Microsoft Windows 7 Support Ends! Microsoft have recently announced that they will no longer be providing any product support for Windows 7. They want to invest more time in new technology and opportunities. Windows 7 has been running since 22nd October 2009 and have committed 10 years of support. The official end of support is […]
With an ever growing pressure on cash flow and bank lending figures still falling, equipment leasing is becoming an increasingly important way for businesses of all sizes in a variety of industries to finance the new technology and equipment they require.
With highly competitive interest rates and flexible agreements, there is no doubt that leasing can offer an advantageous alternative to buying as many companies have discovered.
A wide range of equipment, from computers and iPads to furniture and recycling equipment, can and is being leased by businesses across the UK. In fact, almost any type of tangible equipment can be considered for leasing along with maintenance agreements and software.
For more advice on leasing equipment for your business, download your free Essential Guide to Leasing for Business.
In recent times business owners have sometimes tended to put investment in plant and machinery on the back burner because of economic instability.
It is in response to this that the Chancellor announced in the March 2014 Budget that there would be a temporary increase in the AIA limit will from £250,000 to £500,000 per annum with effect from 1 April 2014 for companies and from 6 April 2014 for sole traders/partnerships.
The objective behind this initiative is to enable more businesses to undertake capital investment with a significantly reduced level of financial exposure.
However, although no announcement has yet been made, it is expected that the AIA limit will revert to £25,000 per annum with effect from 1 January 2016. It may therefore be important that businesses planning to invest in the near future do so before 2016 whilst the higher temporary increase in the AIA limit is in place.
A key advantage of AIA is that it accelerates the timing of tax relief on qualifying capital expenditure. Depending on the timing of the investment, the temporary increase in AIA means that businesses may be able to bring forward the tax relief on more of their capital expenditure. However it is worth businesses considering advancing or deferring investments in order to maximise their AIA over the period it is available.
The AIA was first introduced in April 2008, providing 100% allowance on the first £50,000 investment in qualifying capital expenditure. The maximum allowance was doubled to £100,000 for qualifying expenditure incurred from 1 April 2010 (6 April 2010 for unincorporated businesses), and was reduced to £25,000 with effect from 1 April 2012 (06 April 2012 for unincorporated businesses). In the Chancellor’s 5 December 2012 Autumn Statement the AIA limit was temporarily increased from £25,000 to £250,000 for a two-year period from 1 January 2013 to 31 December 2014, before being temporarily raised to £500,000 in the recent budget.
• Office furniture and equipment
• Vans, lorries and equipment
• Building fixtures e.g. shop fittings, kitchen or bathroom fittings
• Business machines e.g. printing press,lathes, tooling machines
• Tractors, combine harvesters and other agricultural machinery
• Gaming machines, amusement rides
• Computer hardware and qualifying software
• Computerised/computer aided machinery including robotic machines
• Wind turbines and fibre optic cabling
• Driving school cars (adapted with dual control mechanisms)
• Land, buildings or cars
• Expenditure incurred in the accounting period when trade ceased permanently
• Existing plant and machinery
• Plant and machinery that was gifted
• Plant and machinery used by a person for leasing under a long funding lease and
subsequently brought into use by that person for the purpose of a qualifying activity
• Change in the nature/conduct of the trade carried out by a person other than the person incurring the capital expenditure.
Download the AIA 2104 Changes Fact Sheet for much more information about the AIA opportunity for business and answers to your AIA queries.
Alternatively call us now on Tel: 01494 611 456 to discuss AIA, your capital equipment requirements and leasing options.
A good IT support provider is a company that is able to listen to and understand your businesses needs. It is also vital to partner with a company that you will feel comfortable working with on a regular basis. With a large increase in the number of IT companies to choose from, it can make the selection process much more problematic. WestWon Leasing IT partner, Tegen, shares its perspective on how to go about finding the right IT partner and suggests you consider the following 5 points…
1. Take References
These provide a different point of view and therefore give you something to compare your viewpoints with – they may give also you a glimpse into a company’s work ethics and ‘habits’. This is invaluable information from someone who has already had experience with them.
2. Look at partners
The easiest and quickest way to check potential partners’ credibility is to have a look at their website and search for any certificates, qualifications and/or industry accreditations that back-up their IT knowledge and skills. A company with an array of partners signifies that they have access to the latest solutions. By forming strong partnerships with big brands, their service quality should excel.
3. Expect clear pricing
It is always good to know how you will be charged, amounts may vary depending on the service that is being provided. Remember to always check what is included in the cost to avoid any hidden or extra charges, and also what IT lease finance options are available.
4. Look for competency proof
Ask potential suppliers to provide their service level agreements defining response times and resolution targets. Or alternatively, why not personally test the service out yourself. An IT partner who keeps you on hold, or where you have to go through a variety of stages on the phone before you are physically able to speak with a member of the Service Desk team is probably not a partner you want to work with.
5. Book a meeting
Companies that recruit the best staff will usually be able to deliver the best services. People do business with people, so look out for company/individual awards that may represent a good work ethic where employees are valued by the company.
For more information about IT support, and to see how Tegen could benefit YOUR business see www.tegen.co.uk
Asset-based finance is an ever more attractive way for SMEs to acquire the machinery and equipment they need to run their businesses and invest in up-to-date IT technology to keep their infrastructure working efficiently. Leasing is also available to cover the cost of office refits, fit outs and refurbishments, which form an essential part of most companies’ business plans.
These leasing benefits are particularly important for SMEs and Start Up businesses too as they enables them to manage the acquisition of equipment and related services as a predictable monthly or quarterly expense rather than a capital cost, offering clear advantages in terms and tax and budgeting. After all, no business pays three years’ salary for its staff in advance, so why pay for the equipment they use upfront rather than over its useful life.
Whether for new business start-up or an established SME trying to stay competitive, leasing can generally be arranged in a relatively short timescale subject to status, allowing businesses to acquire the equipment they need when they need it.
SMEs looking at their finance options can obtain an instant leasing quote online using the WestWon lease calculator to help with budget planning. You can also email us with any queries at [email protected] or call on Tel: 01494 611 456. We are here to help you grow your business.
WestWon also provides a series of Leasing Fact Sheets for businesses wishing to find out more about leasing for their particular sector – for example, public sector leasing, catering industry leasing and medical and scientific industry leasing as well as general topics such as ‘Leasing Questions Answered’. You can also download the free guide to leasing – Financing Your Business Plans.
At the beginning of 2014 China’s Lenovo, the world’s biggest PC maker, announced it was taking over over IBM’s low-end server business for a cool £1,4bn, encompassing IBM’s System x, BladeCenter and Flex System products.IBM has however retained its powerful mainframe and storage business and recently announced that it would invest more than $1bn in a new division based around its Watson supercomputer, and $1.2bn expanding its global cloud computing business.
Lenovo bought IBM’s PC business in 2005, featuring the ThinkPad range. It has since diversified into smartphones and tablets, and overtook Hewlett-Packard as the world’s top PC maker in 2012.
According to the Finance & Leasing Association, IT equipment finance reported year on year business growth of 14% from January 2013 – January 2014. Leasing IT and computer equipment is a trend that shows no sign of diminishing and for good reason. With the rapid pace of technology change, many businesses are asking themselves: “Why purchase hardware such as Lenovo servers and software when it risks becoming obsolete so quickly?”
Leasing Servers improves cash flow – Leasing removes the need for major upfront capital investment and protects your cash flow and existing lines of credit.
Leasing servers is quicker to arrange – The process for securing a leasing decision in principle is generally less onerous and time-consuming than for securing a bank loan.
Leasing Servers allows you to keep up to date with technology – Leasing is great if you require cutting-edge technology as it is easier to make on-going changes server capacity and to afford a more sophisticated solution than you might afford if you had to pay for everything upfront.
Leasing could possibly benefit your balance sheet – There can be tax advantages to leasing rather than purchasing IT and server equipment.
Leasing can solve server obsolescence issues – Leasing a server offer built-in protection against obsolescence and a safe way to dispose of old equipment.
For more information about your IT leasing options call WestWon on Tel: 01494 611 456. You can also download a leasing fact sheet about IT technology and server leasing: Asset Finance for IT equipment and projects
Harnessing the latest IT and computer technology is key to enabling business advantages such as fully integrated mobile working. Given the speed at which technology changes, and the onus on companies to keep up with the competition in terms of IT infrastructure efficiency, IT and computer leasing has much to recommend it and is now one of the most popular means of financing technology investments.
However, if you are a business thinking about leasing equipment, you should be prepared to do your homework in order to get the right IT and computer leasing deal for your circumstances.
If you require IT equipment such as computer hardware, software, servers, laptops, routers and cabling for your new company or company expansion, leasing may well be a good option. After all, you wouldn’t pay your employees their wages for 3 years upfront, so why tie up a large amount of cash on computer equipment for them to use – especially when you could earmark that money to establish or grow your business?
For more information about your IT leasing options call WestWon on Tel: 01494 611 456. You can also download Financing Your Business Plans – Guide To leasing
UK Finance & Leasing Association members report that new asset finance business grew by 9% to almost £1.7 billion in January 2014, compared with the same month last year.
Geraldine Kilkelly, head of research and chief economist at the FLA said that key asset sectors reported double digit growth – with commercial vehicle finance, business equipment finance and plant and machinery finance up by 25%, 21% and 13% respectively.
IT equipment finance reported modest new business growth of 3% compared with the same month in 2013.
Kilkelly added: “The positive start to 2014 follows exceptionally strong growth of more than a third in December 2013 and reflects growing confidence in the sector.
“The FLA’s Asset Finance Confidence Survey for Q1 2014 showed respondents expect asset finance new business to grow by up to 10% over the next 12 months.”
Jan 2014 | % change on Jan 13 | 3 mths to Jan 14 | % change on prev yr | 12 mths to Jan 14 | % change on prev yr | |
| Total FLA asset finance (£m) | 1,694 | +9 | 5,705 | +14 | 22,535 | +4 |
| Total leasing and hire purchase excluding high value (£m) | 1,672 | +7 | 5,603 | +13 | 21,843 | +4 |
| Data Extracts: | ||||||
| Plant and machinery finance (£m) | 343 | +13 | 1,069 | +9 | 4,513 | +5 |
| Commercial vehicle finance (£m) | 420 | +25 | 1,504 | +38 | 5,285 | +11 |
| IT equipment finance (£m) | 68 | +3 | 412 | +13 | 1,544 | +14 |
| Business equipment finance (£m) | 159 | +21 | 493 | +12 | 1,961 | +3 |
| Car finance (£m) | 505 | -8 | 1,599 | +1 | 6,707 | -1 |
| Aircraft, ships and rolling stock finance (£m) | 6 | -62 | 115 | +42 | 297 | -40 |
For more information visit the fla.org.uk
For more information about leasing equipment, machinery, IT resources or office furniture and fit out leasing please call WestWon on Tel: 01494 611 456.
A major cost benefit of leasing is that it allows businesses to spread the cost of new equipment over its useful life. Payments for equipment finance can be made on a monthly, quarterly or even annual basis over a number of years, typically 2-5 years. But how much does it actually cost?
Well, it is now easier than ever to compare lease versus buy costs using WestWon’s instant online leasing calculator.
If you know how much the equipment you require costs, you can calculate the rental payments over your preferred rental period within seconds. Simply enter the capital cost and your chosen lease rental term, and hit the calculate button for an immediate answer.
You can also have a copy of the quote emailed to you or another person for easy reference.
Leasing versus buying? It’s certainly food for thought and so much easier to decide when you have the figures to hand. For more information about any aspect of leasing, please contact WestWon on Tel: 01494 611 456.
You can also download Financing Your Business Plans – a guide to equipment leasing.
Whether you are looking to refurbish or refit your existing work space or are fitting out brand new offices, leasing can help you create your dream work environment. From planning and design to interior finishes and furniture, a lease agreement can provide a flexible and tax efficient way to finance your plans.
Download our Dream Office Fit Out brochure now
Refurbishing your office environment can significantly improve efficiency, enhance your corporate image, improve staff morale and increase your ability to attract new clients. However, paying upfront to fit out your new business premises can be a significant drain on the working capital for most businesses. This is where a leasing and asset finance broker can assist
Businesses are increasingly using leasing to finance entire office refurbishment projects including lighting, flooring, furnishings, computer equipment and even moving services. Leasing provides added convenience and flexibility, with everything covered under one agreement. This means you only need to pay one monthly or quarterly payment for multiple suppliers.
You can choose exactly what you need without compromising your cash flow or existing lines of credit. Asset-based finance allows you to spread the cost of the project over a number of years, benefit from the investment straight away and easily upgrade technology or interiors at a later date. Lease payments can even be tailored to match seasonal cash flow and be set against profits to potentially reduce your tax bills.
A wide range of office furniture and equipment, from PCs and printers to workstations and seating, can be leased to help you create the inspiring work space your business requires. Services like removals or interior design consultants can also be incorporated. In fact, almost every element of an office refurbishment project can be considered for leasing.
Some of the types of equipment and services that can be leased are:
For more information about leasing for an office fit out or furniture, download the Dream Office brochure or call our office fit out team on Tel: 01494 611 456
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