Information for New Start Businesses
Unlike many others we encourage and support new and start-up Businesses with our Lease arrangements. The same terms and conditions apply whether you started trading yesterday or ten years ago and whether you are a sole trader or a limited company.
We can provide up to £20,000 of lease finance to new businesses and can include hardware and software. As a new start up business it is difficult for us to establish any Credit history for the business. We will ask for the owners private addresses to try and establish some credit history and some recent bank statements to prove an ability to meet the payments. We may though ask for a limited directors indemnity if you have set up a new Limited Company. The first payment will be equivalent to one months payment. This can be paid by credit/debit card.
Leasing is the most tax efficient method of acquiring new IT equipment (you may wish to discuss this with your accountant) for example:
- Immediate use of the equipment without paying the full cost price, assisting cash flow.
- Leasing your equipment allows you to use any other financial arrangements you have, credit and bank loans for example, to run your business.
- As your lease costs are fixed for the duration of the agreement, you can include each year's rentals in your annual budget and remove any guesswork.
- You will be able to offset all lease payments against your annual taxable profits. Full tax relief on any leased equipment should reduce your tax bill, whereas with outright purchase or hire purchase only writing down allowances are applicable.
- You can upgrade and expand your equipment at any time during the agreement, meaning the latest technology at low cost.
- Often banks charge sizeable set up fees and can demand a 'charge' on a property – not so with leasing from us.
We are unable to provide computer leasing to new and start up businesses where the bank statements show an ability not to meet current commitments or show 'returned payments' or constant exceeding of bank lending. Additionally we are unable to offer finance where a sizeable CCJ remains unpaid.
Leasing is a flexible alternative to purchasing your new It for your new company.
