Funding Solutions for Professionals
At Mann Island, we aim to bring our clients some of the widest range of financing options in the UK. This is why we’re expanding our offering beyond the vehicle financing that we’re known for to include business financing for the professionals’ sector. We’ll be using our expertise in the financing sector to build long-term relationships with professionals and give them access to useful funding solutions.
We understand that how important cash flow is to your business, our loan product is flexible to suit your needs.Taking a professional loan is similar to taking a private loan, in that you borrow an amount over a set period of time and pay a fixed monthly instalment. In the legal professions sector popular reasons are disbursement and tax for Solicitors and aged-debt for Barristers.
Depending on the purpose of the loan, the term and amount you can borrow varies from 3 to 60 months.
If you are taking a VAT Loan the maximum agreement term is 3 months.
If you are taking a Tax Loan the maximum agreement term is 12 months.
If you are taking a loan for Professional Indemnity Insurance or Practicing Certificates the maximum term is 12 months.
Professional loans can help ease the cash-flow of your practice by spreading the cost of large liabilities over a longer term.
The loan can be paid directly to HM Revenue & Customs, your insurer or The Law Society.
Hire purchase (sometimes know as lease purchase) lets you spread the cost of an equipment purchase with fixed monthly payments over an agreed term. You can own the item once all repayments are made by paying an option to purchase fee.
You can spread the cost over a number of instalments to suit your circumstances.
Normally you will be required to pay a 10% deposit.
VAT on the item is paid upfront.
With a finance lease, sometimes known as a capital lease, the customer rents an asset for most of the item’s useful life.
Something to remember with a finance lease is that the customer takes on the rewards (i.e. value fluctuations), as well as the risks of ownership (i.e. maintenance costs), but never actually owns the asset.
Asset may or may not appear on the balance sheet.
You can offset the rental charges against profits and claim VAT.
You may be able to sell the asset and get a rebate for remaining rental charges.
VAT is spread over the repayments.
Our Professionals Funding offering is supplemented by our wider business activity in the world of vehicle financing for corporations and businesses.
Other products we offer
Business contact hire
Companies lease cars for a fixed period and pay in monthly instalments, offering a low-cost, highly convenient way to run your fleet. The company will not own the car at the end of the agreement.
Companies rent vehicles for the item’s useful life, with options to buy the asset or sell to a third party to repay the vehicle’s agreed value, saving money upfront on the cost of a new vehicle.
Business contract purchase
Companies lease cars for a fixed period with the option to buy at the end of the agreement, providing all monthly instalments have been paid. With a BCP you benefit from purchasing the vehicle at the end of the agreement, without the risk of depreciation.
Companies lease a piece of equipment for an agreed period of time, paying a regular charge for use of the item allowing them to avoid the full cost of buying the asset outright.
Personal contact hire
Individuals lease cars for a fixed period and pay in monthly instalments, meaning they benefit from fixed costs and fewer obligations as they do not own the car. They will not own the car at the end of the agreement.
Vehicle maintenance agreements
Companies pay fixed monthly costs for all scheduled and unscheduled servicing and maintenance allowing easier budgeting for all servicing and repairs.
Personal contract purchase
Individuals lease cars for a fixed period with the option to buy at the end of the agreement, providing all monthly instalments have been paid. With a PCP you generally benefit from lower monthly costs and lower APR, though you may be liable for some usage penalties.
Companies and individuals are able to rent commercial and passenger vehicles on short and long-term, indefinite and emergency basis.
Green fleet solutions
We can supply companies with electric or hybrid vehicles to enable them to take advantage of tax and fuel savings.
If you have an enquiry about our professions finance services please complete the below:
Mann Island is a trading style of Mann Island Finance Limited (MIF) and MI Vehicle Finance Limited (MIVF). MIF, a credit-broker, is authorised and regulated by the Financial Conduct Authority for credit-related regulated activities. Registered office: 2 Gresham Street, London, EC2V 7QP. Registered in England, Company Registration No.02750308. MIVF, a lender, is authorised and regulated by the Financial Conduct Authority for credit-related regulated activities (including hiring). Registered office: 2 Gresham Street, London EC2V 7QP. Registered in England. Company registration no. 05643927. Both companies are part of the Investec group of companies. Finance arranged subject to status and terms and conditions. Mann Island does not endorse the suitability of any products described for particular customers. Other products may be more or less suitable, depending on the customer’s needs and circumstances. Business customers may not be protected under the Consumer Credit Act 1974 or the rules of the Financial Conduct Authority.