Appetite for growth

Despite over half of dentists in Ireland finding access to funding a ‘challenge’, 50% also plan to seek funding for business investment in the next 12 months, according to our research of the professions sector.

Against this appetite for growth, I explain more about the various products available from Braemar Finance, including a case study to illustrate how a practice has benefited from our finance.

Business loans

Our unsecured business and practice loans are available to assist when you need to borrow funds to invest in your business.

A business or practice loan injects cash into your business when you need it and can be used for a variety of purposes, including:

• Buy in/buy out
• Refurbishments
• IT revamp
• Equipment
• Website development
• Insurances and training
• Security systems.

Consolidation and refinancing loans

If you have several existing agreements, credit card balances and other regular finance repayments, a consolidation loan may be the way forward. A consolidation loan would combine your monthly payments over a term that suits and free up your cash flow.

This non-secured loan product can be used for a variety of purposes giving you more control over your financial commitments.

A refinance loan may be required if you wish to release some equity from business assets or vehicles.

Tax loans

Our popular tax loan facility is designed to help manage this recurring expense. Popular with many professionals, our non-secured tax loans permit you to spread the cost of your tax demand into more affordable monthly payments.

Tax demands can be received in various formats, dependent on your circumstances. We can fund personal tax, corporation, capital gains, crossover tax and inheritance tax; in addition, we will consider consolidation of existing agreements.

Payment can be made directly to HMRC or to a bank account of your choice allowing you to have your tax bill paid on time, avoiding any HMRC late payment penalties.

Hire purchase

Hire purchase allows outright ownership of the asset and enables you to spread the cost over a term that suits you.

In addition, the asset may potentially be claimed against your taxable profit, under your Annual Investment Allowance, which is a tax benefit.

Benefits of hire purchase include:

• Expenditure may be allowable against taxable profit within your Annual Investment Allowance in the year of purchase to the sum of £200,000
• Easier cash flow budgeting as repayments are fixed
• Capital preservation – existing funds can be used elsewhere
• Interest charges can be offset against profits for taxation
• Outright ownership on completion of the agreement.

Leasing

If you want to maximise the use of your equipment without the responsibility of owning it, leasing will give you the freedom and flexibility you need.

With affordable monthly payments, leasing is a tax efficient method of acquiring the assets your business requires.

The benefits of leasing include:

• Easier cash flow budgeting because repayments are fixed
• Capital preservation – existing funds can be used elsewhere
• No upfront deposits required
• Protection of existing credit lines, making any further borrowing easier
• Fixed payments – tailored to suit your individual circumstances
• Tax efficient – repayments may be offset against taxable profit.

To find out more, visit www.braemarfinance.co.uk.