The government’s recent announcement of a 130% capital allowance super-deduction for qualifying spend on plant and machinery is great news for Bira and BAGMA members. It means you can take advantage of 25p off company tax bills for every £1 you spend. The scheme runs from 1st April until March 2023.
Equipment loans are a great way for independent businesses to manage their cash flow. Just think about it. Your equipment is going to last you for years, but that doesn’t mean you want to pay for all those years up front. You want the advantage that new equipment brings in helping your business to grow, without the disadvantage of seeing lots of your hard-earned money fly out the door all at once. With the super-deduction, there’s never been a better time to do it.
And you don’t need to find all the cash up front. Providing your payments are being made to eventually purchase the equipment, you can use finance plans and still reap the benefits. So, if you need equipment for your business or new machinery to ensure you can meet the demands and needs of your customers more efficiently, now is a great time to do it. It’s also worth noting that electric car charging points and commercial vehicle purchases qualify.
In partnership with Birmingham Bank, we are all about supporting Bira and BAGMA members to run their business as efficiently and profitably as possible, which is why they provide financial support based on 3 key principles: common sense, speed and clarity.
To help support our members, Birmingham Bank have moved their lending rates down. So, right now, it’s more cost-effective than ever to take advantage of their equipment loans.
Interest rates for equipment loans for between 1 and 3 years are just 3.2% (6.2% APR), and for anything above this and up to 5 years just 3.5% (6.8% APR).
Birmingham Bank promotional equipment loan rates offer ends 30th June 2021.
If you’d like to find out more about Birmingham Bank asset and equipment finance packages, call on 03330 048 048 or visit www.birminghambank.com
For all the latest financial information relevant to your independent business, visit our Financial Hub