We all know the cost of running a business can be substantial, especially if you need to continually invest in machinery, and plant equipment. Here at NGI Finance we have a comprehensive range of finance solutions available for manufacturing companies.
Asset Finance via Hire Purchase
For certain types of asset financing requirements Hire Purchase offers a straightforward way to spread the costs. With this type of asset finance plan you pay a fixed rate of interest and benefit from agreed monthly payments, making budgeting simple and easy.
You choose the amount of deposit you wish to pay, typically between 5%-50% of the assets price. The remainder of the balance, together with the interest, is repaid over an agreed period (12-60 months).
If you are looking to finance assets like capital equipment or plant and machinery then the benefits of Hire Purchase would be:
If your business needs to acquire new capital equipment or new machinery, then using a Finance Lease for asset finance is a popular strategy.
With Finance Lease the equipment is hired to you by the finance company and remains the property of the finance company at all times. Monthly payments and interest rates are fixed for the duration of the contract. VAT is payable on the monthly rentals rather than in full at the outset of the contract.
Key features and benefits of finance leases for plant, machinery and other capital equipment assets include:
The Annual Investment Allowance enables companies or individuals to offset new expenditure on qualifying plant and machinery assets against profits to reduce the amounts of Corporation Tax or Income Tax payable. Since it came into effect on 1 April 2008, the amount of the Annual Investment Allowance has been £100,000 per annum, however with effect from the 1 April 2012 for Corporation Tax and 6 April 2012 for Income Tax, the amount of the Annual Investment Allowance has been reduced to £25,000.
If businesses are looking to invest in qualifying plant and machinery they should seek advice from their accountants prior to doing so to ensure that they are eligible and meet the qualification criteria. If this is the case, then NGI Finance can help them to find the right funding option for the purchase of the equipment and get it in place well before the deadline.
If you need to fund the purchase of new assets such as capital equipment, plant and machinery then we believe we can help you get the best asset finance deals available today.
We are fully aware that should you not be satisfied by the asset finance service we offer, you will tell others and that is why from the initial contact you make with us we will support you through every stage of the process, and make every effort to deliver you a successful outcome.
Asset finance is our business. Let our business help your business.
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