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!

Our new Client and Family pages

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Here at WestWon we have introduced our new Client and Family pages to our website, and we thought we would give you a bit more information about each one. Should you wish to have a look at our new Clients and Family pages, follow the links attached. They can also be found in the top of our website header.

Clients page

The first page we have developed is the Clients page. This was made to demonstrate to our customers and competition about our ever-growing client base of around 10,000 organisations. Our vast range of clients includes well known brands such as Pandora, KFC and Honda. It also includes numerous football and cricket clubs including Leicester City Football club and Kent Cricket. We also thought it was important to include our number of clients and agreements written, to show that business is busier than ever before!

We have also included case studies and testimonials written by our clients. Our current case studies currently include those from ECR Solutions, Wysetech and General Lamps. At WestWon, we make sure customer satisfaction is always at the highest possible level it can be. This is also why when customers feel so thrilled with their experience that they leave a review, we like to show others their experience. We also have a list of testimonials at the bottom of the page. These are all taken from our new partnered review platform, Boom Reviews. This site allows us to send out review requests to customers after doing business with them. We then feed these through to our Client’s page. We currently have an overall 5-star rating, with over 160 reviews on the platform. This number will just keep rising!

Family page

We have also developed our new Family page, which can be found in the drop-down section of the About header on the WestWon website. This encompasses all WestWon’s affiliated companies. This includes sister companies such as Scaffold Finance, acquisitions including Tech 5 and Capex, brands like Fish Fryer Finance and Leasing Calculator or a business that WestWon has a small equity stake in. We currently have around 20 organisations and cannot wait to involve more companies to help them and us grow in the future.

Contact Us

If you and your business are interested in becoming a proud affiliation of WestWon, do not hesitate to contact us. A member of our team will be more than happy to assist. Alternatively, if you would like more information on our new Client and Family pages mentioned in this blog, call us on 01494 611 456 or email [email protected].

COP26 – what does it mean for UK firms?

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Currently, the world is in a major climate crisis. The Earth’s temperature is rising. Studies show that temperatures have risen by 0.08°C per decade since 1880. This may not seem like a lot but the rate of warming over the past 40 years is now more than twice that. This shows a rapid incline of global warming. This is one major reason that the COP26 talks are currently taking place between the 31st of October and the 12th of November. COP26 stands for Conference of the Parties and is attended by all countries who signed the UNFCCC. This is the United Nations Framework Convention on Climate Change. This agreement was agreed upon and signed in 1994, and the 2021 meeting is their 26th, hence why it is called COP26. This blog includes what COP26 means for UK firms and what we are doing about it.

What have they agreed on already?

Already there have been some promising starts to the meeting. These include:

  • World leaders vowing to halt deforestation. This will be done as they have outlined in their plan by conserving “forests and other terrestrial ecosystems and accelerate their restoration.”
  • The US President Joe Biden has pledged to cut methane emissions by 30% by 2030. This was hailed at the meeting as one of “the most immediate opportunities to slow global warming.” Since his pledge, around a further 100 nations have set a target for themselves to also reduce methane emissions by 30% by 2030.
  • Joe Biden has also re-joined the High Ambition Coalition. This has the main aim of achieving the limit of a 1.5°C increase in the world’s temperature.
  • The Glasgow Breakthrough Agenda has also been agreed on by several countries. This aims to coordinate the introduction of clean electricity and electric vehicles among a number of other technologies. It works by rapidly reducing the cost of these.
  • In addition, African countries have also pledged to spend around $6 billion on adapting to climate impacts. They have also been asking other countries to help provide them with $2.5 billion a year for the next 5 years to help them reach their goals.
  • Lastly, several countries, including the UK, have signed a new agreement of $8.5 billion for the Just Energy Transition Partnership with South Africa. This will help reduce the country’s need for using coal, and hopefully enable them to introduce more renewable energy options.

What does COP26 mean for UK firms?

COP26 has also pushed the importance of involving businesses in the goal of becoming net zero by 2025. Boris Johnson has told most large UK firms and financial institutions that they will need to show their plans to move to a low carbon future by 2023. According to a BBC News Article on the COP26 agreement and what it means for UK firms, the commitments aren’t mandatory. This has angered several ‘green groups’ who say this isn’t enough in the long term. UK Chancellor Rishi Sunak has said that he wants and believes the UK will be the “first-ever net zero aligned global financial centre.”

What is WestWon doing about this?

WestWon is committed to helping the environment so that we can do our part in the fight against global warming. We have found the best way to do this, in an efficient and credible manner. We believe it’s by planting trees to reduce the amount of CO2 in the atmosphere. Here at WestWon we will be launching our biggest initiative on the 15th of December 2021. Above all, we cannot wait to start doing our bit for the environment and reduce global warming on Earth.

Contact Us

If you would like more information on anything you see 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.

The biggest challenges for businesses post-lockdown

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Within this blog I will be listing the biggest challenges that businesses will face post-lockdown. Now that national restrictions have been eased and we all strive to get back to normality, here are some matters we should all be aware of.

Employee Health Checks

The top priority for business leaders returning to offices post lockdown should be sustaining employee well-being. The absence of employees due to self-isolation periods have had huge effects on revenue. So, most companies (where feasible) have kept their operations running by going remote. Although, this might not be a viable option for your company. Or you simply might choose to get back into the swing of things, this is where you should be attentive and on the ball with regards to your Covid testing and precaution procedures. It won’t only ensure the health and safety of your employees but also benefit you long term.

Loss of connection

Getting back into the office even if you can work remotely is not a poor choice. It is important for many to get back to the more social way of life in the office. After all, in a survey conducted by Motivates, respondents were asked what the top five things that motivated them were:

  1. I have a good work life balance
  2. I have great peers
  3. My boss is good at saying thank you
  4. The office environment
  5. I have a motivating manager (Employee Benefits)

The loss of everyday social interaction can have detrimental effects upon the mental health of employees and can also be demotivating. Even now, for many, the richness of social interaction has succumb to zoom meetings.

Lack of Supplies

Many companies are still facing issues with lack of supplies due to the halt of production in China. Therefore, there is a global struggle with shortages after the easing of Covid-19 restrictions as prolonged disruption to international shipments, production stoppages and a lack of key components collides with increasing demand for goods and services. However, more nationally, Brexit and its disturbances upon EU trading have also had an impact upon these shortages.

Communication

Business leaders are having to examine the entire chain and resolve any part that may have collapsed during lockdown. It has been easier for executives to lose touch with what is taking place in different areas of the business as everyone is no longer in the same space. This places more importance upon leaders actively ensuring that they are updating themselves with the whereabouts of business movements- whilst also providing enough information to employees. Therefore, communication is key now more than ever.

 The New Normal

As much as everyone is trying to resume to normality, there are lockdown life habits that will stick around that will affect businesses for months to come.

These include:

  • People are more cautious with their money now due to the economic uncertainty.
  • Restaurants will suffer where more people want to stay safe and continue to get home deliveries instead of sitting in.
  • More people are online shopping now; so, brick-and-mortar stores will suffer from this shift.
  • More people are choosing to work remotely indefinitely as the pandemic has proved it possible.

These are just a few examples of consumer behaviour that will continue beyond lockdown. The pandemic has forced companies into a virtual realm in which many will remain.

For funding support in these strange times please don’t hesitate to get in touch. Give us a call on 01494 611 456. Alternatively, email us on [email protected].

6 day-to-day Money Management Tips for SME’s

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Below are some money management tips for SME’s (Small and Medium sized Enterprises). Whether you are a start-up, or if you are already an established business, these tips will help your business to grow and succeed even further.

  1. Frequently assess your financial forecasts

Clear projections are very important when creating a business’ financial plan. As a business owner, you should make sure they are kept up to date and are always accurate. This will ensure that the business is kept financially stable because poor planning can influence the cash flow to and from your business. This could harm an SME in any stage of growth.

  1. Late payments and account managers

It can be useful for you yourself to take a class or attend a webinar that teaches accounting, so that even if finding or employing an accountant is too expensive or difficult it can alleviate some of the work. However, having someone to manage your accounts may be a better step forward for the business. It’s important as it decreases any chance of the business making late payments. Loan payment and credit card fees can increase rapidly, and so keeping on top of these is vital. Even by setting monthly reminders for all your bills will help lessen some of the stress.

  1. Financial options

Choosing your financial options can be hard when operating as a SME, but it is important to carefully review them all. Different options can be chosen for different types of funding, for example, if you need funding to cover the cost of equipment, leasing and asset financing would be the better option. This can be a better way to finance rather than large all at once payments as this can cause large financial dents early in the business.

  1. Keeping track of costs

Money management tips for SME’s are based around reducing costs, and keeping track of them is therefore vital. It is important to keep track of your costs as issues such as overspending can lead to the misuse of funds. Keeping track of your accounts is important to also keep bills and overdrafts at a minimum.

  1. Cash reserve

A cash reserve is a good backup to have in case of emergency. To start your cash reserve, you must firstly open a business savings account. Make sure to regularly deposit some money into the account, and only use this when necessary. This will help you in the future if needed, and it can ease strain on your accounts.

  1. Budgeting

Having a monthly budget can save a business when calculating expenses. Before making unnecessary purchases, it ensures all important bills are paid first. Timing your purchases can also reduce your business’s tax liability. A budget will help you set clear revenue and expense goals too.

Contact Us

If you would like more information on anything above, please call a member of our team now on 01494 611 456 or email [email protected]

Three cashflow tips to boost your business bank account

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For any business, a steady cash flow is very important, and seen below are three cashflow tips to boost your business bank account, proving this very fact. It can help a business to see its projections for the year or even months ahead. In addition, it can help to maintain a positive cash flow. This allows you to see when to expand. According to 2021 research by LSE, almost 15 percent of UK businesses are at ‘great risk of imminent closure’ due to bankruptcy after Covid.

Three cashflow tips to boost your business bank account are mentioned in this blog. These are business loans, refinancing and business loans. Read more about these below.

Business Loan:

When referring to a business loan it’s the exchange of money between the lender and the borrower, in return for this payment plus added interest. The lender—usually a corporation or government—loans an amount of money to the borrower, with no exception to the amount. In return, the borrower agrees to a set of terms. These can include any finance costs, interest, repayment date, and other conditions.

An example of this is a VAT Loan, which is something that WestWon can provide. Benefits of this include being able to keep funds in your business to be used elsewhere. In addition, payments can be made directly to HMRC who then receive the money on time and an easy fixed repayment schedule with fantastic rates.

Refinance:

A refinance is the process of changing and replacing the terms of an existing credit agreement, which can for instance relate to a loan. When a business or an individual decides to refinance a credit obligation, they essentially seek to make a number of changes. These can be to their terms outlined in their contract. If approved, the borrower gets a new contract that takes the place of the original agreement.

There are several types of refinancing options. Depending on the needs of the person who is borrowing, the type of loan can differ. Some of these options include:

  • Rate-and-term refinancing
  • Cash-out refinancing
  • Consolidation refinancing

Sale and Leaseback:

Sale and Leaseback is an exchange in which one sells an asset and then can lease it back for the long term. Therefore, even if you continue to use the asset, it will not be in your possession.

A sale-leaseback therefore enables a company to sell an asset in order to increase capital. It then lets the company lease that asset back from the purchaser. This can improve your company’s balance sheet.

Contact Us:

For more information on any of these three cashflow tips please give a member of the WestWon team a call on 01494 611 456 or email us on [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]

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].

WestWon Acquires First Leasing UK Limited

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WestWon are pleased to announce the acquisition of First Leasing UK Limited.

Not to be confused with, First Vehicle Leasing, 1st Leasing or First Leasing Software – companies with a similar name – First Leasing UK Limited was set up in 2002 by Paul Connell.

First Leasing is a leasing and asset finance broker and works with a range of well-known funders in the UK. The company does not have an own book position.

The company has a range of business loan clients and recently completed a number of CBILS loans. The majority of the client base are for companies who have leased equipment.

Speaking on behalf of WestWon, CEO Jeremy Hall noted, “We very much appreciate Paul Connell selling us his business and trusting us to look after his existing client base. Over time, we will be contacting all of their clients to introduce ourselves and to start the process of developing a longer-term relationship with them to act as their leasing company.”

First Leasing is the fourth acquisition by Jeremy Hall / WestWon this year. With regards to First leasing, in client numbers terms, this was a modest acquisition adding a few hundred customers onto what is a growing client base.

George Shillingford who is heading up the project internally at WestWon was pleased to add, “We are enthusiastic about buying either a leasing company or the IP (mainly the client base). In the case of First Leasing UK Limited, we acquired the company. We do have a specific use for this business going forward.”

We acquire leasing companies for five reasons:

  • Client portfolio
  • Employees
  • New supplier relationships
  • New funder relationships
  • End of term income

George further noted” Every acquisition is different. In the case of First Leasing, we have satisfied three of the five criteria, the company does not have incumbent staff that are staying with the business or providing funder relationships we were not already trading with.

Our primary aim is to build our end user client base. We know from over thirty years of leasing and asset finance it is ten times easier to sell back into an existing client than find a new one by cold calling. It is not just that you are a known entity, but a trusted name. It is down to the culture of the client’s business and their perception to how their business should and can be funded.”

We thank Paul Connell again for the opportunity and look forward to working with First Leasing clients and suppliers.

Should you be a leasing broker that is looking to sell your business, please contact George Shillingford at WestWon for a confidential conversation on 01494 611 456.

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