gateway and Mustard to name but a few. You then have the bigger companies such as IBM, Dell and HP. Many of these smaller manufacturers have since disappeared, just leaving the big brands.

The route to market has also seen significant changes. We used to have access to a list of 20,000 UK IT suppliers that would sell and install IT equipment. Nowadays, many companies buy their IT kit direct from the manufacturer. Similarly they can buy it via a large reseller such as Softcat or Bytes or even PC World.

Even with all these changes, there is still a massive requirement for IT and software finance in the UK. We saw this in our analysis of last year, many of our biggest leasing deals were for IT and software. Our Systems Finance division will focus on developing existing relationships with our Technology suppliers, offering the most efficient and easy to use processes in the broker market. We’ll be looking to then roll this out to new suppliers who don’t yet have a relationship with WestWon.”

More information on our WestWon Systems Finance division will be released soon. For any queries please give a member of the team a call on 01494 611 456 or email [email protected].

WestWon authorised to offer finance under the Recovery Loan Scheme

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We’re pleased to announce WestWon are now an accredited broker of the new Recovery Loan Scheme.

A number of the WestWon team have gone through their first training session yesterday with an authorised provider of finance. As a result, this was done under the British Business Bank backed Recovery Loan Scheme.

About the Recovery Loan Scheme

The Recovery Loan Scheme was launched on the 6th April and is seen as the replacement to the CBIL’s & Bounce Back Government backed loan schemes. It will be in place until the end of the year, however, already people in the leasing and finance sector are suggesting it is likely to carry on into 2022. The scheme can provide up to £10m of funding per business with the following facilities are available:

  • Term Loan
  • Overdraft
  • Invoice Finance
  • Asset Finance

No personal guarantee is required for the first £250,000 borrowed, however the borrower is always 100% liable for the debt. Interest and fees are to be paid by the borrower from the outset. The APR on the loan cannot therefore be more than 14.99%. Full information can be found here.

Hear from others

George Shillingford, the newly appointed Commercial Director at WestWon noted, “An important point one of our funders stated was they are expecting to use the facility where they would normally have rejected an application. However, this is great news to us, as so many companies will be reporting a drop in profits or losses in their 2020 year end accounts, as a result obtaining finance could be harder to find. This scheme will definitely help our clients.”

WestWon CEO, Jeremy Hall added, “We have a second external training session today with another funder we use. We will know how, when and where to offer the Recovery Loan Scheme to our clients. Within the next few weeks, we are expecting a range of financial providers we work with to become authorised. We will be promoting the scheme to a range of the clients we work with.”

To find out more about the Recovery Loan Scheme please speak to a member of the WestWon team on 01494 611 456 or email [email protected]

Should You Prioritise Working With A Finance Company Who Has An FCA License?

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WestWon Divisional Director, Richard Porter, explains the role of the FCA in the asset finance space, and why it’s important to use a finance provider who is registered with the Financial Conduct Authority.

Who is the Financial Conduct Authority?

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The aim of the FCA is to regulate in a way that adds the most benefit to those who use financial services.

This covers key areas such as;

Protecting consumers by securing an appropriate degree of protection for consumers.

Enhancing market integrity, protecting and enhance the integrity of the UK financial system.

Promoting competition, promoting effective competition in the interests of consumers.

What does this mean to you?

From bank accounts to mortgages, credit cards, loans, savings, and pensions, virtually every adult in the UK is a consumer of financial services. So one of the objectives is to ensure an appropriate degree of protection for all consumers.

They monitor which firms and individuals can enter the financial markets, making sure they meet the standards before they are authorised with a FCA licence.

What if a finance Provider is NOT regulated?

If you are speaking with someone who is not FCA certified, that individual or company ‘may’ not have your best interest. They will officially not be following the FCA guidelines, you will have little protection against fraud, your data, and there will be no legal responsibility to you.

Protection – FCA Authorised.

The FCA work to protect consumers in a wide range of ways. They act to ensure firms have their customers at the heart of how they do business, give them appropriate products and services, and put their protection above the firms’ own profits or income.

They supervise how firms work and can stop those that do not meet the standards from carrying out the activities they regulate.

Where they find that firms are not following the rules, they intervene. This may mean imposing penalties, stopping them trading or securing redress for consumers. It also means ensuring consumers receive the information they need in the right way, so they can make the best decisions for themselves.

How can I check?

Most if not all firms that are FCA authorised will have this either on their website or you can also check on the FCA register by searching either the company name or individual. You can find the information here: https://register.fca.org.uk/s/

 

 

WestWon – FCA licence Number 738235

WestWon have over 40 years’ experience within the finance sector, not only are we FCA accredited but we are also registered with the Information Commissioners Office, ICO. This ensure your Data is Protected and not sold or used for any other purposes.  Licence No. Z9936933. Full information on our accreditations can be found at https://westwon.co.uk/company-information/.

For more information or if you are looking for finance that is best suited to you and your needs contact WestWon on 01494 611 456 or email [email protected].

Recovery Loan Scheme – What Does This Mean For Your Business?

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The Recovery Loan Scheme launches on the 6th April and will run until the 31st December this year, subject to review.

Similar to CBILS, the Government will guarantee 80% of the finance to the lender, hence hopefully making some company borrowing decisions easier.

There are three type of finance, term loans, invoice finance and asset finance.

Term loans

These are available from £25,000 to £10m and are over terms up to six years.  No personal guarantees are needed on loans up to £250,000.

Leasing and Asset Finance

For agreement between £1,000 and £10m per company with lease repayment up to three years.

Will asset finance and leasing companies offer the Recovery Loan Scheme?

Yes. A range of asset finance and leasing companies have already been signed up to the previous CBILS scheme. Many of these leasing companies will apply and be accepted to offer leasing via the Recovery Loan Scheme.

What are the benefits to my company using a lease organised via the Recovery Loan Scheme?

  1. There is a higher chance the leasing company will give you a credit acceptance
  2. No personal guarantees are needed on lease deals up to £250,000

Will the interest rate on a lease using the Recovery Loan Scheme be the same as a normal lease?

Yes.

Can you use the Recovery Loan Scheme and also get the 130% Super-deduction tax relief?

Yes, as long as you use a lease purchase or loan agreement, subject to the normal rules such as your credit, qualifying brand new assets etc.

Can I use the Recovery Loan Scheme if we have already received support via CBILS?

Yes, you can still have access to Recovery Loan Scheme finance, subject to credit and eligibility criteria.

Recovery Loan Scheme Approved lender

WestWon work with a range of approved lenders who can offer funding via the Recovery Loan Scheme. If your business is looking for a Recovery Loan or asset finance, please call a member of our team now on 01494 611 456 or email [email protected]

Does Super-Deduction tax apply to leasing?

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Unsurprisingly the question we’re being asked the most by our customers and suppliers is ‘Does the Super-Deduction tax apply to leasing?’ We’re also being asked how the relief works and how it can benefit their business.

The super-deduction 130% first year tax relief on qualifying assets is a major boost in the arm to UK capital equipment investment. Announced in the Budget, the scheme runs from the 1st April 2021 until the 31st March 2023.

Let’s take a look at the impact on leasing and asset finance.

How does super-deduction tax apply to leasing?

You should be able to claim the 130% super-deduction tax relief when you sign a lease purchase agreement. From a Corporation Tax planning exercise, the tax position on lease purchase agreements is the same as if you were to pay cash for the asset.

What is the Government / HMRC saying about lease purchase / hire purchase agreements?

The Government has quoted, “Hire Purchase or similar contract must meet additional conditions to qualify for the super-deduction and special rate relief.”

What does this mean? The UK leasing sector is asking for clarification, however, the widely held belief is that you can use a hire purchase / lease purchase agreement and still get the 130% first year allowance tax relief.

What does “qualifying main rate plant and machinery” mean?

Lorries, vans, tractors, computer equipment, manufacturing equipment, solar panels are all qualifying assets. Certain assets are exempt from this scheme.

What does super-deduction tax break mean?

You can claim 130% of what you send on equipment against taxable profits.

Why is the Government doing this?

They are expecting to raise the level of UK business investment by 10% this year and to bring forward other investment.

What is the tax saving impact of super-deduction tax?

A company spending £50,000.00 on assets in a year would get £65,000 of tax relief. At 19% tax, that would mean a tax saving of £12,350.00.

Let’s look at some of the areas where you cannot claim super-deduction tax relief

Is the funder (technical name lessor) able to get the 130% super-deduction?

No

Can you get the super-deduction tax relief on lease rental agreements?

No

Can you get super-deduction tax relief on car finance?

No

Can you get super-deduction tax relief on refinance deals or sale and leaseback?

No

Can the plant and machinery be used or second hand?

No

I am both the manufacturer and customer, can I claim the tax relief?

No, they do not allow related party transactions.

Where can I read more about the Super-Deduction Tax?

The government have published the draft bill this week and can be viewed here.

For more information on lease purchase agreements or to discuss if the assets you’re financing apply to the Super-Deduction tax relief, please contact us on 01494 611 456 or email us on [email protected].

Is Leasing Right For You In The Current Climate?

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Our Dental Divisional Director Richard Porter explains why leasing might not always be right for you in the current climate.

Leasing – Good or bad for Dentists?

Despite 70% of dentists still going down the leasing route; I wanted to look at why 30% of dentists find it better for them to make use of Bounce Back Loans

Let me put this into context; as a dentist who may be thinking of purchasing new dental equipment, dental chairs or even that new car, you will be faced with many different providers of finance.

However, in the current climate is Leasing or Hire Purchase really the best way to purchase the equipment?

After spending the last 20 years working with dentists, I like to think I have a good understanding of how the sector purchases their equipment from the suppliers, you may also be thinking:

“Why is he in finance and saying this?!”

30% of our clients are choosing a Bounce Back Loan rather than a lease.

The two obvious lending facilities out there, are the Bounce Back Loan and the CBILS loan scheme, two new financial products which the majority of us have become experts on. To those who may not know, back in April, the government announced the launch of a new whizzy, fast-track loan scheme to support our small businesses during the pandemic crisis.

The Bounce Back Loan scheme was one of measures to help support small and local industries with vital cash injections and securing economic growth.

Where I feel there are pros and cons for both CBILS and Bounce Back, I cannot ignore the fact that the Bounce Back Loan is by far one of the best forms of funding available to you.

With nothing to pay for the first 12 months and a rate of only 2.5%, not to mention a term of up to 10 years, and no fees for paying it off early, this is by far the best form of borrowing available to you.

The way forward

The Bounce back is getting negative press for billions of pounds of fraudulent claims, but that aside this type of loan has helped 1000’s of businesses use the funds for the greater good.

The bounce back loan however is still not right for everyone – and in fact as many as 70% of dentists still choose to utilise traditional leasing routes. In many cases Dentists do not fit the criteria required to apply – for example, a business is not able to take out a Bounce Back Loan Scheme facility if they have been approved for a CBILS facility, and vice versa.

In this instance Leasing and HP is a sure-fire way to avoid depreciation, reduce maintenance costs and ensure you stay ahead of your competition by regularly renewing your equipment and facilities. This will always be the case, but in the current climate and while it is still available, bounce back loans are the best way to make purchases while it lasts. Presently, both the Bounce Back Loan and CBILS schemes are  set to close on the 31st March this year.

Whether you sit in the 30% or the 70%  – we here at WestWon are here to guide you on best course.

To see how Richard or another member of our team can help you, please give WestWon a call now on 01494 611 456 or email [email protected].

 

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