Welcoming onboard the new additions to our fleet division!

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Over the past few months, we have been working on expanding our fleet division, and with that we have welcomed onboard two new territory account managers!

Meet Doyle

Meet Doyle Winstanley-Jones, Territory Account Manager for our fleet division in the Midlands area. Doyle started off as a Sales Executive back in 2012. Therefore he has been in the motor industry for over 10 years now! Throughout his career he has progressed through the ranks to General Sales Manager and has worked with a number of different brands.

When not spending quality time with his Wife and Son Doyle enjoys playing the occasional round of golf with friends. Not to mention watching his beloved Liverpool FC! Whilst he also likens himself to a bit of a chef.

After having a successful career within the motor trade, Doyle has joined WestWon to focus on growing our Fleet Division for The Midlands. Working with partners, Doyle supports their requests for finance whilst delivering an outstanding service.

If you would like to discuss with Doyle how we can support you please contact him on 07712 357 675, or email him on doyle.winstanley-jones@westwon.co.uk

doyle

Meet Lloyd

Meet Lloyd French. Lloyd has been in the Automotive industry for eight years. He started out as in 2014 as a trainee for a main dealer. Lloyd took to his role quickly and not long after that he was promoted to the role of senior sales executive specialising in all aspects of finance. He then moved on to become a leasing manager for a large independent used car dealership. After enjoying a successful career in sales and leasing, Lloyd decided it was time for a new challenge with us here at WestWon.

Lloyd has a young family at home, welcoming his daughter in 2021. Outside of work, Lloyd enjoys spending time with his friends and family. As well as going to the local boxing club, and writing screenplays.

If you would like to discuss with Lloyd how we can support you please contact him on 07512 304 703 or email him on lloyd.french@westwon.co.uk.

Lloyd French

Everything asset finance | Q&A with Jeremy Hall

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Maintaining a healthy cash flow can be challenging, especially when focusing on expanding your business. It may feel like all the odds are against you at a time when you are just trying to grow. But many aren’t aware of the relief that asset finance can provide a business as well as support in their growth.

So, whether you could benefit from the funds to employee more staff, invest in the latest technologies, or even to pay for a new project that you have in the pipeline asset finance is a great way to go about achieving these objectives.

Why do companies use asset finance?

Purchasing assets outright can be detrimental to a businesses’ cash flow. However, asset finance allows you to spread the cost of your growth into monthly manageable payments. Not only this but there are also tax advantages to benefit from. For example, by taking out a lease rental agreement, 100% of your rental is deductible against your company’s corporation tax. It also gives people a peace of mind that the VAT is spread across the agreement term too. Therefore, you can avoid paying the lump sum upfront too.

How much can I borrow?

Anywhere from £1000, to multi-millions.

Who can apply for WestWon asset finance?

Any UK based business can apply for our finance. We have a 96% acceptance rate, so if you have been turned away by a mainstream bank, give us a call!

Who makes the payment to the supplier?

We make the payment directly to the supplier of your choice, or multiple suppliers at the same time if this is required.

What repayment terms are available?

Anywhere from 1-5 years, although up to 7 years for the right asset. These flexible payment options allow companies to have better control over their cash flow.

How do I apply?

To find out whether your business is creditworthy, please do get in touch. Give us a call on 01494 611 456 or send an email to hello@westwon.co.uk. A member of our friendly team will then look to get you credit cleared within just 24 hours!

What is the leasing process?

See our quick and simple leasing process through our infographic below:

Leasing hub
Contact Us

If you would like to learn more about asset finance and how it might benefit your business, feel free to get in touch. Give us a call on 01494 611 456, or send an email to hello@westwon.co.uk

 

WestWon | Net Zero Buckinghamshire Business of the Year

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Last Wednesday we were privileged enough to attend the Buckinghamshire Business Awards Ceremony as finalists for TWO awards! The ceremony was held at the dazzling Aylesbury Waterside Theatre, where we were fed, watered (does champagne count?), caricatured, and most importantly bestowed the coveted Net Zero Buckinghamshire Business of the Year Award.

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Bucks Business awards
net zero award

The Buckinghamshire Business Awards is designed to recognise and reward the hard work and triumphs of businesses across the county. There were twelve awards up for grabs for a whole variety of different business accomplishments. So, it was brilliant to celebrate a multitude of different victories from a range of local industries.

We felt lucky enough to be nominated as finalists for the Apprentice and Young Person Employer and Net Zero Buckinghamshire Business of the Year, but to actually win a category, we feel even more honoured. It meant the world to us to be recognised for all our efforts towards prioritising the planet as a company.

As of the start of this year we began pushing our green agenda more than ever. We did this by implementing the WestWon Woodland. For those who aren’t familiar with our green initiative already, the WestWon Woodland is whereby we have a tree planted for every month of a finance agreement made through us.

Our climate focused journey

Our current climate crisis has been at the forefront of many of our minds for the last couple of years now. Therefore, we thought it best to start taking restorative climate action ourselves. We started off by becoming a climate positive workforce last October.

What does it mean to be a climate positive workforce?

Being a climate positive workforce means that all our employee emissions are offset through climate positive projects and tree planting all around the world. This can range from the preservation of rainforests to the generation of renewable energy.

You can view all our climate positive projects on our virtual WestWon Woodland map below. Just look out for the markers colour coded blue!

Take me to the WestWon Woodland Map

The WestWon Woodland

We then expanded upon this idea, to launch an environmentally focused project that included our customers too. And from this, the WestWon Woodland was born. Additionally, we make sure to thank our customers each month for making this possible. Therefore, we send each customer a certificate of plantation (made from 100% recycled paper of course!), this outlines the number of trees as well as the carbon that their finance agreement will eventually offset once the trees are full grown.

Not to mention all the small choices and actions that we have made as a company over the past years that all align with our end goal:

  • Installation of LED lighting throughout our offices
  • Paperless office where possible, and all paper that is used is sourced from 100% recycled materials
  • The thickest of carpet and ceiling tiles to reduce our energy consumption
  • Introduction of electric company vehicles
  • Using an outsourced datacentre to house our IT systems in Helsinki powered by solar panels.
  • Recycling bins on all floors of the office
  • No gas use in office building

Our path to Net Zero

Net Zero is a hard target to achieve, but that doesn’t stop us from trying our best to reach it- despite how long it may take. The goal of Net Zero may seem overwhelming to many businesses as it means adding no more carbon emissions to the atmosphere than the amount they are taking out. However, what is important is that a Net Zero strategy is in place. Nearly a third of the UK’s largest businesses pledge to eliminate their contribution to carbon emissions by 2050. But that doesn’t mean that the smaller sized UK businesses can’t get involved too. The pressure is now on for everyone to ‘do their bit’.

As our business and team continues to grow, we will continue to work towards Net Zero. On to a more nearby goal, we are currently on target to achieving our 5-year objective to planting 100,000 trees in the WestWon Woodland and consequently removing 7,500 tonnes of carbon from the atmosphere. At time of writing, we have 15, 428 flourishing in the WestWon Woodland, these trees will ultimately remove 521.66 tonnes of carbon from the atmosphere once fully grown!

Congratulations fellow contestants!

We would also like to say a huge congratulations to the other winners as well as the finalists! It was wonderful to meet with both new and familiar faces and celebrate each other’s triumphs!

Contact Us

Should you wish to learn more about our green agenda, please don’t hesitate to get in touch. Give us a call on 01494 611 456, or send an email to hello@westwon.co.uk.

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 hello@westwon.co.uk.

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 hello@westwon.co.uk 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 hello@westwon.co.uk, or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

5 ways finance can grow your business

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There are many ways in which finance can grow your business. Looking at these 5 is just a quick way to see how your business can benefit. Growing your business, whether you are a start up or an established one, can be tricky. However, with finance options available through WestWon we can help you with whatever your finance needs may be. If you would like more information, then get in touch with us using our contact details below.

5 ways finance can grow your business

Leasing is the new normal

It may seem like we could be biased being a leasing and finance company! However, believe it or not, leasing is becoming the new normal.

Technology especially is now rapidly adapting with the times, which can be seen through things such as “buy now, pay later.” The move into this kind of shopping behaviour for the public has led to an increase in more people using fixed payments as their preferred method of finance. This is just one example of leasing.

People are also discovering that if, for example, you pay your employees’ salaries as you go, why are you not doing the same for your assets? This is one reason why finance and leasing is the better option for you and your business.

Leasing is less risky

With leasing and finance, the money is sent directly to you in a straightforward yet secure way. Working alongside our range of funders and suppliers, we can look to arrange the finance for you in a way that suits you and your business. The usage of up-front payments means there’s also no hidden fees or costs and you aren’t stumped with a large bill to pay for all-in-one go!

Here at WestWon we make sure the payments are made on time and our operations team will work closely with you making sure the process is as easy and seamless as possible. The benefits in terms of not paying as a lump sum are immeasurable, as it allows you to keep funds in the business to be used elsewhere.

Finance supports both your business’s bank account and your customer’s

Normally, before a large project takes place in the business, there is a substantial gap in your cash flow. This is because you are paying for all areas all at once.

However, if you were to pay it in fixed monthly payments, this would look a lot different. You will also know when the right time is to refresh your equipment. By using finance, you implement a recycling kind of system, whereby you are easily able to replace the equipment at the end of each lease agreement. Your bank account will grow, and your customers will feel the full benefits of this as time goes by.

Leasing increases levels of customer service

When introducing leasing to your business, or providing it as an option to your customers, leasing will benefit them. Introducing this recycling strategy within the company can make sure the equipment always stays up to date. It also means you can easily upgrade and improve the equipment without needing to spend a lot more of your business’ precious cash. It also creates a stronger bond between you and your customers because of the constant contact and repeat business.

Finance can expand your customer base

This leads onto the last point that you can create more repeat business, and in some cases better business from these relationships. Obviously, a business cannot grow without the expansion of their customer base. Therefore, there is a high chance that those who have leased before will again from you. This is especially true in the case of business loans such as VAT and Corporation Tax Loans. Both are finance facilities that we can provide here at WestWon. This also in turn improves customer loyalty.

Contact Us

If you would like more information on ways finance can grow your business, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on hello@westwon.co.uk, or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

What type of asset finance is right for you?

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Finding the right type of asset finance for you

Trying to find what type of asset finance is right for you can sometimes be tricky, as all the information you are no doubt given can be hard to navigate. Here at WestWon we provide finance for a range of sectors and assets. We offer finance for sectors such as furniture and fit out, dentistry and most types of vehicle finance. We also offer finance for assets such as, IT hardware and software, and audio visual equipment to name just a few. And not to mention our range of business loans.

What are the different types of asset finance?

Hire Purchase

A hire purchase is where an asset is purchased and then paid for in instalments. This means you are able to receive the asset faster than normal. You are also able to spread the cost over a certain amount of time, usually between 1 and 5 years. Only when all the payments have been paid in full will you have complete ownership of the asset. However, depending on the agreement, you are usually responsible for the maintenance of the asset. This is one of the most common agreements we do here at WestWon, especially within vehicle leasing and finance.

Equipment leasing and financing

This mainly involves a lender leasing the equipment to you. You will again pay them in monthly instalments for the arranged time that you use the equipment. This ensures that you don’t pay a large sum upfront, and so no big amount of money is taken out of the business all at once. So, this will inevitably take some pressure off of your cash flow.

However, different to a hire purchase agreement, you most likely won’t have ownership of the equipment at the end of the lease term. But different lenders have different terms, so depending on what you would both like to do, you could reach a different outcome. For example, agreeing to own the equipment at the end.

Finance lease

A finance lease can also be known as a capital lease. It’s usually where the finance company makes the purchase of an asset. They then lease this back to the customer, including interest, in order to make a profit. Again, depending on the finance company, the terms and conditions will differ. You will still get full use of the asset for however long your lease term is. However, you won’t own it at the end of the term.

Operating lease

An operating lease is similar to a finance lease, but the customer will not have ownership rights over the equipment. It’s also usually shorter than a finance lease.

Benefits to asset finance and leasing

  • Cash flow – You will be able to keep funds in your business to be used elsewhere.
  • Alternative funding lines – No need to use up an existing bank facility.
  • The latest equipment – Always have the latest computers in your business by implementing a recycling strategy, whereby you replace equipment at the end of the lease term
  • VAT – On rental agreements VAT is paid in the rental, not in full and upfront.
  • Pay for the equipment as you use it – Companies pay employees over time as they work, so why pay all the cost for computers in advance?
  •  Tax planning – Using a lease rental agreement, 100% of your rental is deductible against your companies Corporation Tax.

Contact Us

If you would like more information on what type of asset finance is right for you, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on hello@westwon.co.uk, or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

What is the most popular month end date for UK limited companies?

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Technically, people often refer to a company’s month end date / yearend date, financial year end as “Accounts Reference Date.” Any reference to month end or yearend date does mean a company’s account reference date or financial year end. Below is a bit more information on a company’s most popular month end date.

To accurately get this data, you would have to go to Companies House and download all UK companies and their yearend date. This will be a challenging and time-consuming task.

WestWon has an extensive client base and contact information on UK companies in general. As part of our standard “Know Your Customer” requirements, we keep a record of companies’ yearend date. The following analysis is taken from our data of UK limited, plc and limited liability companies.

What is the most popular month end for UK limited companies?

March, 24.48% of companies have a March yearend date followed closely by December with 24.34%.

What is the least popular yearend date?

November, 3.05% of companies have a November yearend date, followed by February with 3.18%.

UK company yearend dates by month

Month                 % of companies

January               3.86%

February              3.18%

March                 24.48%

April                     6.34%

May                     4.84%

June                    7.28%

July                      4.86%

August                 5.57%

September         7.49%

October              4.71%

November          3.05%

December          24.34%

Can you choose what yearend date to have for your audited accounts?

Yes, you can therefore set your own date.

Can you change a yearend date?

Yes, but there are restrictions on how often this can be done.

Can you extend a yearend date?

Yes, again, there are restrictions on how often this can be done.

What factors should I consider as a business owner when thinking about my yearend date?

Surprisingly, lots of business owners do not give this any thought. In simplistic ways, if they start up a business in April, they have an April or May yearend and never get around to changing it.

March is most popular as it ties in with the HMRC tax year. December is equally popular as companies link their trading and success to a calendar year.

Seasonal variations then account for the other main reason when a business owner will choose their accounts reference date. For companies that experience most of their sales in the summer months, they would choose September as a year end. This is so they start off their accounting year quietly then business grows as opposed to see business just decline on a month by month basis if you choose May or June.

You could decide to have your yearend at a time of the year when business is quiet so there are no major debtors or creditors to show in the accounts.

Often, we would have December as our yearend to match our calendar year targets and objectives, however, getting business in, deals paid out and invoices paid in December is harder work. On the flip side, we have our yearend as June and when people ask us how business was last year, we have to work out if they mean a calendar or financial year.

In summary, the key consideration is what does your business do. What variations – if any – in business do you experience every month? Do you want to be thinking about your yearend when you have broken up for Christmas? It all depends on how you decide to run your business.

What is the most popular VAT quarter end?

March, June, September and December. 63.59% of companies will therefore file their VAT return for the same quarter. (Most UK companies will correlate their VAT quarter end period to their yearend).

Contact Us

If you would like more information on a company’s most popular month end date, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on hello@westwon.co.uk, or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

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