PFC – Your one stop shop for finance

Imagine building a relationship with an account manager who has access to over 50 lenders and can arrange funding for pretty much every conceivable type of requirement a business owner will face during the course of their year.

At PFC that’s precisely what you get.

We haven’t grown over the last few years concentrating on one or two types of credit – we’ve grown by making sure we can offer multiple routes to finance for any SME business.

It can make our day challenging, veering from an Invoice Finance proposal to a personal loan, but we pride ourselves on being able to provide a multi-disciplined platform when it comes to business funding needs.

One account manager. Over 50 lenders. We can arrange the following:

Asset finance

Whether your company is in need of asset finance or asset refinance we can provide funding for all types of equipment for different sectors including both new and second-hand items. We offer seasonal repayment options too, as well as step repayments and deferred VAT for up to 7 years.

Commercial loans

If your company is in need of some capital, an unsecured business loan is a sure-fire way to get there. Our commercial loans differ from client to client, available for any purpose and any business sector. From start-ups to property developers, restaurant owners to manufacturing companies, our clients turn to us for short term emergency capital or longer term planned investment.

Our panel of lenders provides us with the options to arrange essential working capital in as little as 2 hours (for shorter term lending) or within a couple of working days for larger amounts with longer repayment terms.

Stock and Inventory Finance

Companies looking to increase their inventory due to seasonal shifts can access funding to cover the purchase. Security is taken on the inventory and funding is provided to the client allowing them to pay suppliers immediately (and possible benefit from enhanced terms from the supplier) and concentrate on shifting the new inventory. Ideal for companies who are keen to increase revenues and profits but lack the necessary capital to purchase the goods.

Stock funding is provided against existing stock and is a useful method of introducing working capital into the business.

Invoice Finance

Available to new start enterprises and established companies.

We work with top-tier invoice finance lenders, many utilizing the latest technology to provide incredibly efficient same day release of funds.

Working independently allows us to look at the detailed requirement the client has and try to identify the best funder to meet their specific invoice finance needs.

Vat and tax bill finance

With the rise in the number of late Vat and Tax payments that lead to hefty fines, more and more customers are approaching us to provide them with finance to pay these overdue or up-coming bills with loans from £5,000 up to seven-figures.

VAT funding is a rolling 3 month facility, and the tax funding is available for self-assessment, memberships or corporation tax and can be funded over 6,10 or 12 months.

Personal loans

From funding weddings to legal costs, or investing capital into the business, we can arrange personal finance for those in need of a loan, available amounts from £1,000 to £100,000. We don’t restrict our lending to home owners as we can consider tenants and those who still live in the family home.

No matter the loan or route to finance you decide to take, our friendly team here at PFC understand how daunting it can be for businesses and individuals to seek finance and that’s why we made it our duty to make the application process as straight-forward as possible. We dedicate you to only one account manager to deal with your application process and you only need to fill out one simple form with decisions from our 50-strong funding panel in a matter of hours, not days or weeks like other brokers.

If you’d like to discuss any of our finance options in further detail, please contact a member of our friendly team on 01829 738 799 to chat through your requirements today.

 

Renting vs buying pt 2: How to finance the future

There are many reasons why companies invest in new equipment – from replacing tired old existing kit to ordering new equipment to facilitate growth.

How to pay for this investment is the real issue.

When buying equipment businesses are often faced with cash flow challenges as finding a lump sum is not always easy. In such cases asset finance can provide a quick and realistic alternative by securing funding against this new asset.

It is not always right or necessary to pay all costs upfront as a Finance Lease or Lease Purchase can provide a more affordable answer, in line with the lifespan of the equipment.

It’s always a good idea to conduct a Cost Benefit Analysis before you invest in the equipment – this can help you identify the breakeven point (the point when the kit has ‘paid for itself’) which can be particularly useful in the manufacturing or engineering sectors.

This can also help in determining the length of the repayment term when you finance the equipment. A 5 year asset finance agreement might not be ideal for an item of kit that has paid for itself in a couple of years.

If the item is particularly high value or a market that needs testing for a business, leasing can provide a good solution.  There are two principal types, a finance or full pay-out lease or a residual value lease.

A finance lease offers a rental structure, that incorporates interest, but allows the lessor to return or replace the product at the end of the agreement.

A residual value lease effectively allows for regular payments that either pay for the item by the end of the contract or allow for a final ‘balloon payment’ to be made at the end with the company effectively buying the product at the end of the agreement.

Step leases are also an effective way of matching payments for equipment with income that the equipment may generate.

They work in a simple way in which the repayments are tailored to the business’ needs, for example if a new machine will take a few months to generate the required sales, it would make more sense if repayments could be scaled up as the equipment brings returns to the business.

We can even address seasonal repayment schemes for asset finance, with structured higher/lower capital and interest repayments suited to your spikes in seasonal sales.

Asset Finance fundamentally offers the business the opportunity to invest in new equipment without having to suffer the disadvantages to cashflow that an outright purchase will incur.

The types of asset that can be financed are too many to list! Most funders break them down into two types, Hard and Soft Assets.

This banding incorporates items of equipment that can range from plant and machinery to telecommunications to fixtures and fittings.

Soft Asset finance has seen real growth recently, with many of our top-tier panel funders happy to consider IT and communications equipment, shop fittings, office items, software and security (we have recently arranged £80,000 for CCTV towers for a new SME client) – most are even prepared to include the installation and additional intangible costs of the purchased item (up to a certain percentage of the overall cost).

Whatever is the right scheme for your business, at PFC we offer a quick, simple and effective route to finance.

With a team of experts to talk you through the varying tax and VAT implications associated with Finance Lease and Lease Purchase (Hire Purchase) and a panel of more than 50 lenders we can be sure to find the right route to finance and so that our client companies have the right finance to secure their futures.

For more information contact a member of our friendly team on 01829 738 799 and let us find the right route to finance.

Spring clean your finances for the new financial year

As spring fast approaches, there is no harm in giving your business finances an early ‘spring clean’, allowing a fresh start ready for the new financial year.

The starting point with any financial spring clean is identifying how you are spending your time running the business and where your capital may be unnecessarily tied up.

One solution that is perhaps not being used as effectively by SMEs (as a way of accelerating cashflow) is invoice financing.  This is basically a way of improving working capital by releasing finance against unpaid invoices.  It is proven to improve cashflow and enables businesses to reach a position where all urgent or exceptional costs (like wages, investment in projects, buying additional stock) can be met without having to keep one eye on the overdraft or chasing payments on the sales ledger.  The facility can offer up to 100% (in some cases) of the value of the sales ledger and can quickly lift the pressure off a business owner’s shoulders.

PFC work independently with some of the UK’s most established invoice finance providers. With our team of experts, and a panel of lenders that include some of the best invoice finance underwriters, packages can be tailored to suit any business, of any size or age. Even if you’re an established business or a new start up, we can help you access the finance you need.

Whatever the need is, make sure you get in touch today to see what aspects of invoice finance could support your business as you make a fresh start this spring.

 

>> https://pfcfinance.co.uk/contact-us/. https://pfcfinance.co.uk/invoice-finance/

>> https://pfcfinance.co.uk/business-finance-case-studies/

THE ROUTE TO FINANCE

For start-up businesses and SME’s, it can be tricky to convince lenders to grant you funding especially if your business hasn’t taken off the ground just yet or if you’re fairly new to the business and are already looking to expand. Often, if the principal bank does agree to finance the business, they will look to bolt-on far reaching security comprising debentures and will sometimes only agree to the finance if they can dilute their own funding with any of the available grants that exist for small to medium sized companies. This is very time consuming and laborious and certainly doesn’t help the client if they need fast access to decisions and finance.

We’re here to provide you with access to finance where others may say no. Together we can decipher what your best financing option would be, so that we can then put it forward to our panel of more than 45 lenders to find the best solution for the individual or business.

With our many available routes to finance you may never need to go to your bank again to ask for specific funding. PFC very rarely fails in successfully sourcing finance for our clients.

We listen to every business and we look at the size of your company, the owners and how much you have estimated that you want/need to borrow, so that we can work out ideal repayment terms and identify types of credit available.

In 2017 we have arranged an eclectic mix of funding already, for small sole traders up to multi-million turnover incorporated businesses.

Five and six figure VAT and tax loans (incredibly useful for ring-fencing essential cash within the business), single invoice finance (a few of our clients have provided current outstanding invoices which we have been able to get funding against to inject working capital into the company but without the need for entering into long term invoice financing), personal loans (many small business owners find this an ideal and competitively priced method of introducing capital into the business), asset finance (commercial vehicles, scaffolding and IT are some of the equipment we have arranged asset finance for so far this year), invoice finance and inventory funding (large major restructuring for a plant hire company, we were able to instruct a top-tier panel funder to roll out a new invoice finance package supported by a funding line for their stock) and many working capital loans.

In most instances, with a couple of items of supporting information (management accounts, last full filed accounts, and perhaps a few months business bank statements) we can propose to our chosen lender and obtain the approval within a few hours – this means from proposal to funds being paid out can be completed in as little 48 hours, and occasionally in the same day, depending on the type of finance applied for.

If this all sounds too daunting, don’t worry. You can always call us to walk you through the process and assist wherever possible along the way. If you’re thinking of borrowing to improve your business be it a small refit or a full-scale expansion, don’t hesitate to give us a call on 01829 738 799 or send us an email: enquiries@pfcfinance.co.uk.

Don’t pay the penalty, pay the bill

Are you likely to have to pay a penalty to HMRC because you can’t afford to pay your corporation tax bill on time? If so, you aren’t alone, according to Funding Option business owners were unable to pay their tax bill on time in the 2014/15 tax year and the HMRC took 1.8 billion in late payment fees.

The same company has also estimated that the amount owed in late payment fees is likely to increase again for the 2016/17 tax year too.

The possible rise in the already-steep figure could be down to the rocky economy around the time of Brexit. 2016 wasn’t the most financially secure year for a lot of businesses due to the economic uncertainty which in turn may have a knock-on effect with some struggling to pay their tax bill again this year.

The HMRC state that you must pay your corporation tax 9 months and 1 day after the end of your accounting period which is normally at the end of the financial year. Some companies may have two accounting periods within the same tax year as accounting periods depend on when your business was set up.

What’s more, the HMRC has been clamping down on late corporation tax payments with not only penalties but the seizure of assets as well. This is causing cash-flow problems for many SME’s who have been hit with a penalty. That’s not all, over the past five years’ banks have been cutting SME’s overdrafts too, causing further cash flow problems for small businesses wishing to access finance to pay their tax bill.

So, what other options are there for businesses? Luckily, PFC provide a range of alternative funding routes for businesses to choose from:

Refinance Assets – This is a form of lending that allows you to borrow against your tangible assets, from vehicles to equipment, even IT and office furniture can be refinanced to provide essential capital.

Invoice Finance – A method that helps to improve cash flow by allowing you to borrow money against any unpaid invoices you may have. We work with the UK’s leading Invoice Discount funders, with expertise in all sectors. We can also offer funding against single invoices if you don’t want to commit to full invoice finance.

Tax Funding – An option that’s available to every type of business, whether it be self-assessment, corporation tax or partnership. This funding option is available in fixed terms from 6 to 12 months.

Whatever your needs, PFC can arrange five, six and seven figure funding for VAT and tax bills for sole traders up to multi-director businesses. With access to a panel of more than 30 lenders, PFC can provide access to finance where banks may fail. For more information visit: https://pfcfinance.co.uk/sme-finance/ or Contact us directly on: 01829 738 799.

Simple steps on how to file a HMRC tax return

We are fast approaching the deadline for online tax returns (31st of January) and many of us are getting that tax return dread.  If this is your first year, you’ll need to make sure you’re registered and you may need to allow an additional 20 days.  The paper method allows more time with a deadline of October.

To ease the dread of the tax return deadline, we have broken the return process into simple steps;

  1. Get Prepared

Before you start your tax return make sure you have all of the necessary information to hand and allow yourself enough time.  You’ll need…

  • Details of your income – which might include finding your P60 (if you earned more than £8,500), your P11D (which outlines details of expenses and benefits), and payslips. You’ll need a P45 if you’ve changed jobs within the year.
  • You will also need interest statements from banks and building societies, and details of pension contributions made – plus information about any Gift Aid donations.
  1. Filling in the return

Always check your personal details first, this can prevent costly mistakes.  Fill in all sections that apply to your circumstance.  The system will react to the information you put into it and will prompt you as to where to find the information it is requesting.

Take your time.  The HMRC’s system will highlight when it thinks you’ve made an error.  You can always save and return to at a later date.

  1. Pressing Send

Always make sure you have read everything through and haven’t left any gaps within the form.  When you are sure you have fully completed the form, press send and wait for the confirmation message on your screen and make a note of your confirmation reference.

  1. Help!

If you need help with your return, visit  Gov.uk/self-assessment-tax-returns or call the helpline on (0300) 200 3310.

If you’re worried you can’t afford your tax bill you should always still file your return.  The fines for late payment are a lot lower than the fines for late filing.

 If you need help paying your tax bill, PFC may be able to help.  Contact us on: 01829 738 799.

Remember; there are plenty of people out there on hand to help with filing your tax return, just make sure you don’t leave it too late!

New Year, New Credit – Getting a fresh financial start

After months of gift-buying and festivities, the Christmas cheer is slowing down. Unfortunately, for most of us, that means putting down the mulled wine and returning to the 9 – 5 lifestyle.

As everyone knows, with New Year comes New Year resolutions. For some, it may be sticking to a strict, no junk food diet, or increasingly your weekly exercise regimes, but for the business owners amongst us, our resolutions may be more finance focused.

Whilst the economic burden of Christmas may be over, upcoming finances cannot be ignored. With the January HMRC online tax return deadline looming, as well as any outstanding company payments, it’s time to sit down and work out the maths.

Whether 2016 proved to be prosperous or unsuccessful will vary from business to business, but regardless, 2017 offers the opportunity for a fresh start. Through organising your finances prior to the New Year, every business will know where they stand in terms of profit and funding objectives. With this in mind, by this time next year, you can look back knowing that all your hard work has paid off.

At PFC, we understand that finance is not so clear cut and that organising your finances may be more stressful than creating a simple spreadsheet. However, we also understand the ways in which easy, flexible finance access can transform a business, which is why we’re here to help your enterprise start afresh. With a number of different financial schemes, we can ensure that 2017 will start as it means to go on.

From asset finance and commercial loans to invoice and inventory finance we provide a range of finance options to suit everyone, and with a team of dedicated lenders, we promise that each individual will receive a scheme tailored to their specific needs. Having worked with every sector, no financial problem is too overwhelming for us, and the success of our services has been evidenced time and time again.

If you need a fresh financial start, then get in touch today. We can provide fast, flexible and competitive rates from an unrivalled lending panel, comprising many of the top tier funders and niche specialised SME lenders, that all starts with a simple email. We’re here to help. Start 2017 with a new financial outlook, so that your business can grow to its full potential over the course of the next year.

Beat the January Tax Bill Blues

With the pressures of Christmas, it’s easy to forget about what might be due in January like filling out that all-important HMRC online tax return and paying any tax you owe for the year.

In the UK, 4.79 million people are registered as self-employed and are required to fill out a self-assessment tax form every year before the online deadline of 31st January. Many will have an idea as to what the figure will be, but a few may well realise the bill is unexpectedly higher than planned.

Either way, funding the January tax bill is proving to be an invaluable method of protecting cashflow for business owners.

PFC works with a panel of more than 30 lenders to offer customers fast and flexible access to finance. The team is able to assess an individual or businesses requirements and find a route to finance where other providers may fail. Some payments can even be processed in under 2 hours.

Customers can finance their tax bills over 6 or 12 months, providing essential budgetary advantages as they can spread the cost of paying the HMRC.

Get in contact if you would like to speak to one of our experienced consultants and understand how we can provide access to finance and help you beat the January blues.

PLANNING FOR THE UNEXPECTED

As we look back on 2016 it’s fair to say that it has been a year of plenty of unexpected outcomes.  Who would have thought this time last year that David Cameron would have resigned, Britain would be heading out of Europe and that Donald Trump will be the President of the United States in just a few weeks time?

The reality however is that throughout our lives we are often faced with the unexpected and it is those who are able to best adapt to the new situations that survive and even prosper.  This is also very much the case in business.

There are countless businesses out there that face change on a daily basis whether it’s due to external factors such as SMEs who face changes in government funding, through to businesses that lose an important customer in unforeseeable circumstances or even those affected by an unexpected 10% change in dollar exchange rates since June.

It’s at these moments that often cashflow or business plans take a hit.  Unfortunately, the days of a call to a friendly bank manager are over as the processes becomes more faceless and banks tighten their lending criteria.

The good news however is that access to finance is more available than ever through organisations such as PFC who can access finance for client businesses from a panel of more than 30 specialist business lenders.

Unlike banks, decisions can also be taken quickly offering clients agreement on finance typically in less than 24 hours and with cash deposited in the bank often within 48.  Being regulated by the FCA, we are able to work with a range of commercial organisations of all different sizes and business sectors to offer unparalleled access to finance whether unsecured business loans, asset based lending, invoice finance, bullet loans, commercial mortgages or personal loans.

Having a range of loans available and a team dedicated to finding the right access to finance to meet a client’s needs means that whatever the year ahead may have in store, there is quick, flexible and easy access to finance available.  As you relax this Christmas and look ahead to the New Year you can at least relax in the knowledge that whatever the future has planned for you, your finances can be taken care of.

 

How to Get Ahead With Your Debtors…

Every small business in the country will have experienced late payments at one time or another.  Fortunately, the issue is often short lived with customers paying up after a gentle prompt, however sometimes customers operate to different payment terms or may delay payment due to their own business issues which can have a negative impact on the cash-flow of the supplying business.

Any delays to payment can be hugely frustrating and have a negative impact on a business.  In the past, businesses may have approached their bank to extend their credit facilities or for a loan, however today more companies are turning to alterative lenders who are able to offer a broader range of funding options, with flexible and bespoke solutions to their individual needs exemplified by the Invoice Discount or Factoring facility.

Statistics from the Asset Based Finance Association suggest that alternative lenders are providing more funding to SMEs than ever before. In the first quarter of this year alone, SMEs raised £711m from the sector according to the ABFA, a 60% increase on the same period of 2015. The sector’s total lending to SMEs now stands at £19.3bn.

The increasing use of other types of business finance reflects a heightened awareness amongst SMEs that they do have funding options other than what’s available from the banks, with research suggesting that more than 75% of SME CEOs are now aware of options beyond traditional banking.

Industry data suggests that this is feeding through into take-up, for example, 12% of SMEs are already using invoice finance, while a further 46% say they would consider doing so if and when they need to raise finance.

The reasons that invoice financing are proving to be so popular is the speed in which they can achieve access to funds as well as the cheaper cost of funding and its simplicity. Additionally, the stress and time consuming nature of chasing payments from your debtors is taken over by the Invoice Finance provider, either on your behalf, or confidentially.

In fact, in most cases, PFC’s client that have taken up Invoice Finance facilities, often see a significant increase in turnover and profitability as they are given the chance to concentrate on growing the business and not chasing payments or dealing with extended payment days.

For these and other reasons, the Federation of Small Business and the British Chambers of Commerce have been keen to promote the option as one of the diverse range of financing options.

With uncertain times ahead and much change forecast for the economy, having access to alternative forms of finance can be the lifeline for many small businesses.  With access to finance and the rise of alternative finance options, let’s hope the frustrations of a small business owner are short-lived.

If you’re looking for access to finance, contact the team and let us discuss the options available to you.