For your business to be able to take advantage of asset finance then it needs to be based in the UK and have a turnover of at least £10,000. The equipment being secured must be for business use.
How Asset finance will help you
When it comes to asset finance there are two general approaches to take. One is refinancing existing assets and the other is financing the purchase of new assets. When it comes to any business looking to grow, there inevitably comes a time when they need new equipment. This could be in the form of vehicles, plants, or virtually anything else. The thing that they all have in common is a significant upfront cost.
While some businesses may be suited to upfront costs, for others there is the need to protect their cash flow. This can be done by unlocking the cash that is locked into your property or land. By refinancing these assets and agreeing monthly repayments, you can access the funds that you need to purchase the new assets that your business needs.
If you don’t have assets that are valuable enough to refinance, you are able to look at alternative forms of asset finance. The most common of these are hire purchase agreements and equipment leasing. Both see you making monthly payments to the asset finance provider for a set period of time. With both of these, there is the possibility of owning the asset outright at the end of the agreed term, although this is not a requirement.
Asset finance is so popular with UK businesses as it allows them to stay at the cutting edge. To stand out against competitors, businesses need the lates technology and the best quality equipment. Asset finance makes this possible while protecting the lifeblood of your business – your cash flow.
Is your business rich in assets but struggling for cash flow?
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All you need to know
Asset finance can be used for a whole range of equipment for varying business types. This includes computer equipment, farm machinery, company cars, and much more. If an item of equipment is vital to your business then there is bound to be an asset finance solution for you.
It is always recommended that you consult a qualified accountant before making decisions based on tax efficiency. However, depending on the make-up of your business, it is possible that asset finance can bring tax benefits. This is because rather than being listed as an asset, it is recorded as a monthly expense.
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