ASSET AND VEHICLE FINANCE
Exploring Asset and Vehicle Finance
The world of asset and vehicle finance offers a multitude of avenues for enterprises to achieve their aspirations, whether it’s purchasing a new vehicle, expanding a business fleet, or acquiring essential equipment.
How Asset Finance Can Support You
Investing in assets and vehicles for your business can be a tax efficient way to support business growth – and here’s why:
- Improving production efficiency
- Expanding the range and quality of products or services offered
- Enhancing customer experience and service levels
- Increasing turnover and profits
- Creating a competitive advantage
- Enabling business expansion
- Tax relief incentive on most investment spending via ‘Full-Expensing’ capital allowances
- Reduced cost of funding for Asset Finance compared to unsecured business lending
- Assets leave other business security and guarantees intact
- Reducing long-term costs in your business
You can use Asset Finance with a Hire Purchase agreement to qualify under the scheme
This could give you additional benefits such as:
- Improve Cash Flow with smaller deposits required
- Tax relief on charges and interest – we advise you confirm this with your accountant
- Reduced cost of funding for Asset Finance compared to unsecured business lending
- Assets leave other business security and guarantees intact
- Open to limited companies subject to corporation tax
- Full-Expensing runs for 3 years from 1st April 2023
- Applies to qualifying NEW assets – we advise you confirm this with your accountant
- Exclusions include company cars, used assets and assets leased to 3rd parties by your business
The BIG news for businesses in the 2023 budget was a new tax incentive to invest in assets called ‘Full-Expensing’
Full-Expensing means a 100% year one Capital Allowance of the amount spent on qualifying assets and vehicles can be offset against profit before corporation tax, with no cap on the amount you spend to qualify for tax relief.
With the increase in the corporation tax rate to 25% in the new tax year, this means your business can save 25p in every pound invested in qualifying assets against your tax bill. If this interests you then talk to us about investing in assets supported by Asset Finance.
The Business Finance Branch
Contact Us Today
Finance conversations start with a problem. Contact us now so that we can put the solution in place to resolve the problem you are facing.
Why not start a conversation with us about an opportunity for your business – investment in assets supported by Asset Finance.
CONTACT US NOW
We Help Finance Your Business
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