Electric Vehicles

I attach a Driver Fact Sheet and also Driver FAQs from LEX AUTOLEASE

which are very helpful

Electric Car Grant continued

the Grant was extended in the March Budget despite earlier fears that it might be discontinued

however it was reduced from £ 3500 to £ 3000 and only cars costing up to £ 50,000 now qualify

as a result around 55 % of new plug-in cars still qualify

Electric Cars – End of Government Grant ??

The Government currently offer a £ 3,500 Grant for New Electric cars – but this is due to expire on 31st March 2020

if this is removed it will add £ 100 per month to all 36 month Contract Hire rentals

will will have to wait until the Budget next month to see what will happen

will it still continue ?  and if so for how long ?

Award winning Asset Finance Solutions (UK) Ltd

I am a franchisee of  Asset Finance Solutions (UK) Ltd and they were voted Highly Commended Asset Finance Broker of the year at the Business Moneyfacts awards on 28th March

Diesel cars – not the polluters we are led to believe

an article by Graham Hill who is a leading expert on all things relating to vehicles & leasing (was on the board of the NACFB & has been on TV) reveals that latest testing by a German automobile club ADAC has shown that some Diesel cars emit almost no NOx during on-road testing – suggesting the latest models are as clean, if not cleaner than their petrol counterparts

for the full article google GHA Finance and read Grahams Blog dated 27th February

Majority of SMEs seeking new funding

According to a report from Independent Growth Finance, 71% of SMEs are seeking new funding in 2019. Furthermore, 53% claimed that they had to wait a month or longer for traditional funding. Over a quarter of business leaders (27%) expect revenues to rise by more than 10% this year, the research found. Independent Growth Finance CEO John Onslow said “Such a large number of businesses seeking more than £1.1m in funding shows that businesses want to seize control of their financial futures. Yet our findings suggest many struggle to find quick & flexible funding”. The report also revealed that  traditional Bank funding remained the top source (67%) while more than a quarter of businesses (27%) said they now used Invoice financing, and over one in five (22%) opted for Asset based lending – Bridging & Commercial

Annual Investment Allowance

From 1st January 2019, the Government are going to temporarily increase the amount of Annual Investment Allowance available to UK Businesses from £ 200k  to £ 1 million for 2 years

Companies will be able to claim 100 % Allowance on qualifying Assets up to £ 1 million against tax  (currently 18 %)

Embedded Capital Allowances – have you claimed ?

did you know that if you own a Commercial Property and you are a UK Tax payer, you can claim Capital Allowances on items such as Air Conditioning, Central Heating, Cabling, Security Systems etc  and unfortunately many Accountants are unaware of this – less than 20 % of property owners have claimed the Capital Allowances they are entitled to – contact David Gould on 01892 669412 to discuss further

Small businesses should consider Alternative Finance says FSB

Peer-to-Peer Lenders could be a better match for some small businesses than traditional Banks, according to the Federation of Small Businesses (FSB), which has warned that just 13 % of small firms are applying for external finance. FSB national chairman Mike Cherry said `Despite being a decade on from the crash, we still have this dangerous combination of weak appetite for, and low awareness of, alternative finance options, high borrowing costs and inadequate support for small firms that are turned down by Banks` adding ` P2P  or equity finance could be a much better match for them` –  P2P Finance News

Rolls-Royce prepares for post-Brexit export increase

Rolls-Royce will hire 200 more staff at its Goodwood factory in Chichester, Sussex, as it prepares to cope with an increase in exports after Britain leaves the EU.

Chief Executive Torsten Muller-Otvos stated “I am delighted to announce our new recruitment programme. This reflects not only on the success of Rolls-Royce Motor Cars to date, but also our confidence in the future of our business”. He went on to say ” We remain fully committed to luxury manufacturing at our home here in Great Britain” – Daily Mail  Daily Mirror

Housebuilding sector drives buoyant July for UK Construction

The UK construction industry has reported its fastest output rise since May 2017, driven by housebuilding. The construction purchasing managers index hit 55.8 lastmonth, up from 53.1 in June – with a figure above 50 signalling growth

Electric Cars

if you charge your Electric Car at a Motorway or Public charging point you could find that your motoring costs more than Petrol or Diesel !

Driving Licences

does your Driving Licence show your current Address ? A recent survey has shown that 1.5 million people have their Old Address on their Driving Licence

besides being a criminal offence, you need an up to date Licence as Proof of ID for any Finance Deal

UK deficit falls to lowest level since the financial crisis in 2008

the UK public finances continued to improve in June, with the deficit lower than at any time since 2007. Tax receipts showed a growth of 3 % with a fall of 1% in public spending. Borrowing for the financial year so far has reached £ 16.8 billion, £ 5.4 billion less than in the same period in 2017 – Financial Times – BBC News – The Times – The Daily Telegraph – Daily Mail

Record numbers of tourists in 2017

the ONS has revealed that there were 39.2 million visits by overseas tourists last year up from 37.6 million in 2016, partly due to the fall in value of Sterling –  The Guardian

Asset Finance Solutions – Highly Commended

pleased to announce as a Franchisee of Asset Finance Solutions UK Ltd (one of the largest Finance Brokers in the UK) the `Highly Commended` award from Business Moneyfacts in the Asset Finance Broker category

Ford leading Diesel fight back

Ford were the leading manufacturer for Sales of Cars & Commercial Vehicles in February which was their highest February sales since 2004

the Ford Vice President of Europe announced at the Geneva Motor Show, that Ford will continue its Diesel sales push, because its best for CO2, NOx is under control, better economy, cheaper operating costs & by far the most efficient choice

Exports at strongest since 2000

A new report has found that UK exports are at their strongest position since 2000 despite threats posed by Brexit. The value of non-EU export goods increased by 150% with Heathrow holding a 30% share in this cargo. Heathrow`s export climate index tracks factors including the consumer confidence of the UK`s main trade partners by their share of UK exports and effective exchange rate. – City AM

Ford Fiesta tops best selling cars for 2017

Ford Fiesta was the best selling car for 2017 selling over 94,000 – the others in the top Ten were:-

2- VW Golf                 74k

3 – Ford Focus           69k

4 – Nissan Qashqai   64k

5 – Vauxhall Corsa    52k

6 – Vauxhall Astra     49k

7 –  VW Polo               47k

8 – Mini                       47k

9 – Mercedes C Class 45k

10 -Mercedes A Class 43k

London Exports up by 14.1 % in 2017

Latest HMRC figures (published 8th March) show Exports of Goods have risen by 14.1% (£36.2 Billion) in London during 2017 compared to the previous 12 months

the National picture shows that exports of goods from England increased by 11.6% to £244.8 Billion

Exports continue to grow faster than imports with the overall trade deficit narrowing by £12.8 Billion from £41.6bn to £28.8bn

Clean Diesel Car options

Honda are launching a New Civic 1.6 i-DTEC 120bhp Turbo charged Diesel 5 door Hatchback

it meets the latest Euro 6 emissions rules – making it cleaner than many Petrol engines and with an Average of 80.7 MPG           – Daily Mail

Electric cars Plug-In Hybrids – the dangers

If not charged properly at charging points (ie relying on the engine to trickle charge the battery), the car will be driven mainly on the Petrol engine resulting in achieving approx. 25 mpg instead of the 134 mpg advertised by manufacturers

Pound rallies on record employment figures

UK unemployment fell by 3,000 to 1.44m in the 3 months to November, according to the ONS, which is at a 40 year low of 4.3%. The number of those in work rose to to a record 32.2m and wages rose at their fastest rate in almost a year. The Pound rose to $1.41 its highest level since June 2016 –   BBC News     Daily Mail   The Times    Evening Standard

Businesses should look to whole-life costs of vehicles

SMEs could save up to £1,440 per year if they switched to Electric motoring. A survey commissioned by Go Ultra Low found only 35% of businesses said they consider the whole-life costs of running a vehicle   –  Yorkshire Post

UK boating industry buoyed

The UK`s Boat & Yacht industry has seen revenues surge to their highest level since the financial crisis after the weaker pound helped drive up sales. Sales rose by 3.4 % to £3.1bn in the year to April 2017, according to a report by lobby group British Marine, while overseas sales for UK marine manufacturers rose by 4.7 % last year –  BBC news    the Guardian

Manufacturing output expands at fastest rate since 2008

ONS figures show manufacturing expanded for the seventh consecutive month in November, the longest period of monthly expansion in the sector since 1997.

During the 3 months to the end of November, manufacturing output was 3.9 % higher than the same period a year ago.      – Financial Times -BBC news Daily Mail Daily Telegraph

small firms charged 20% interest by big banks

new research reveals that high street banks are charging some customers more than 20 % in interest, despite receiving billions in tax payer support to ramp up lending.

financial information start-up DueDil found that Nat West & Santander are the most expensive of the big five high street lenders, with Nat West charging up to 29% for business loans throgh its Esme online service. The APR on Santanders online small business loans ranges from 4.9% to 25.9 % with directors required to put up their home or other assets as security. – The Sunday Times

public borrowing shrinks to 10 year low

Government borrowing was at its lowest fot a decade in 2017 according to official data. Public borrowing was £48.1bn, the lowest since 2007, the ONS said.

Tax receipts were up 5% in November 2017 compared to November last year- The Daily Telegraph     The Times    Financial Times   The Guardian

strong end to year for manufacturing

the purchasing managers index (PMI) for manufacturing shows the sector finished 2017 with the best quarter of growth in more than 3 years. There was a slight downturn in December`s growth following rapid expansion in November, but the average reading of the PMI survey for the final 3 months of the year came to 57, the best performance since the second quarter of 2014. Firms are benefitting from the drop in sterling`s value and broader global economic growth. The survey showed that manufacturers continued to see a `solid increase` in export sales, especially from the US, Europe, China & the Middle East.- The Times- Daily Telegraph- The Guardian- Daily Mail- Financial Times- Daily Express – The Independent- Daily Mirror- The Sun – Amicus Times

Fewer Zombie firms

the number of `zombie businesses` in Britain has hit a 5 1/2 year low, according to R3. It found the proportion of organisations stagnating because they can pay only the interest on their debts fell to 3% in December – 2% less than April 2017 &  down from 9% in November 2012. it is also the lowest figure since R3 began tracking Zombie businesses in June 2012. R3`s research showed further signs that severe financial distress was in retreat. Only 1% of companies reported that they were having to negotiate payment terms with creditors, that they would be unable to repay debts if there were a small rise in interest rates or were struggling to pay debts when they fell due – The Times – Amicus Times

UK floats set for a century

The annual number of floatations on the LSE is expected to top 100 for the first time since 2014, in a sign that the UK is still attractive to firms despite the Brexit vote. “despite the challenges Brexit presents, London`s highly global, deep and liquid capital markets continue to be the ideal partner for funding the worlds growth” said Nikhil Rathl, a senior executive at LSE – The Times – Daily Mail

UK manufacturing at 30 year high

the CBI`s industrial trends survey has revealed that the UK manufacturing industry has kept order books at a near 30 yesr high thanks to strong demand for motor vehicles and transport equipment. The survey, which includes the views of 371 manufacturers, revealed total order books had a balance of plus 17% with 28% of firms reporting above normal levels.

While firms predict output growth to decelerate over the next quarter, their expectations still had a positive balance of 13%, as 26% belive volumes will rise. Anna Leach, the CBI`s head of economic intelligence, said “while the lower level of sterling supports exporters, cost pressures remain intense. Businessses will expect to see the Governments Industrial Stategy make rapid progress next year to support manufacturing and the wider economy in the UK” – Daily Express- The Independent- The Guardian- The Daily Telegraph

UK unemployment half of Eurozone

The OECDs latest report shows unemployment in the Eurozone is among the highest in the developed world – and more than twice that of the UK

unemployment in the single currency blac is @ 8.8 %  compared to just 4.3 % in the uk  – Daily Mail

Economy to grow faster from 2018 after Brexit divorce deal

Berenberg Bank has forecast that the economy will grow faster in 2018 and 2019 as the expected agreement of a Brexit divorce bill should inspire more business and household confidence.

It has raised its GDP forecasts by 0.1% in each of the next 2 years. The Pound climbed to its highest level for almost 2 months against the Dollar yesterday as hopes rose that progress on the settlement with the EU would pave the way for the start of trade talks – The Daily Telegraph – The Guardian – Financial Times – The Times

UK is top tech destination

The UK has remained Europes top destination for technology investment and talent this year, according to data compiled by Atomico. So far in 2017, UK technology businesses have attracted $5.4bn in investment, compared with $2.5bn for Germany and $2.1bn in France.  London was the top city for technology talent in Europe andthe number one hub for start ups & innovation.

Tech City aka Silicon Roundabout is the third largest tech start- up cluster in the world, after San Francisco & New York – The Times – Financial Times – IT Pro Portal

Brexit could bring £65 billion windfall

A paper produced by the Economists for Free Trade Group says Britain could gain a £ 65bn windfall from Brexit if the chancellor seizes its `economic opportunities`. The Group said its own modelling showed `long run gains` including a fall in prices after abandoning EU tariffs on goods outside of Europe, `improved export performance`, less red tape, and `an end to the annual EU subscription of £10bn. The Group believes this would combine to `push growth up to nearly 3% per annum by the mid-2020s` – The Sunday Telegraph – The Sun – Sunday Express

Small business optimistic for 2018

Research conducted by Small Business Saturday shows 78 % of small firms are optimistic for the future of their business in 2018. Meanwhile the JVP Group`s latest business barometer reveals 9 out of 10 SMEs in North Wales and the North West will take on new staff in 2018. When asked about their confidence going forward, 68% of companies said they were confident about their own prospects and 16% said they felt extremely confident. – BQ Live – Business Matters

Rise of the self-employed

figures from the Office of National Statistics show that 4.86 million people work for themselves, an increase of 70,000 from the same period last year. Self-employed people now account for 15.1 % of all people in work – Manchester Evening News

UK diesel car sales fall by nearly a third in October

sales of diesel cars fell by nearly a third in October compared to last year, with overall vehicle sales falling by 12 % – BBC News, The Independent, The Times

UK Service Sector sees best results for 6 months

the UK Service Sector saw its best results for six months in October with the latest PMI increasing from 53.6 to 55.6 after a disappointing month in September.

This comes after the UK manufacturing sector beat expectations with its growth results earlier this week, and UK construction, while still struggling, showed improvement on last month

The latest services figures  demonstrate the fastest rate of growth since April 2017, with improved  orders and continued customer demand. Input inflation costs also slowed to the lowest for just over a year. This marks a positive move in the right direction and along with other encoraging sector data, perhaps offers additional confidence in the UK economy.

New orders continued to increase at a robust pace and new work has grown at the quickest rate for six months, thanks to improving demand domestically and new product launches in the sector.

  • Halo Financial – London loves Business

Record number of Bank closures

Banks in Britain are set to close a record 762 branches this year, depriving more customers of access to in-person financial services as Lenders cut costs by pushing business online. The number of branches shut or earmarked for closure this year is more than the 583 closed in 2016 and is the most on record – City AM / Business Day/ Yorkshire Post

Solutions to short-term cash flow problems

Richard Spielbichler of Independent Growth Finance explains that Invoice Finance and Asset-based lending can help businesses circumvent short-term cash flow problems. He says both Invoice Finance and wider Asset-based lending options can be ideal for supporting long term growth – Real Business

increase in Electric Car sales

figures released by the Society of Motor Manufacturers & Traders in August, show that the registration of pure Electric cars shot up by 105 % year on year in July

the registration of Petrol-Electric Hybrids soared by 76.8 % to 5,310 units, nearly 30,000 units over the first 7 months of this year

in contrast the registration of Diesel cars fell by more than 20% to 69,157 in July, an 11% drop over the first 7 months of the year – Business Car Magazine

Construction SMEs resort to self-funding

The directors of small British construction businesses are lending them more money to plug a funding gap as Banks set tighter lending criteria, focusing on larger players, and major contractors delay payments. A survey of traders including electricians, plumbers and decorators, by online finance market Funding Options, found directors lent the companies £38 million in 2015/16, up from £ 29.7 million. Funding Options warned that subcontractors that fail to find secure funding solutions could face insolvency – Daily Mail/Yorkshire Post

Funding Concerns

A recent study by Insurer Hiscox has revealed that 36% of business owners said a lack of choice was the most common single challenge they faced when looking for funding. What also emerged was that 20% are still unaware of the variety of funding options available to them. Meanwhile, a discussion paper from the Institute for Public Policy Research Commission on Economic Justice warns the financial sector is `not sufficiently supporting` long-term investment in the domestic economy, with small firms `frequently unable` to access neccessary bank lending . – Business Matters/The Herald

Visa plans to pay businesses to ban Cash

Visa could pay British businessesto stop accepting coins & notes, after its chief executive vowed to `put cash out of business`. The Telegraph reports that Visa will offer shops & restaurants lump sums worth thousands of pounds, as well as free contactless technology upgrades, if they ensure that customers only pay by debit card, credit card or digital payment such as Apple Pay. The FSB said that making businesses cashless could hinder tourists who use cash, and people living in rural areas with slower broadband speeds. – Tne Daily Telegraph/The Times/The Sun

Cancelled Order – great deal on Skoda Superb Estate

One only New Skoda Superb  2.0 Tdi CR 190 Sport Line DSG Auto Estate in Laser White

includes Sat Nav., Bluetooth, Leather etc

Contract Hire @ £ 229 + vat based on 6 + 23 10k pa NON Maintenance (same deal through Lex is £ 470 pm)

Finance to Business

in Quarter 4 of 2016 the  combined Net Lending to Businesses of 22 UK Banks was £220 million, whereas Net Lending by Funding Circle alone was £167 million – why not think of other options to your Bank – source Funding Circle

New Speeding Penalties

The Government has introduced tougher penalties for speeding offences following a rise of 44 % over the last 5 years

the new penalties came into force on 24th April 2017 and mean that offenders will now pay a fine based on a percentage of their weekly income decided by the severity of the offence

there are 3 Bands  of Offence (ie 36mph in a 30mph zone rising to 105mph in a 70mph zone)

and fines range from a minimum of £132.69 in Band A to £928.85 in Band C

New Speeding Penalties

the Governement has introduced tougher penalties for Speeding offences  following an increase of 44 % over the last 5 years

they came into force on 24th April 2017 and mean that offenders will be fined based on a percentage of their weekly income & severity of the offence

there are 3 Offence Bands (Band A example 36mph in a 30mph zone minimum Fine £ 132 rising to Band C 105mph in a 70 mph zone maximum fine of £ 929)